The Prime Minister discusses with the Palestine Monetary Authority (PMA) the motivation of economy and the refreshing of the damaged sectors
Shtayyeh: We need to work on localizing bank investments
Shawwa: We balance between health measures and the best interest of the citizen, in addition to keeping the banking safety
Ramallah-The Prime Minister’s Office: H.E. Dr. Mohammad Shtayyeh, Prime Minister, discussed today, Sunday, in his office, with the new PMA Board of Directors which is presided by the Governor, Mr. Azzam Shawwa, the banking measures during the emergency and the starting of planning on the after Coronavirus stage; in terms of refreshing and motivating economy.
Moreover, Mr. Shawwa explained that the plan of the Palestine Monetary Authority seeks to balance between the strict health measures that are taken to face the Coronavirus outbreak and the best interest of citizens, in light of the suspension of many economic sectors, in addition to keeping the banking safety for the banking sector that constitutes the economic pillar in Palestine.
Furthermore, H.E. the Prime Minister said “I salute the corporation spirit that the Palestine Monetary Authority is showing and its effective role in controlling the banking sector during the emergency, as well as the integration of the banking sector with the rest of sectors in order to manage the crisis that we have transferred from being a sectoral matter at the Ministry of Health into a national matter that all community bodies efforts are put hand-in-hand for preserving the safety of our people and homeland.”
Accordingly, H.E. Dr. Shtayyeh discussed with the PMA Board of Directors the ideas for motivating the economy after the threat of the pandemic is gone, in order to refresh the different sectors that are damaged from this emergency like forming an Soft Loan Fund to treat the negative economic impacts on the sectors; on top of them are sectors of services and tourism.
H.E. the Prime Minister also informed them on the government financial situation in light of the decline of revenues for more than 50%, in addition to an annual deficit that exceeded (USD1.4 million), explaining the government financial plan until the end of this year, that is counting basically on reducing costs and expenses to the minimum and searching for ways to cover the deficit.
On the other hand, the Prime Minister called upon the Palestine Monetary Authority to start working in order to localize banking investments in Palestine instead of investing a large part of it outside; which will, in return, reflect positively on the economic wheel as a whole.