Ramallah, Apr 8 (IANS): Palestine has not received financial aid from any Arab country for more than one year, Prime Minister Mohammed Ishtaye said.

"Due to lack of Arab funds, the deficiency in the Palestinian budget climbed to $1 billion," Xinhua news agency quoted Ishtaye as saying at a press conference here on Wednesday.

"The Arab countries haven't sent any financial aid during 2020 until now. In addition, the US has suspended its financial support, which amounted to $500 million," he said.

At the conference on the coronavirus crisis in Palestine, Ishtaye said the government is ready for austerity and reducing its running cost.

"This will not be at the expense of the health, the safety and security of the citizen and the education in Palestine," he said.

The Prime Minister added the economic establishments, whether it is large, medium, or small, have all been affected by the repercussions of coronavirus crisis.

"The unemployment rate in the West Bank rose to 19 per cent, while the situation in the Gaza Strip is much worse," Ishtaye said.