The Arab League will hold an urgent meeting Tuesday for its permanent representatives to discuss the financial crisis that the Palestinian Authority currently faces.

The meeting will be held upon the request of Palestinian President Mahmoud Abbas, Egyptian diplomatic sources said. Prime Minister Salam Fayyad will attend.

State-run news agency MENA reported that Abbas contacted Arab League Secretary General Nabil al-Araby and requested the meeting so that Arabs would be informed about Palestinian Authority's critical financial situation.

Abbas said the Palestinian Authority needs at least US$300 million to fulfill its requirements, MENA reported.

Deputy Arab League Secretary General Ahmed bin Heli stressed on Monday that member countries should assist the Palestinians to support them.

He also said Palestinians face serious challenges and that supporting them is very important under such circumstances.