KSA raises financial aid to Palestine

KSA raises financial aid to Palestine
Updated 30 July 2015

KSA raises financial aid to Palestine

KSA raises financial aid to Palestine

RI YADH: The Kingdom has decided to increase the financial aid to Palestine by raising its monthly aid to the Palestinian Authority’s budget from $14 million to $20 million.
The substantial increase brings Saudi Arabia’s yearly aid for Palestine to $240 million, thus matching the United Kingdom’s annual budget aid for the Palestinian Authority.
“The Saudi Fund for Development has transferred a total of $60 million to the Palestinian finance ministry,” Saudi Ambassador to Egypt Ahmed Abdulaziz Qattan was quoted as saying in a statement released by the Saudi embassy media office on Monday.
“This is equivalent to the Kingdom’s monthly contributions to support the Palestinian National Authority’s budget for the three months from April to June,” Qattan, who is also the Kingdom’s permanent representative to the Arab League, said.
Moreover, he said, the Kingdom will always support the “Palestinian cause” at all levels, adding that it has been planning to increase its stake in the budget since 2013.
The total Palestinian budget for 2014 was estimated at $4.21 billion with a $1.25 billion deficit, when the $350 million deficit in development budget is added, the total budgetary deficit reaches $1.6 billion.
The Palestinian government received approximately $243 million in financial aid over the first four months of 2014 compared to $1.49 billion over the same period in 2013.
The Palestinian Authority has repeatedly called on the supporting nations for donations in recent years.