Russia-Ukraine war leaves Hamas in financial crisis
The fragile Palestinian economy in the Gaza Strip has been largely affected by the Russian-Ukrainian war, which has caused price hikes and an increase in taxes.
GAZA CITY, Gaza Strip — The fragile Palestinian economy in the Gaza Strip has been drawn into a deep crisis in the wake of the Russian-Ukrainian war, which has caused price hikes, confusion in local fees and taxes imposed on goods, and lower public sector employees’ salaries.
The Hamas movement, which has been in control of Gaza since 2007, has recently adopted several measures to tackle this increase in prices. Back in June, Hamas started off by reducing taxes on basic commodities such as cooking gas, but it was not long before this measure backfired and led the movement to grapple with a stifling financial crisis, while it mainly relies on local taxes to cover its expenses.
