News, Palestinian affairs

Palestinian Authority to increase taxes and reduce spending

With the Palestinian Authority facing a $1.1 billion deficit in the public budget, Palestinian Authority Prime Minister Salam Fayyad announced major spending cuts and the raising of taxes in order to plug the deficit. The budget shortfall comes as a result of both the global financial crisis and the failure by donor countries to follow through on their aid pledges. In addition to the public budget deficit, the government also owes $1.4 billion to private sector contractor.

Al Bawaba, Jordan

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