World Bank: Increased Risk of Palestinian Authority's Fiscal Collapse

FILE PHOTO: Palestinians queue as they wait to collect drinking water, amid shortages of drinking water, as the conflict between Israel and Hamas continues, in Rafah, in the southern Gaza Strip January 4, 2024. REUTERS/Saleh Salem/File Photo
FILE PHOTO: Palestinians queue as they wait to collect drinking water, amid shortages of drinking water, as the conflict between Israel and Hamas continues, in Rafah, in the southern Gaza Strip January 4, 2024. REUTERS/Saleh Salem/File Photo
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World Bank: Increased Risk of Palestinian Authority's Fiscal Collapse

FILE PHOTO: Palestinians queue as they wait to collect drinking water, amid shortages of drinking water, as the conflict between Israel and Hamas continues, in Rafah, in the southern Gaza Strip January 4, 2024. REUTERS/Saleh Salem/File Photo
FILE PHOTO: Palestinians queue as they wait to collect drinking water, amid shortages of drinking water, as the conflict between Israel and Hamas continues, in Rafah, in the southern Gaza Strip January 4, 2024. REUTERS/Saleh Salem/File Photo

The fiscal situation of the Palestinian Authority, which runs the West Bank, has worsened in the last three months, "significantly raising the risk of a fiscal collapse," the World Bank said on Thursday.
"The rapidly widening gap between the amount of revenues coming in, and the amount needed to finance essential public expenditure, is driving a fiscal crisis," it said.

“As of the end of 2023, this financing gap reached $682 million. This gap is projected to double within the coming months, reaching up to $1.2 billion,” it said in a report.

“Increased foreign assistance and the accumulation of further arrears to public employees and suppliers are the only available financing options for the Palestinian Authority,” it added.

According to the World Bank, the Palestinian economy continues to be under a massive shock in the first months of 2024.

“While the outlook for 2024 remains highly uncertain, a further economic contraction of anywhere between 6.5 and 9.6% is projected,” said the report.
 

 

 

 

 

 



‘Saudia’ Expands Flight Network with Over 10 New Destinations in 2025

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
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‘Saudia’ Expands Flight Network with Over 10 New Destinations in 2025

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)

Saudi Airlines (Saudia) has announced the addition of more than ten new destinations to its flight network for 2025, including Vienna, Venice, Larnaca, Athens, Heraklion , Nice, Malacca, Bali, Antalya, El Alamein, and Salalah. The expansion comes in response to increased international travel demand, with a 16% growth in passenger transport last year, according to SPA.
Saudia Group's General Manager, Eng. Ibrahim bin Abdulrahman Al-Omar stated that following the airline's operational success in 2024, a strategic plan has been implemented for 2025 to maintain high performance. Flights have been scheduled to meet operational needs with flexibility throughout the year, particularly during peak seasons, while adapting to industry challenges.

The selection of new destinations was based on feasibility studies and guest demand, aligning with Saudi Arabia's national aviation strategy to reach 250 destinations by 2030.
The newly introduced routes will enhance Saudia's global network, which currently spans over 100 destinations across four continents. With more than 530 daily flights, the airline continues to develop its international operations to increase its market share and strengthen the Kingdom's global connectivity.