G7 Urges Israel on Banking Links with Palestine

Finance leaders from the G7 countries have urged Israel to uphold correspondent banking connections between Israeli and Palestinian banks to ensure the smooth flow of essential transactions, trade, and services. This appeal was made during a recent meeting of G7 finance ministers and central bank governors in northern Italy.

The joint statement issued at the conclusion of the meeting emphasized the critical need for Israel to release withheld clearance revenues to the Palestinian Authority to address their pressing fiscal needs. This request echoes previous statements from US Treasury Secretary Janet Yellen, who stressed the importance of preserving banking waivers to support the Palestinian territories amid the conflict in Gaza.

The draft statement underlines the necessity for Israel to take concrete steps to guarantee the continuity of correspondent banking services between Israeli and Palestinian banks. This is vital for facilitating essential financial transactions, trade, and services between the two regions.

Additionally, the G7 finance leaders are pushing for the removal or relaxation of other restrictive measures that have negatively impacted commerce in the West Bank. The goal is to prevent further economic decline in the area.

The call by G7 finance leaders for Israel to maintain banking links with Palestinian banks underscores the importance of financial stability and cooperation in the region. By addressing urgent fiscal requirements and promoting smoother financial transactions, this initiative aims to support economic growth and stability in both Israeli and Palestinian territories.