March 14, 2024
1 min read

Israel approves $19 bn budget increase due to war

The budget update anchors a projected deficit of about 6.6 per cent of GDP for 2024, and includes adjustments in the amount of about 20 billion Shekels (USD 5.6 billion) in 2024 and 2025…reports Asian Lite News

On Wednesday, the Knesset approved an update to the state budget for 2024 that includes the expenses that arose due to the “Iron Swords” war against the terrorist group Hamas in Gaza. The updated state budget is about 584 billion Shekels (USD 162 billion) and reflects an increase of about 70 billion Shekels (USD 19.4 billion) in spending.

The budget includes a significant addition to defense spending, both for the reimbursement of the fighting expenses and for the strengthening of the army, the protection of settlements near Gaza and security components for the settlements, extensive support for the mental health system, the budgeting of the Takuma administration for the reconstruction of the surrounding area, the evacuation of settlements and support in the acceleration of the high-tech industry and the real estate industry.

The budget update anchors a projected deficit of about 6.6 per cent of GDP for 2024, and includes adjustments in the amount of about 20 billion Shekels (USD 5.6 billion) in 2024 and 2025.

The government also approved several measures to increase state revenues: taxing bank profits as well as reducing the recovery day for salaried employees as part of an agreement with the Histadrut – Israel’s national labor federation.

Director General of the Ministry of Finance, Shlomi Heisler: “The updated budget for 2024 will enable the implementation of the war efforts, strengthening the resilience of the Israeli economy and will allow the reservists and reserve networks to be rewarded for their contribution to the security of the state.”

ALSO READ-‘In Gaza, There Are No More Normal-Sized Babies’

Previous Story

UK to ban foreign states from owning newspapers

Next Story

UK warned new extremism definition will ‘vilify’ Muslims

Latest from LONDON

Care Home Catwalk Spreads Winter Warmth and Joy

Viera Gray House hosted a heartwarming winter celebration, bringing together residents, families, and the local community for a joyous catwalk show and musical festivities. Last month, Viera Gray House, a local not-for-profit

First Street hub ready for fit-out

The nine-storey, 12,000-square-metre facility in Manchester First Street will now undergo internal fit-out work to prepare it for use by around 2,600 civil servants from various government departments. Manchester’s new government office

Building skills, connections, and hope

Walking sessions for local people and arts workshops for people with dementia are among great causes supported through the Elephant and Castle Community Fund. The Elephant and Castle Community Fund has once

Newham rolls out 20mph speed limit

Introduction of 20mph speed limits aims to reduce road collisions, with evidence showing that a 1mph decrease in speed can reduce crashes by up to 6%. Newham Council has successfully implemented 20mph
Go toTop

Don't Miss

Thousands call for Gaza ceasefire in London march

Labeling protesters on pro-Palestinian marches in the UK as extremists

UN: It’s Genocide 

UN Report Condemns Israel’s Methods in Gaza as “Consistent with