Israeli cabinet set to approve austerity budget amid wars
Israeli cabinet ministers were to start voting later on Thursday on a long-awaited wartime budget for 2025 that will rein in spending and raise a host of taxes to pay for the military conflicts that have engulfed the country.
The wars in Gaza and Lebanon have cost Israeli coffers tens of billions of shekels on spending for defence — equipment and in manpower after hundreds of thousands of citizens were called into reserve duty — and in compensation for those impacted.
«Our security also depends on the economy. We cannot have a strong military if we have no way of financing it,» Prime Minister Benjamin Netanyahu said at the outset of the cabinet meeting before the budget vote, which could run into the night.
«There is no economy without restrictions. If you give to one place, you unfortunately need to take from another,» he said.
Israel's economy has taken a hit since the Oct. 7, 2023 attack by Palestinian Hamas militants. There has been zero growth but supply issues have pushed up inflation, and the cost of living for Israelis — already emotionally drained by the more than one-year war — has soared.
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