The Palestinian National Authority (PNA) welcomed on Saturday the decision of the G8 summit to aid the PNA with 3 billion US dollars to support the Palestinian economy.

Senior Palestinian officials described the decision as vital and important to achieve a balance in the Palestinian economy that had lost control over the past four and a half years of Intifada (uprising) which erupted in September 2000.

Palestinian Finance Minister Salam Fayad said the decision would give the Palestinian economy a powerful push.

Chief Palestinian negotiator Saeb Erekat told reporters that he hoped this financial support to the Palestinians would coincide with intensifying the political efforts to oblige the Israeli government to reply to the peace terms.

British Prime Minister Tony Blair, the host of the summit, announced on Friday in the Scottish resort Gleneagles that the G8 countries had decided to aid the PNA with 3 billion dollars within the coming few years in order to support the chances of achieving comprehensive peace for the Middle East.

Official Palestinian sources said the aid would be used in building new infrastructure, housing and agriculture in the Gaza Strip and part of the West Bank the Israelis plan to withdraw from due to take place in mid-August.

Source: Xinhua