The changes in the budget following the outbreak of the war include additional spending of NIS 28.9 billion.
The revised 2023 state budget has been approved by the Knesset in its second and third readings. The budget was passed by 59 votes in favor and 44 against. The government will now begin legislation on the 2024 budget.
The changes in the budget following the outbreak of the war include additional spending of NIS 28.9 billion, of which NIS 17 billion is in defense expenditure and NIS 12 billion is for other spending including assistance for the Gaza border settlements and their residents.
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About 90% of the increased spending will be funded by widening the fiscal deficit. Only 10% of the expenditure, some NIS 3 billion, will come from budget sources by cutting existing spending, of which less than NIS 1 billion had been allocated to coalition funds. The small cut in the coalition funds is due to Minister of Finance Bezalel Smotrich’s opposition to transferring more substantial amounts from the coalition funds for the war effort.
Published by Globes, Israel business news – en.globes.co.il – on December 14, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
2013 revised budget approval credit: Noam Moskovich Knesset Spokesperson