A Palestinian man looks out of his house as the Gaza power plant is seen, in the central Gaza Strip, June 18, 2019. (REUTERS/Ibraheem Abu Mustafa)
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Palestinian finances are on the brink of ruin after the suspension of hundreds of millions of dollars of U.S. aid, the head of the Palestine Monetary Authority said Tuesday.The mounting financial pressures on the Palestinians' self-ruling entity have sent its debt soaring to $3 billion, and led to a severe contraction in its estimated $13 billion GDP economy for the first time in years, Azzam Shawwa told Reuters.The Palestinian Authority has had to increase borrowing from 14 banks to weather the crisis, Shawwa said.The once flourishing West Bank economy, which saw 3.3 percent average growth in recent years, has now gone into the red, Shawwa said.Shawwa, who has been invited to attend the Bahrain conference, said it was difficult to see how any plan would go ahead without willing Palestinian partners.
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