You are here
Home > News > Israel’s parliament approves new budget

Israel’s parliament approves new budget

Israel’s parliament passed the 2023-2024 national budget on Wednesday, May 24, providing Prime Minister Benjamin Netanyahu a political reprieve following months of unprecedented protests against his religious-nationalist coalition’s judicial overhaul plans.

Bank of Israel raises interest rate highest since 2006

The Bank of Israel hiked benchmark interest rates to their highest level since 2006 on Monday, citing high inflation, and said upcoming data would…

see more

The spending package of 484 billion shekels ( USD 131 bln ) for this year and 514 bln shekels (USD 139 bln) for next year was ratified in a final vote of 64-to-56 in the Knesset, a parliament statement said.

The government is facing economic pressure with rising living costs and fallout from its now-suspended judicial overhaul drive, which triggered one of Israel’s worst political crises, drove away investment and cut growth prospects.

The two-year spending package posed another test to the religious-nationalist coalition, drawing criticism from the government’s own budget division for increasing funding to ultra-orthodox Jewish schools and seminary students in a series of steps it warned would encourage joblessness and harm growth.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.