The Palestinian government will borrow 400 million U.S. dollars from local banks during the coming six months to back its treasury amid the coronavirus crisis, a senior official said on Wednesday.

Shukri Bishara, Palestinian finance minister, told a news briefing in Ramallah that the government agreed with the Palestinian Monetary Authority to borrow 400 million dollars from the local banks during the coming six months.

The borrowed money will be used as an emergency budget which was approved by President Mahmoud Abbas to combat the coronavirus pandemic in Palestine, Bishara told reporters.

Bishara also said that the priority of the emergency budget is to focus on ensuring the basic needs of the health ministry and the security apparatuses.

On April 8, Abbas issued a decree to start working on an emergency budget in the Palestinian territories.

(ASIA PACIFIC DAILY)