A day after U.S. Secretary of State John Kerry set out an ambitious $4 billion economic plan designed to drastically boost the Palestinian economy and help galvanize diplomatic efforts, the Palestinian Authority summarily rejected the idea of gaining economic benefits in exchange for political concessions.

Slapping down the notion that the PA might be appeased by Kerry’s focus on economic improvements, President Mahmoud Abbas’s economic adviser, Mohammad Mustafa, said “The Palestinian leadership will not offer political concessions in exchange for economic benefits.”

Mustafa, who also heads the Palestine Investment Fund, said the PA’s priorities are not economic but rather a political framework for the creation of Palestinian state based on the 1967 lines, with East Jerusalem as its capital, that also ensures the rights of refugees and a political compromise, the Palestinian news agency added.

At the World Economic Forum in Jordan Sunday, Kerry unveiled a plan that he believes could grow the Palestinian economy by up to 50 percent in the next three years and could bring unprecedented wealth and stability that will spread across the entire region.Kerry stressed that the success of the plan depends on parallel progress in peace efforts between Israel and the Palestinians.