Saudis may bail out Palestinian Authority

Jerusalem Post:

Saudi Arabia could bail the Palestinian Authority out of an impending fiscal crisis following the landslide victory of Hamas if it transfers the $100 million to the Palestinian Authority that it pledged to PA chairman Mahmoud Abbas when he visited there in late December.

In addition to bailing out the PA, the money would also give Israel and the world more time to ponder how to deal with the PA following Wednesday's Hamas victory.

According to western diplomatic sources, Saudi Arabia pledged the money to Abbas because the European Union refused to transfer payment of some $60 million in November after the PA embarked on campaign economics: raising salaries and putting more people on its payroll. The Saudi money would be enough for the PA to pay January's salaries - about $60 million - and give it some additional breathing room.

Israel is scheduled to transfer to the PA some $60 million in taxes and customs revenues it collects for the PA on Friday. Acting Prime Minister Ehud Olmert said at Sunday's cabinet meeting that Israel still had not decided whether - in light of the Hamas victory - it would indeed transfer the funds.

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