Palestinian Authority: $150 million and counting...

World Bank grants $40 million to Palestinian Authority

Date: 10 / 06 / 2008

Ramallah – Ma'an - Palestinian caretaker Prime Minister Salam Fayyad signed an agreement with the World Bank today for the transfer of $40 million in budget support for the Palestinian Authority.

The Bank says the grant falls in the framework of Fayyad's Palestinian Reform and Development Plan (PRDP).

Fayyad, who was appointed as prime minister in 2007, worked for the World Bank in Washington, DC from 1987 to 1995. The World Bank said that budget support is a central component of ongoing World Bank efforts to support the PRDP, which was presented to the international donor community in Paris in December 2007.

An additional $110 million have been disbursed since April 2008 to the Palestinian Authority's (PA) Central Treasury Account through the PRDP Trust Fund (PRDP-TF), to which Norway, the UK, Australia, Finland and France have contributed, the Bank said.

"This grant aims to support the PA's efforts to accelerate the implementation of reforms described in the PRDP, especially those aimed at strengthening its fiscal position and improving public financial management," said David Craig, World Bank Country Director for the West Bank and Gaza.

"These reforms are critical for continued international donor support and will serve as fundamental building blocks of the future Palestinian State," he further added.

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