Twelve countries including Britain, France, Japan, Saudi Arabia and Spain on Friday announced a new coalition to financially support the cash-strapped Palestinian Authority as Israel withholds its tax revenues, AFP reports.

The Emergency Coalition for the Financial Sustainability of the Palestinian Authority “was established in response to the urgent and unprecedented financial crisis” confronting the PA, the Spanish foreign ministry said in a statement.

It aims to stabilise the Ramallah-based body’s finances, preserve its ability to govern, provide essential services and maintain security, “all of which are indispensable to regional stability and to preserving the two-state solution”, the statement added.

The statement mentioned past “significant financial contributions” and pledges of “sustained support” from the coalition — which also includes Belgium, Denmark, Iceland, Ireland, Norway, Slovenia and Switzerland — without specifying the quantities or countries.