RAMALLAH, April 10, 2012 (WAFA) – President Mahmoud Abbas Tuesday approved the Palestinian Authority 2012 budget, said Palestinian government spokesman Ghassan Khatib.

A statement by the Cabinet stated that the 2012 budget is $3.54 billion with a current deficit amounting to $1.3 billion.  

The 2012 draft budget downsized the government’s dependency on foreign aid, as well as cut down the budget’s deficit, which formed only 10% of the gross domestic product (GPD) in 2012, compared to 13% in 2011 and 22% in 2008, said the statement.

The budget indicated a decrease in expenditures from 47% in 2008 and 35.1% in 2011 to 32.6% in 2012.

M.H./F.R.