Arab Ministers of Finance announced Sunday their commitment to the decisions of the League of Arab States to activate a monthly 100-million-dollar financial safety net to support the Palestinian Government's budget to cope with current financial crises.
In the final statement after their emergency meeting in Cairo to discuss ways to support the Palestinian budget, the ministers said the money will either be paid to the Arab League or directly to the Palestinian Ministry of Finance.
Arab finance ministers affirmed full Arab support for the political, economic and financial rights of the State of Palestine to ensure its political, economic and financial independence. They condemned the Israeli piracy of the Palestinian money, calling on the international community to pressure the Israeli government to "stop its piracy and return the Palestinian money in full."
The ministers called on the member states to provide soft loans in the financial safety net by bilateral agreements with the State of Palestine, urging them to continue providing financial support or soft loans to shore up the infrastructure and development projects of Palestine.
They also called on Arab funds and institutions as well as the Arab banks to contribute to the financial safety net through the provision of soft loans to the State of Palestine in direct coordination with the Palestinian institutions.
The Arab finance ministers stressed the need to encourage and strengthen coordination and cooperation between governmental and non-governmental Arab financial institutions and their Palestinian counterparts.
Speaking at the emergency meeting, Arab League Secretary General Ahmed Aboul Gheit said providing a monthly Arab financial safety net of $100 million has become an urgent necessity in light of the difficult conditions faced by the Palestinian National Authority.
Source: International Islamic News Agency
Category: Energy & Power