Attacked by opposition on economy, PM attempts to downplay Fitch’s credit rating downgrade

Facing attacks from opposition party heads on the government’s economy management after Fitch downgraded Israel’s credit rating, citing the prolonged war in Gaza, Prime Minister Benjamin Netanyahu’s office seeks to cast it as a minor, temporary setback.

“Israel’s economy is resilient and functioning well,” the Prime Minister’s Office says. “The rating downgrade is a result of Israel facing a multifront war that was imposed on it. The rating will rise back when we win — and we will indeed win.”

Earlier today, Opposition Leader Yair Lapid said: “This will cost us. The Israeli middle class will feel it in their pocket. The unbearable prices will go even higher. The state will pay higher interest. The credit rating firms are telling us that Israel’s economy is not being managed.”

National Unity party chief Benny Gantz pinned the blame on the government’s refusal to pass budget amendments cutting superfluous spending on coalition parties’ demands.

“We saw yesterday the result of favoring political interests over national interests, in the lowering of the credit rating, and unfortunately we all will pay the price,” he said.