Jerusalem, May 12 (SocialNews.XYZ) Israel will loan $228 million to the Palestinian Authority to offset losses caused by the coronavirus pandemic, officials said.
Officials from Israel and Palestine have agreed on terms of the rare loan, which aims at making up for losses of tax revenues during the pandemic, an official with the Israeli Finance Ministry told Xinhua news agency on Monday.
The Hebrew-language Ha'aretz newspaper reported that under the agreement signed on Sunday night, the first cash transfer will be made at the end of May, followed by three additional consecutive monthly payments.
The Palestinian Authority did not immediately comment on the deal.
Last month, Palestinian Finance Minister Shukri Bishara said that government revenues were expected to decline by 60 to 70 per cent because of the health crisis.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz