Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Araghchi to Grossi: These parties will bear responsibility for the consequences of their actions
Araghchi to Grossi: Iran will respond to any unlawful action by European countries or parties attempting to turn the Agency into a tool for achieving their objectives
Araghchi to Grossi: We urge the Agency to warn against the consequences of any political move against Iran
Araghchi to Grossi: We call on the Agency to highlight Iran’s full cooperation during the upcoming Board of Governors meeting next week
Araghchi to Grossi: We demand that the Agency reflect the facts in a manner that prevents certain parties from exploiting it to advance their political agendas
Iranian Foreign Minister Abbas Araghchi holds a phone call with IAEA Director General Rafael Grossi
Trump envoy Witkoff has sent 'detailed and acceptable proposal' to Iran for nuclear deal; it's in their best interest to accept it: White House Press Secretary Leavitt
Hamas official says Witkoff's position toward group was 'unfair' and shows 'complete bias' to 'Israel'
Hamas official says it has considered Witkoff's proposal acceptable for negotiations, says 'Israel's' response was incompatible with what the group agreed on
Hamas official says group has not rejected Wikoff's proposal for Gaza ceasefire

Blocking waiver could bring Palestinian economy in West Bank to a halt

  • By Al Mayadeen English
  • Source: Financial Times
  • 22 May 2024 15:08
3 Min Read

Due to expire on July 1, the waiver permits payments for vital services and salaries tied to the Palestinian Authority.

  • x
  • A spray painted
    A spray-painted "Free Gaza" is seen on a pillar near the commencement at Morehouse College, Sunday, May 19, 2024, in Atlanta. (AP)

If "Israel" does not renew a waiver Israeli banks need to maintain relationships with their Palestinian counterparts, an "economic catastrophe" in the occupied West Bank will ensue, according to Western officials, as cited by the Financial Times. 

Due to expire on July 1, the waiver permits payments for vital services and salaries tied to the Palestinian Authority and eases the entry of essentials such as food, water, and electricity into the occupied Palestinian territories.

Three Western officials declared that if the waiver is not renewed, the Palestinian economy will gradually shut down over time. 

"The point that we’re making . . . is that you shouldn’t be threatening people’s access to food, electricity and water at a moment like this, especially in the West Bank," a US official said, adding that it "will be to the detriment not only of Palestinian interests but also to Israel’s and the region’s security and stability" if it is not renewed. 

Two Western officials claimed that the US is leading efforts to renew it by soliciting allies to pressure Prime Minister Benjamin Netanyahu, while British officials revealed that there is concern in the UK over the matter as well.

Related News

EU military spending hits critical economic limit, Russia warns

Trump signals new US tariffs, warns trading partners of imminent hikes

Read more: Life in the West Bank post October 7: Al Mayadeen Exclusive

The officials noted that this issue is due to be negotiated at the next G7 finance ministers meeting this week in Italy.

The Palestinian economy formally runs on "Israel’s" shekel, and Palestinian financial institutions have to deal with the Bank of Israel and Israeli banks to access the economy. 

Back in February, the World Bank said that the Israeli aggression on Gaza had devastating effects on its infrastructure, which could take years to rebuild, and caused the blockaded Strip's economy to shrink by more than 80% in the last quarter of 2023.

The World Bank declared that the war caused paramount damage all over Gaza, with all economic activity in Gaza coming to a grinding halt.

The United Nations stated in late January that the genocide in Gaza and the drastic magnitude of bombing have destroyed almost half of the Gazan infrastructure, rendering the Strip uninhabitable and in need of billions of dollars for rebuilding.

It is also worth noting that after seven months of war on Gaza, "Israel" racked up a bill of 60 billion shekels ($16 billion), leaving in its trace a deficit way past this year’s target and a deteriorating economy, Bloomberg reported.

  • economy
  • Palestine
  • Israel
  • Benjamin Netanyahu
  • Gaza
War on Gaza

War on Gaza

Most Read

President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025
US judges quietly consider private security amid Trump tensions

US judges quietly consider private security amid Trump pressures

  • US & Canada
  • 25 May 2025
An Israeli army vehicle moves in the Gaza Strip as seen from southern occupied Palestine, Thursday, May 29, 2025 (AP)

Hamas rejects Witkoff ceasefire plan, says alters terms

  • Politics
  • 29 May 2025
Spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, announces a new operation against Ben Gurion Airport on May 29, 2025 (Yemeni Military Media)

Yemen announces successful hypersonic missile strike on Ben Gurion

  • Politics
  • 30 May 2025

Coverage

All
War on Gaza

Read Next

All
MIT bans class president who gave pro-Palestine speech
US & Canada

MIT bans class president over pro-Palestine speech

Arab ministers condemn Israel 'ban' on planned West Bank visit
Politics

Arab ministers condemn Israeli ban on planned West Bank visit

Major General Hu Gangfeng, Vice President, National Defense University, People's Liberation Army, China, leaves after a panel discussion during the 22nd Shangri-La Dialogue summit in Singapore, Saturday, May 31, 2025. (AP Photo/Anupam Nath)
Politics

China blasts Hegseth, calls US top 'troublemaker' in Asia-Pacific

US activists demand shutdown of Musk's 'dirty' supercomputer: Reports
Technology

US activists demand shutdown of Musk's 'dirty' supercomputer: NBC News

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS