Donors pledge $7.4 billion to Palestinians

"We see it as an important vote of confidence by the international community," Palestinian Prime Minister Salam Fayyad was quoted by Reuters as telling told a closing news conference hours after Abbas warned of dire consequences if the money hoped for did not materialise.
"Without the continuation of this aid and without the liquidity needed for the Palestinian budget, we will have a catastrophe in the Gaza Strip and in the West Bank," Abbas told the 87 countries and organisations present earlier on Monday.
U.S. Secretary of State Condoleezza Rice said the conference, the financial sequel to last month's Annapolis meeting that launched the first peace talks in seven years, was the Palestinian government's "last hope to avoid bankruptcy".
Of the total, $3.4 billion is to be given in 2008.