Palestinian government faces critical financial problems
Palestine, Economics, 3/28/1998

The financial status of the Palestinian government is said to be very critical and the budget deficit for 1998 is projected at no less than US $23 million.

Deputy minister of finance in the Palestinian government, Dr. Atef Alawneh, said revenues do not cover expenses and as such have become a burden on the Palestinian budget. "In addition to the annual deficit," said Dr. Alawneh, "the PNA deficit is increasing day after day as the ministry becomes occupied with the task of securing salaries and wages enough for state employees."

Alawneh blamed the impasse in the peace process, the diminishing prospects for a peaceful settlement in the Middle East and the continued closure by Israel of Palestinian territories. He said the scope of international investment that was projected with the signing of the Oslo Accords did not materialize because of the unstable political situation in the region.

Previous Stories:
  Agricultural land drops to 50,000 dunums   (3/26/1998)
  Palestine looks for foreign investment   (3/20/1998)
  Saad: Our daily loss is US $1.4 million   (3/7/1998)

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