RAMALLAH, April 13 (Xinhua) -- Palestinian Prime Minister Mohammed Ishtaye said on Monday that his government has started an emergency austerity budget with a deficiency of 1.4 billion U.S. dollars amid the crisis of the coronavirus pandemic.
"We try to overcome this deficiency by various means, mainly reducing expenses, getting loans from the banks and asking for help from the countries that used to help us," Ishtaye told a news conference in Ramallah.
He noted the Palestinian economy is suffering from the precautionary measures taken in early March to combat the spread of the coronavirus in the Palestinian territories.
"The rate of economic growth in Palestine will be largely negative with the threat of recession and deflation," the prime minister said.
Describing the tourism as "the biggest victim" of the pandemic crisis, Ishtaye said at least 12 months are needed to reanimate the Palestinian economy.
Ishtaye also urged Israel to transfer the tax revenues collected on behalf of the Palestinian Authority to support its austerity budget.
