Brief by Shorts91 Newsdesk / 07:11pm on 03 Sep 2024,Tuesday International
Israeli Finance Minister Bezalel Smotrich announced plans for steep spending cuts in the 2025 budget to support the ongoing war with Hamas. Amid pressure from the Bank of Israel and investors, Smotrich detailed a reduction of 35 billion shekels, along with a freeze on taxes, benefits, and wages. The budget will aim for a 4% deficit of GDP, down from 6.6% in 2024. Despite criticism and a downgraded credit rating, Smotrich emphasized the necessity of funding the war effort, citing a projected expense of $54-$68 billion.
