Saturday, July 25, 2009

The $200 Million 'Money Money Money'

QUESTION: And can I just ask, back on the Middle East, can you just – I know we’re getting fact sheet later. This $200 million is money that she pledged in March in Sharm el-Sheikh?

MR. CROWLEY: This is part of the tranche. I think roughly speaking, she made a $900 million pledge in Sharm el-Sheikh earlier this year. I think this tranche brings us about halfway through that.

Philip J. Crowley
Assistant Secretary of State
Daily Press Briefing
Washington, DC
July 24, 2009



Tranche = a division or portion of a pool or whole; specifically: an issue of bonds derived from a pooling of like obligations (as securitized mortgage debt) that is differentiated from other issues especially by maturity or rate of return.

"Tranche" is actually a French word meaning "slice" or "portion". In the world of investing, it is used to describe a security that can be split up into smaller pieces and subsequently sold to investors.

Remarks With Palestinian Authority Prime Minister Salam Fayyad

Hillary Rodham Clinton
Secretary of State
Via Teleconference
Washington, DC
July 24, 2009

...SECRETARY CLINTON:...I wanted personally to announce the delivery of budget support to the Palestinian Authority, under the leadership of President Abbas and Prime Minister Fayyad. Because what is at stake for the Palestinian people, for the future of a Palestinian state, for the future security of Israel, and for the region is so critical. This is important also to the United States and the Obama Administration...The broader goals we seek to accomplish – a comprehensive Arab-Israeli agreement and a two-state solution – are more likely to grow out of opportunity than futility, out of hope rather than misery.

As I also said, the point of our engagement is to help the parties make the decisions that are in their best interests. And it is our hope that the support of the United States and other nations will help foster conditions in which a Palestinian state can be fully realized, a state that is a responsible partner, is at peace with Israel and its Arab neighbors, accountable to its people, a state that Palestinians everywhere can be proud of and that will be respected worldwide.

This shared goal depends on strengthening the Palestinian Authority and its ability to meet the needs of its people. In just over two years, President Abbas and Prime Minister Fayyad have put in place the foundations of a responsible, transparent, accountable government. Therefore, I am pleased to announce that the United States has transferred $200 million in direct support to the Palestinian Authority. This transfer fulfills a critical portion of the assistance package that I announced in March in Sharm el-Sheikh. The ability of the United States to provide support directly to the Palestinian Authority is an indication of the bipartisan support for the effort to secure the peace in the Middle East, as well as for the fundamental reforms that the Palestinian Authority has undertaken. Members of Congress from both sides of the aisle worked closely with us to make this assistance possible.

An important marker of progress is that the Palestinian Authority now has systems in place to ensure that donor funds are handled transparently and in an accountable manner. We will continue to work with the Palestinian leadership to bolster these safeguards to make sure that the funding ends up exactly where – and for whom – it is intended.

But we are confident, because the Palestinian Authority, under President Abbas and Prime Minister Fayyad, has a very exceptional two-year track record of performance on economic reform and prudent financial management, as noted by the World Bank, the IMF, and our own internal reviews. These fiscal reforms serve a larger purpose. We are seeing the positive impact that responsible government is having on the lives of Palestinians in the West Bank, daily improvements in security, law and order, and economic opportunities.

For these improvements to take root, the capacity of the PA must be both deepened and strengthened. To continue this impressive record of reform, the PA needs financial help, and they need it now. President Abbas and Prime Minister Fayyad have worked hard to lower the burden on donors, but continued progress will depend on donors meeting their commitments. The United States has and will continue to be a partner with the Palestinian people for peace, prosperity, and security.

Now many other nations, including our European partners, have contributed generously to support the PA. I call on all nations that wish to see a strong, viable Palestinian state living in peace and security with its neighbors to join us in supporting the Palestinian Authority. The Palestinian Authority has proven to be a reliable partner for peace. It offers the Palestinian people the option of a peaceful, free, and prosperous future, and an end to the violence and conflict that have deprived so many Palestinians of the opportunity to fulfill their hopes and dreams and for their children to live up to their God-given potential.

So these are the goals we seek to accomplish: a comprehensive Arab-Israel peace agreement and a two-state solution. And it is our hope that this support will further conditions in which a Palestinian state can be realized.

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