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ISRAEL AT WAR - DAY 496

budget deficit

A sign for credit agency Moody's, on August 13, 2010, in New York. (AP/ Mark Lennihan/ File)
Moody’s: Durable Hamas ceasefire would fend off further Israel credit rating downgrades
By Sharon Wrobel
Credit rating agency cites ‘domestic political challenges and security concerns’ as obstacles to a permanent ceasefire with Hamas in Gaza
A sign for credit agency Moody's, on August 13, 2010, in New York. (AP/ Mark Lennihan/ File)
January 21, 2025, 1:14 pm
Moody’s: Durable Hamas ceasefire would fend off further Israel credit rating downgrades
Credit rating agency cites ‘domestic political challenges and security concerns’ as obstacles to a permanent ceasefire with Hamas in Gaza
By Sharon Wrobel
The Bank of Israel's main offices in Jerusalem, January 2, 2023. (Yonatan Sindel/ Flash90)
January 20, 2025, 10:52 pm
Bank of Israel calls for 2025 budget passage without changes to gain markets’ trust
But Finance Ministry says amendments may be needed in light of recommendations by the Nagel committee that examined defense expenditure in coming years
By Sharon Wrobel and Reuters
IDF troops operate at the Litani River in the eastern sector of southern Lebanon, in a handout image released on November 26, 2024. (Israel Defense Forces)
December 4, 2024, 11:59 pm
OECD cuts Israel growth forecast as costs of war expected to continue to mount
The Paris-based organization says risks remain high and urges the government to take fiscal action to bring the deficit down
By Sharon Wrobel
Prime Minister Benjamin Netanyahu meets with members of the Nagel Committee in Jerusalem on October 13, 2024 (Prime Minister's Office Spokesman)
November 11, 2024, 7:11 pm
Higher defense spending in coming years will take toll on citizens, Treasury warns
NIS 10 billion more spent annually on defense would cost the average household NIS 4,000 due to higher taxes and reduced public services, says Finance Ministry chief economist
By Sharon Wrobel
Prime Minister Benjamin Netanyahu, center, at the start of cabinet meeting meant to approve the 2025 state budget, October 31, 2024 (GPO)
November 3, 2024, 11:29 pm
Israel’s 2025 war budget squeezes disposable income of working-class households
Government drops plans to freeze welfare benefits and tax ‘advanced study’ funds, instead wants to raise National Insurance payments while barely cutting coalition funds
By Sharon Wrobel
Finance Minister Bezalel Smotrich speaks during a press conference at the Finance Ministry in Jerusalem, September 3, 2024. (Chaim Goldberg/Flash90)
October 15, 2024, 4:49 am
Treasury proposes to cut benefits, hike taxes for lowest earners to fund war
Arrangements Law also includes measures taxing advanced study fund and pension contributions; the ‘government is going to hit you in the savings,’ warns Liberman
By Sharon Wrobel and Sam Sokol
Illustrative: New Israeli shekel bills, September 24, 2023. (Hadar Youavian/Flash90)
October 10, 2024, 6:14 pm
Fiscal deficit climbs to 8.5% as state continues to shell out for war effort
Deficit climbs for sixth month above 2024 government budget ceiling of 6.6%, as spending on the war with Hamas and intense fighting with Hezbollah tops NIS 103 billion
By Sharon Wrobel
Bank of Israel Governor Amir Yaron speaks during a press conference at the Bank of Israel in Jerusalem, January 2, 2023. (Yonatan Sindel/Flash90)
October 9, 2024, 8:13 pm
Central bank cuts growth prospects, holds rates as war expected to last into 2025
Bank of Israel Governor Amir Yaron urges the government to act on passing the 2025 budget with responsible austerity measures and policies to uphold the ‘economy’s robustness’
By Sharon Wrobel
Illustrative: View of the Tel Aviv Stock Exchange. (Courtesy)
October 7, 2024, 6:06 pm
A year of war saps Israel’s borrowing strength, while costs balloon
Foreign investors reduce holdings of local bonds, some raise concerns over Israeli assets, as the country grapples with rising cost of borrowing to finance high war spending
By Reuters and ToI Staff
The site where a rocket fired from Lebanon hit a house and cars in the northern city of Safed, September 25, 2024. (David Cohen/Flash90)
September 29, 2024, 8:42 pm
Moody’s drastic downgrade will have ripple effect on war-torn consumers and taxpayers
A lower rating raises credit costs for the government, businesses and households; translates into higher taxes and prices, reduced disposable income; also impacts public savings
By Sharon Wrobel
Illustrative: A sign for Moody's Corp. in New York, August 13, 2010. (AP Photo/ Mark Lennihan/ File)
September 28, 2024, 2:34 am
Moody’s lowers Israel’s credit rating for 2nd time this year, amid Hezbollah escalation
Agency says Israel has no ‘exit strategy’ from conflict, which would help calm investors, and ‘no longer expects a swift and strong economic recovery’
By Sharon Wrobel
Finance Ministry budget head Yogev Gradus speaks at a conference at the Aaron Institute for Economic Policy at Reichman University, July 10, 2024. (Courtesy)
September 11, 2024, 7:57 pm
Israel budget chief warns about dangers of spending limit breaches to economy
Yogev Gradus urges the government to offset more spending with budgetary adjustments as Israel could be facing another downgrade and even higher costs to fund the war
By Sharon Wrobel
Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich during a cabinet meeting convened to approve the 2024 amended state budget, January 15, 2024. (Haim Zach, GPO)
August 19, 2024, 4:40 am
Netanyahu, Smotrich say they’ve agreed to pass 2025 state budget by year’s end
The two make the announcement after meeting without top Treasury officials who oversee the matter
By ToI Staff
Members of Prime Minister Benjamin Netanyahu's cabinet during a meeting to approve the amended 2024 budget, January 15, 2024. (Haim Zach/GPO)
August 13, 2024, 10:53 am
As politicians dither, Treasury prepping alone for NIS 25 billion cut to 2025 budget
Amid expectations for a delay in governmental approval of next year’s fiscal plan, Finance Ministry officials working on tax hikes and spending cuts to avert more rating downgrades
By Sharon Wrobel
This photo shows signage for Fitch Ratings, in New York, October 9, 2011. (Henny Ray Abrams/AP)
August 13, 2024, 5:05 am
Fitch downgrades Israel’s credit rating, warning war could last well into 2025
Credit rating agency also keeps outlook negative, meaning further drop possible, says ‘political fractiousness and coalition politics’ risk hampering essential corrective measures
By Reuters and Sharon Wrobel
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