Palestinian President Mahmoud Abbas will travel to Saudi Arabia on Friday to request urgent help to overcome the financial crisis faced by the Palestinian National Authority (PNA), a local official said on Wednesday.

Nimer Hammad, Abbas's political adviser, said that the visit is to deal with the financial crisis in order to alleviate it.

Meanwhile, a senior Palestine Liberation Organization (PLO) official, Yaser Abed Rabbo, said that Abbas' Saudi visit is part of a series of planned international and regional meetings to resolve the financial crisis, which is preventing the PNA from paying salaries and fulfilling its obligations.

The PNA budget deficit for the current year exceeds 1 billion U. S. dollars due to lack of foreign aid assistance.

The crisis sharpened after the Palestinian leadership suspended direct peace talk with Israel since Oct. 2010 due to the continuing Israeli settlement construction.