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UN briefing: Palestinian Authority fiscal situation critical as correspondent banking arrangements face termination
Summary
Ramiz Alatbarov warned that the Palestinian Authority is unable to deliver many public services or pay full salaries as Israeli withholding of clearance revenues continues, and he said correspondent banks have indicated intent to terminate arrangements in coming months.
Ramiz Alatbarov told the Security Council that the Palestinian Authority's fiscal situation is critical because Israel continues to withhold Palestinian clearance revenues, leaving the PA unable to deliver many critical public services or pay full salaries to civil personnel. "The PA is currently unable to deliver many critical public services, including education and health services or pay full salaries to its civil personnel," he said.
He said preserving correspondent banking arrangements is essential to maintain Palestinian financial stability and economic activity, and reported that Israeli correspondent banks have indicated an intent to terminate these arrangements in the coming months. Alatbarov urged continued engagement by all parties to avoid further deterioration that could be disastrous.
