The Palestinian caretaker government intends to undertake the construction of its institutions rather than depending on renting buildings that were originally designed for residential purposes, said the Ramallah-based government's Prime Minister Salam Fayyad on Monday.

Whilst pointing out that several PA institutions owned the buildings they worked in, such as the Ministry of Finance, the Palestinian Central Bureau of Statistics and the Palestinian National Forces, the majority of headquarters of public sector institutions were rented, Fayyad said.

Additionally, a compound for all ministries is being constructed, Fayyed said.

The prime minister explained that laying the cornerstone for the headquarters of the Palestinian National Fund, in addition to launching postal services, were all appropriate steps towards establishing sovereign institutions of a future Palestinian state.

Fayyad also said other state-building steps are being planned.

“A Palestinian currency will be monetized in the right time as that step needs preparation and special programs, but that is doable,” Fayyad added.

In September Fayyad introduced a plan to build the institutions of a Palestinian state within two years.