Posted on 07/18/2012 2:10:36 PM PDT by bayouranger
RAMALLAH — Saudi Arabia has intervened to rescue the Palestinian Authority from its worst financial crisis.
Officials said the Gulf Cooperation Council kingdom has agreed to relay $100 million to the regime of PA Chairman Mahmoud Abbas.
The officials said the money was expected to be transferred from Riyad to the West Bank over the next few days.
“This support will have a deep impact in deepening the steadfastness of the Palestinian people,” PA Prime Minister Salam Fayad said.
In a statement on July 15, Fayad said the Saudi donation marked the latest in a series of financial assistance by Riyad. The prime minister said he hoped other countries would follow with additional aid.
“This generosity added to the track record of financial and political support by the kingdom, represented by the custodian of the two holy shrines,” Fayad said.
Officials said the PA, which faces unprecedented unrest, required at least $300 million over the next few weeks to pay salaries and contractors for June. They said the PA expected a budget deficit of more than $1 billion for 2012.
The Saudi aid was approved after a visit by Abbas to Riyad on July 13. Abbas met Saudi King Abdullah and, officials said, a day later the money was approved.
Why is the Saudi contribution considered a “bail out”, while Obama’s larger contribution goes on, unremarked?
Without outside cash, the Palestinians would have no choice but to either behave themselves and live peacefully with the Israelis, or emigrate elsewhere.
-——or emigrate elsewhere.-——
Palestinians are not allowed in Saudi Arabia. The payment is designed to keep them in their pen
They’ve been bailing out Egypt too.
Egypt imports half its food and its financial reserves to buy it were all but gone at the beginning of June.
If the Saudis hadn’t ponied up a couple billion to fill the coffers, there would be food riots in Cairo right now.
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