São Paulo – The Palestinian National Authority (PNA) wants to securitize some of its outstanding debt to local banks by issuing bonds. The PNA intends to issue an initial US$ 200 million in the first four months of 2013, out of a total debt of US$ 1.3 billion. The information was released this Monday (1st) by the website of the Qatari TV Channel Al Jazeera.
According to Jihad Al-Wazir, governor of the Palestine Monetary Authority, part of the Palestinian government’s debt will be converted into bonds.
The Palestine Monetary Authority monitors financial operations in the West Bank and Gaza Strip, but Palestine does not have its own currency. Rather, the Israeli shekel is used in most bank transfers.
To Wazir, the Palestinian economy is faring satisfactorily, considering the circumstances it is submitted to by the Israeli occupation. According to him, the GDP of Palestine is expected to be up approximately 5% in 2012. If the Israeli blockade was to be lifted, the local economy might grow by 14% to 15% a year for several years.
*Translated by Gabriel Pomerancblum
