Dr.Fayyad: The Financial Crisis will not be solved unless Israel releases thePalestinian Authority’s withheld funds

 The Minister of Finance in Palestine, Dr. Salam Fayyad, said the financial crisis that the Palestinian National Authority is going through and which is making it hard to pay staff salaries, would be resolved only by the release of Palestinian funds held by Israel . In a joint press conference with European Commission representative John Kerr yesterday in Ramallah City, Following the signing of the European assistance for the Palestinian Authority, Dr  Salam Fayyad said, " The release of Palestinian funds from Israel will end the crisis and allow ability to pay salaries  full and regularly" On the other hand, Dr. Fayyad said that the agreement that was signed yesterday aimed at re-launching a project funded by the European Union to support the building of Palestinian institutions- in the Financial area and  particularly in the areas of auditing and security. He explained that the value of the project amounted four million euros (5.3 million US ) but was stopped following the signing by late 2005, "but the new signing of the memorandum means the resumption of European support for the project, which will be implemented through international accounting company representatives located in the Palestinian Finance Ministry." In this context, a statement said to the European Union," This will be the first step for by the Union which concerns projects valued at four million euros to assist the Ministry of Finance in spending taxpayer’s money effectively. This operation will be in a transparent manner in accordance with the highest international standards." The program provides assistance for the payment of four million euros continuously until the month of June 2009 and training sessions for the staff of the Palestinian Finance Ministry in Ramallah and Gaza by the European Union and the Ernest and Young international Company. Dr. Fayyad confirmed that the "support of the two financial  departments interior audit and interior security in the ministry will assist me in ensuring what applies including with the best international standards so that the government can provide each Palestinian taxpayer a  guarantee that all the money is spent legally and securely ."