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PA announces an 80% loss in revenue for June 2020

Headline: “Bishara anticipates that the [PA] economy will shrink at a rate of 10% due to the Coronavirus”

 

 

“[PA] Minister of Finance Shukri Bishara announced that the payment of the salaries for last May [2020] is at a rate of 50% and a minimum of 1,750 [Israeli] shekels…

Bishara explained that the general revenues dropped sharply during the last four months, and the drop deepened in light of the loss of the tax money [from Israel] starting in May and reached approximately 80% in June. He added: ‘In June the tax money stood at zero, while the local revenues dropped to 280 million shekels – and this is more than we anticipated – in addition to 100 million shekels of external aid, such that the total stands at just 380 million shekels.’

In contrast, the total expenses reached 760 million shekels in June, including 550 million shekels in salaries (50% with a minimum of 1,750 shekels) [parentheses in source], and 210 million shekels in additional expenses, particularly in the health sector.”