HomeEconomic IndicatorIsrael's extended economic aid surpasses previous COVID package, says Finance Minister in...

Israel’s extended economic aid surpasses previous COVID package, says Finance Minister in Reuters interview.

Israel to Unveil Comprehensive Economic Aid Package amidst Ongoing Conflict

Unprecedented Support for Those Affected by Hamas Attacks

The Israeli government is set to introduce an economic aid package that surpasses the magnitude of assistance provided during the COVID-19 pandemic. Finance Minister Bezalel Smotrich announced on Thursday that the aid package will be “bigger and broader” to accommodate those impacted by the relentless attacks carried out by Hamas militants.

An Emphasis on Strengthening the Economy and Fiscal Position

Smotrich assured reporters that Israel’s robust economy and favorable fiscal position, including a low debt-to-GDP ratio, enables the government to provide substantial support for both military and civilian efforts during this challenging period. With confidence, he stated, “We have money and we will use it now for everything that is needed with a generous hand.”

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A Strategic Allocation of Resources

Recognizing the urgency of the situation, Smotrich emphasized that non-essential budgetary allocations have been halted, redirecting funds towards the war efforts and bolstering the economy. He added, “We have stopped everything that is not important in the budget and we are diverting everything to the needs of the war and supporting the economy.”

Flexibility in Budgeting for Future Necessities

In the coming days, Israel plans to increase the budget framework in parliament, ensuring maximum flexibility to address the evolving needs arising from the conflict. This proactive approach will allow the government to swiftly respond to emerging challenges and provide the necessary resources.

It is crucial to note that Israel’s commitment to supporting its citizens during this trying time is unwavering. The government’s dedication to economic stability and providing comprehensive aid demonstrates its determination to mitigate the impact of the ongoing conflict. By bolstering the economy and extending financial assistance, Israel aims to minimize the adverse effects on the affected population and pave the way for a swift recovery.

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