Israel Approves 2024 War Budget This Week

Israeli Finance Minister Bezalel Smotrich indicated today, Sunday, that "the cabinet is set to approve the 2024 war budget this coming Thursday, after ministers agreed on a financial support package of nine billion shekels (2.5 billion dollars) for reserve soldiers." In a joint statement with Prime Minister Benjamin Netanyahu and Defense Minister Yoav Galant, he stated, "Reserve soldiers and their families are a priority for the State of Israel, and they are the cornerstone of the 2024 budget that we will present at the end of this week." Smotrich's spokesperson noted that "a vote on the budget is likely to take place on Thursday, but further details were not provided." The Ministry of Finance reported that "the war is expected to cost at least an additional 50 billion shekels in 2024 and could increase the budget deficit nearly threefold to about six percent of GDP if the fighting continues until February." Last year, Israel approved a two-year budget for 2023 and 2024, but the war with the Palestinian Islamic Resistance Movement "Hamas" in Gaza severely affected the government's public finances, necessitating budget adjustments and additional spending.