Israel cabinet has approved next year’s wartime financial budget.
According to CNN, Finance Minister Bezalel said that the financial budget will support the country’s ongoing wars and encourage economic growth.
The budget of 607.4 billion shekels (Ksh.20.898 trillion) includes 9 billion package to support reserve soldiers.
Photo: Courtesy
The budget will now be taken to Knesset or parliament, where Prime Minister Benjamin Netanyahu’s coalition holds a majority, most likely to be approved.
The Prime Minister welcomed the cabinet’s approval of the budget saying that the budget was an ‘important, difficult but necessary budget in a year of war’.
The budget projects a deficit of about 4.3 percent.
Former Prime Minister and key Opposition leader Yair Lapid reportedly criticized the budget saying it would increase the expenditure of every family in Israel by 20,000 shekels per year.
Israel has been in war for a year now.
The war began when Hamas-led militant groups launched a surprise attack on Israel on 7th October which caused fatal fate of many nationals and foreign nationals.
251 Israelis and foreigners were taken captive.
Hamas said the attack was in response to Israel’s continued occupation in Gaza.
Israel also launched an attack on 17th October bombing campaigns in modern history stating that their objective was to destroy Hamas and free hostages.
7 days ago, Israel struck military targets inside Iran in response to earlier Iranian attacks.
