Israel Begins Transferring Tax Revenues to the Palestinian Authority

U.S. Treasury Secretary Janet Yellen announced on Tuesday that Israel has agreed to resume transferring tax revenues to the Palestinian Authority to finance essential services and support the economy of the West Bank, adding that the funds have started to flow. In prepared remarks for a press conference, she stated, "This must continue," and noted that Washington has long been urging the Israeli government to release what is referred to as "cleared funds" for the Palestinian Authority, without providing further details. She indicated that "if the conflict between Israel and Gaza escalates into a regional struggle, it would pose a risk to global economic prospects," and added, "We believe what Israel is doing has a negative impact on the Palestinian economy and on Israel itself."