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Palestinian budget deficit reaches $311m

By end of May 2015, the government approved the public and developmental budget for 2015

The current Palestinian budget deficit for 2015 increased by two per cent to $311.5 million in July compared with previous months, Turkey-based Anadolu Agency reports.

The deficit rate during the first seven months of the year represents 14 per cent of the government’s expectations for this year’s budget, according to the Palestinian Budget report issued by the Ministry of Finance in the Palestinian Authority Government.

The total general government expenditure for the Palestinian Government reached approximately $1.911 billion since the beginning of the year until July, in addition to $104m in developmental expenses.

The Palestinian private sector called in several meetings with the government to stop governmental appointments and find solutions to reduce public servants’ wage bills, which acquire half of the budget every year.

By the end of May 2015, the Palestinian Government approved the public and developmental budget for the fiscal year 2015, whose value amounted to $5.018bn.

($1 = AED 3.67, at the time of publishing)