RAMALLAH, Saturday, September 14, 2019 (WAFA) - Economy Minister Khaled Ossaili today said the recent report by the United Nations Conference on Trade and Development (UNCTAD) is a living proof of the responsibility of the Israeli occupation for the rapid deterioration in the Palestinian economy.

He said Israel continues to block production inputs and imposes a control system that undermines the possibility of developing the national economy as well as denying access to reach and invest in the Palestinian territory which is rich in natural resources.

“UNCTAD warning of the imminent collapse of the Palestinian economy is an additional document in condemning the occupation for its violations, arbitrary policies and control of our national economy along with the restriction on the movement of people and goods and the suffocating blockade imposed by Israel on the Gaza Strip,” he said in a statement.

"We are moving forward in disengaging from the economy of the occupying power by taking more decisions that will enhance and strengthen our national economy and meet the requirements of building the economy of the State of Palestine,” he said, mentioning specifically the Paris Economic Protocol that regulates Palestinian economy and which he accused Israel of ripping apart with its policies and measures. He said that steps will be taken to change the protocol through international intermediaries led by France.

Ossaili stressed that the development of the Palestinian economy requires the donor countries to shoulder their responsibilities in ending the Israeli occupation, implement strategic programs and provide assistance consistent with the Palestinian government‘s economic strategy of development through clusters in addition to the implementation of their commitments to support the Palestinian economy.

"International reports diagnosing the Palestinian economic situation unanimously agree that the occupation is the main obstacle to the possibility of real economic development, and therefore ending this occupation and accessing and utilizing our natural resources makes the State of Palestine self-reliant and will do away with international aid and will turn it into a productive economy that will reflect positively on GDP growth” he said.

“We are losing billions of dollars as a result of this occupation with Israel confiscating the potentials in our economy and investment opportunities to keep the Palestinian economy subject to Israeli domination and dependency,” said the Economy Minister. “Nevertheless, we are working with enthusiasm and determination to end this dependency, develop our national economy and strengthen the steadfastness of our people in confronting and foiling the Israeli occupation plans.”

UNCTAD warned in its latest report that the Palestinian socioeconomic crisis is now at a breaking point as a result of Israeli policies that may lead to a collapse of Palestinian finances.

It said the reasons behind the near collapse of the Palestinian economy are the expansion and tightening grip of occupation, suffocation of Gaza’s local economy, a 6% drop in donor support between 2017 and 2018, deterioration of the security situation and lack of confidence as a result of bleak political horizons.

M.K.