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Deputy PM resigns from government

March 31, 2015 5:06 P.M. (Updated: April 2, 2015 11:10 A.M.)
BETHLEHEM (Ma'an) -- Deputy Prime Minister and Minister of the National Economy Muhammad Mustafa has resigned his positions in Palestine's unity government, it was announced Tuesday.

Prime Minister Rami Hamdallah has accepted the resignation, which has been presented to President Mahmoud Abbas for approval.

No reason has yet been given for the resignation.

Mustafa served as Deputy Prime Minister and Minister of the National Economy in the Palestinian unity government formed in June last year, which was the 17th Palestinian government.

Prior to that, he acted as Deputy Prime Minister for Economic Affairs in both the 15th and 16th governments.

Mustafa heads a number of governmental committees, most prominent among them the permanent Economic Committee in charge of coordinating economic reform and development across the Palestinian Territories as well as PA financial policy.

Following the Israeli assault on the Gaza Strip last summer, Mustafa headed a committee responsible for reconstruction in Gaza.

He also chairs the Palestinian Investment Fund, an independent investment company which was established in 2003 through PA and international funding. Mustafa was previously the fund's CEO.

As of 2013, the fund, which describes itself as aiming "to strengthen the local economy through key strategic investments, while maximizing long-run returns for... the people of Palestine," held assets approaching $800 million, and had made profits of nearly $870 million since its inception.

Other past roles of Mustafa's include serving as an economic adviser to the government of Kuwait and, separately, the Kingdom of Saudi Arabia, as well as 15 years in various positions for the World Bank in their Washington headquarters.

He was also a founding CEO of the Palestinian Telecommunications Company (Paltel).
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