The Palestinian intifada or uprising has cost the Palestinians $5 billion dsince it broke out on September 28th last year, Palestinian leader Yasser Arafat said today.
"Losses have surpassed the five million dollar figure in the eight months of the intifada," Mr Arafat said at an Arab League committee meeting in Cairo.
"There are 360,000 people out of work (due to Israel's clampdown on the Palestinian territories) and our national product has lost more than 65 per cent of its value," he said.
The Palestinian finance ministry said last month the Palestinian territories have suffered huge losses due to the Israeli blockade since the start of the Palestinian uprising last September.
The blockades, a punitive action which the Israeli army says is aimed a containing the intifada and stopping anti-Israel attacks, has ruined the economy of the West Bank and Gaza Strip.
According to the United Nations, unemployment has reached as high as 60 per cent in some parts of the Gaza Strip and averages 40 per cent in the West Bank, compared to 11 per cent before the start of the unrest.
The Palestinian leader said that losses since the Arab summit in Amman at the end of March had amounted to $750 million, according to the estimates of a Palestinian report he presented to the meeting.
According to the report, at least $70 million in Arab aid is needed each month to support the Palestinian economy and help the victims of the intifada.
An Arab summit in Cairo last October set up two funds worth a total of a $1 billion to support the intifada.
AFP