MoneyFlash 90

The Palestinian Authority (PA) Finance Ministry is claiming that Saudi Arabia has failed for the seventh consecutive month to transfer financial aid to the PA.

According to the Ministry, the cumulative total of Saudi aid that has not yet been transferred to the Treasury in Ramallah stands at $140 million. Since the start of 2013, Saudi Arabia has been providing the PA with a monthly sum of $20 million, which was increased from $13 million.

Financial analysts estimate that the reason for the delay is related to the financial crisis in Saudi Arabia over the decline in oil prices, and they are advising the PA to re-examine government spending in light of the new situation.

According to the PA Finance Ministry, Saudi Arabia is not alone: 70 percent of donors have not fulfilled their obligations to transfer financial aid.

The PA has repeatedly asked for foreign donations in recent years, claiming it is on the verge of collapse due to a worsening financial crisis.

But, while blaming Israel for the PA’s financial woes, its chairman Mahmoud Abbas continues to spend six percent of the PA’s annual budget to pay $4.5 million a month to jailed terrorists and another $6.5 million to their families.