
World Bank approves $42 million to Palestinian Authority to sustain public services for Palestinian people
8 March 2006
The World Bank approved a $42 million grant to assist the Palestinian Authority (PA) meet its immediate financing needs in the wake of a severe fiscal crisis to avoid suspension of vital basic services to the Palestinian population. The grant will be made through a multi-donor trust fund—the Public Financial Management Reform Trust Fund—launched in 2004, with support from international donors, to channel budgetary aid to the PA against progress in financial reforms. The EC, France, the Netherlands, New Zealand, Spain and the UK contributed to the current grant. The West Bank and Gaza continue to suffer from a debilitating economic recession brought on by restriction on movement of goods and people since September 2000. Read more about World Bank approves $42 million to Palestinian Authority to sustain public services for Palestinian people