On December 17, 2007, eighty seven states, the United Nations Secretariat, the World Bank and the International Monetary Fund met in Paris for a one-day international funding conference for the Palestinian Authority. $7.4 billion was pledged over a three-year period - $3.44 billion for 2008. The conference, planned well in advance, comes shortly after the Annapolis meeting whose aim was to restart serious Israeli-Palestinian negotiations that would lead to the creation of a sustainable Palestinian state by the end of President Bush's term in 2008. Financing an economic recovery and development program for Palestine is an obvious need for the creation of a state. However, it is often easier to raise funds than to spend them in ways that promote the desired ends.