News  Sources

No reserves, no planning: State Comptroller slams Finance Ministry for wartime failur

image sourced from original article at https://www.ynetnews.com/business/article/skm6sjdy11e

The State Comptroller has sharply criticized the Finance Ministry for failing to prepare financially for wartime needs. The report highlights that the total economic cost of the ongoing conflict is estimated at around a quarter-trillion shekels for the years 2023 to 2025. In 2024 alone, an additional 107 billion shekels was allocated to the budget, with 85 billion shekels directed to defense. Israel's credit rating suffered five downgrades in 2024, reflecting the financial strain. The country's gross domestic product is expected to take a 90 billion shekel hit in the first year of the war, amounting to 3.6 percent of total output. Furthermore, payments to the national pension fund are projected to rise by 27.1 billion shekels between 2025 and 2027.

Original article source: https://www.ynetnews.com/business/article/skm6sjdy11e
Source Id: 8940253663

share this article:  

Our mission is to provide you with up-to-date, concise news from multiple sources in one place, keeping you informed about Israel.
 
Hit 'Subscribe' to get the latest curated news about Israel delivered daily to your inbox