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International Reports about Gaza

Hamas parliament approves budget for Gaza gov’t

By Fares Akram, Emad Drimly GAZA, Hamas parliamentary bloc has recently approved the financial budget for Hamas’ government in the Gaza Strip, officials said on Monday. The Hamas-dominated Palestinian Legislative Council (PLC) approved the budget, although other parliamentary blocs, including Palestinian President Mahmoud Abbas’s Fatah movement, boycotted the session. The budget for the fiscal year is 428 million U.S. dollars ... Read More »

Gaza tunnels prove to be a bad investment

Hamas government offers Strip’s residents, who invested their money in smuggling tunnels later destroyed in Israeli airstrikes, a partial repayment of 16.5% on the dollar The Hamas government is offering Gaza residents, who invested their money in tunnels later destroyed in Israeli airstrikes, a partial repayment of 16.5% on the dollar, the Bloomberg news agency reported Wednesday. According to the ... Read More »

Hamas Finds Gaza Tunnels’ $500 Million Loss Worse Than Madoff

Investment opportunities are rare in the Gaza Strip. So when Nabila Ghabin saw one last year, she pawned her car and jewelry and put $12,000 into a network of tunnels that brought in supplies smuggled from Egypt. She was one of about 4,000 Gazans who gave cash to middlemen and tunnel operators in 2008 as Israel blocked the overland passage ... Read More »

Gaza economy grinds to a standstill

Palestinian Omar Shaban has occasionally bought cigarettes smuggled through the Rafah tunnels, as well as fuel for the generator that keeps his household in the Gaza Strip running when the electricity is cut. The tunnels had become a major source of economic activity and income for smugglers in recent months, as Israel’s 18-month blockade on the Hamas-controlled Gaza Strip tightened. ... Read More »

Palestinians line up for dwindling cash in Gaza

Local banks in Gaza, under pressure from Israeli sanctions, are running out of cash and desperate Palestinians lined up at branches Monday hoping to pull money out of frozen accounts. But most banks have sharply curtailed withdrawals over the past two weeks and some have posted signs telling customers they cannot take out any more money. The U.N. stopped distributing ... Read More »

The shortage of Israeli Shekels in Gaza Strip

The crisis that resulted from the shortage of Israeli Shekels in Gaza Strip started on 19th of September 2007 when the Israeli government declared Gaza Strip as “hostile entity”. Few days later, the Israeli banks declared that they will stop dealing directly with Gaza-based banks and that they will only deal with Banks’ HQ in Ramallah, West Bank.  Accordingly, Ramallah-based ... Read More »

Impact of international crisis of food on the Palestinian economy

Within his continuous concern of political and economic developments in the region, Pal Think for Strategic Studies held a symposium about “Reflection of global crisis of food on the Palestinian economy” in the center’s headquarters in Gaza City. The Symposium was attended by a select group of economists, businessmen and specialists in this area. The workshop included two main central ... Read More »

Gaza: The Death of Industry

Gaza Strip, Asharq Al-Awsat – A ‘cemetery’ in the neighborhood of al Rimal in Gaza is attracting the attention of motorists and pedestrians alike. Set up last Tuesday in al Katiba Square, this symbolic cemetery is comprised of ‘graves’ symbolizing hundreds of factories that have been closed down as a result of the economic embargo. The forty ‘graves’, which have ... Read More »