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  • 20-04-19

    Palestinian economy in risk to deteriorate: WB

    (MENAFN) Palestine is facing a deteriorating economic crisis in the West Bank in case a settlement was not reached on tax transfer, the World Bank (WB) stressed.

    Israel and the Palestinian Authority (PA) ought to reach a solution to evade a worse economic calamity as Israel rises about USD190 million per month in customs duties on products reaching the Palestinian market.

    It comes after Israel reaching a resolution in February to cut USD10 million per month from revenues, resulting in Palestinians rejecting any funds.

    This issue weakened a "fiscal crisis" that is able to deepen the PA's financial gap from USD400 million seen last year to one "exceeding $1 billion in 2019," the WB stated.

    WB added "this is expected to choke economic activity, threatening to push the West Bank into negative growth."

    MENAFN2004201900450000ID1098414750

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