(JTA) – The Palestinian Authority has resumed security and financial ties with Israel.

Israel will now resume funneling taxes to the Palestinian Authority and security cooperation. According to reports, the preeminent reason that Palestinian Authority President Mahmoud Abbas resumed the ties was because Palestinian areas were suffering a cash crunch. Hussein Al Sheikh, a senior official of Abbas’ ruling Fatah Party, announced the change Monday in a Twitter post of his appearance on a Palestinian news program. In the appearance, Al Sheikh cited the election of Joe Biden as president, saying that Biden’s announced changes to U.S. policy on the Palestinians facilitated the change. Biden has said he will resume diplomatic ties with the Palestinians ended by President Donald Trump and resume U.S. assistance.

Biden also is aopposed to Israel’s annexation of any part of the West Bank and emphasizes a two-state solution.

Main Photo: Palestinian Authority President Mahmoud Abbas, center, attends the Arab League’s foreign ministers meeting in Cairo, Feb. 1, 2020. (Mohamed Mostafa/NurPhoto via Getty Images)