عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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
TT
TT

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.
 

 

 

 

 

 

Most Viewed

 
 
Business

Report: EU to Vote on Oct 4 to Finalize Tariffs for China-made EVs

A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
TT
TT

Report: EU to Vote on Oct 4 to Finalize Tariffs for China-made EVs

A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)

The European Union is planning to vote on whether to introduce tariffs as high as 45% on imported electric vehicles made in China on Oct. 4, Bloomberg News reported on Saturday, citing people familiar with the matter.
Member states have received a draft of the regulation for the proposed measures, the report said, adding that the new date could still change.
According to the report, the vote among the bloc's member states was slightly delayed amid last-minute negotiations with Beijing to try to find a resolution that would avoid the new levies.
The European Commission did not immediately respond to a Reuters request for comment.
The European Commission is on the verge of proposing final tariffs of up to 35.3% on EVs built in China, on top of the EU's standard 10% car import duty.
The proposed final duties will be subject to a vote by the EU's 27 members. They will be implemented by the end of October unless a qualified majority of 15 EU members representing 65% of the EU population votes against the levies.