Plans to Close 10 Ministries in Israel Due to Budget for Gaza Conflict

According to Israeli Channel 12, Prime Minister Benjamin Netanyahu is considering reducing the budgets of government offices and reallocating those funds to cover the costs of the war on the Gaza Strip, which has been ongoing since October 7. The report notes that Netanyahu stipulates he will not pay any political price for this. The channel added that the Ministry of Finance has recommended closing 10 ministries, but Netanyahu stated he would propose other measures that would be less symbolic economically. This comes after Bank of Israel Governor Amir Yaron urged Prime Minister Netanyahu in a press conference at the beginning of the year to quickly reduce public spending to avoid negative market reactions if the government fails to act. Yaron said, "Failing to take action now to adjust the budget by cutting unnecessary expenses, closing surplus ministries, and increasing revenue in light of the wartime needs is likely to cost the economy a lot in the future."