Prime Minister Benjamin Netanyahu and Minister of Finance Bezalel Smotrich called a press conference this evening to refute claims that his government's reform of the judicial system will harm the country's economy.
Netanyahu said, "In recent days I hear concerns that about the influence of the reforms on our financial strength. The truth is the opposite. It is not only that our measures won't do any harm, but they will strengthen us and restore Israel to a stronger legal status.
"I have said in the past that we need to reduce government expenditure and open up to competition, and we have one of the world's strongest economies."
Netanyahu continued, "The debt: GDP ratio is currently less than 61%, much less than the forecasts. The forecasts were wrong." He added, "Already in the past I expected there would be a struggle against the obstacles of excessive regulation and legal processes."
"Getting the natural gas out of the water, which received funded opposition, brings tens of billions of shekels into Israel. We are an energy power and the electricity prices here are among the lowest in the world. This step of removing the gas was delayed by excessive legal processes, including in the Supreme Court, and it is doubtful that it should have gotten there. "Road 6 was delayed and halted because of legal procedures as well as the Tel Aviv - Jerusalem fast rail link. Thus endless projects were delayed because of excessive legal processes and it is like a wrench in the wheels of Israel's economy.
"We are committed to the independence of the courts and there will not be any damage to property rights. There is a tsunami of lies that have nothing to do with reality.
"The World Bank ranked us number 85 in the world in honoring agreements because of excessive legal processes.
"Removing excessive legal processes will bring more growth. Our political opponents defame Israel in the world. When the legal reform passes the rule of law, democracy, the economy, respect for agreements and property rights will be in a better state. "In the previous decade, we were warned that if we didn't make progress with the Palestinians, there would be a political tsunami. The opposite happened with the Abraham Accords. Even the crying and whining during the Covid period were criticized for nothing, the opposite of what they said happened. We were the first to emerge from the Covid crisis despite legal procedures and not because of them.
"Those who have invested in Israel in recent decades have greatly profited and they will profit much more."
Smotrich said, "A lie that is repeated a lot becomes apparently the truth. A billion lies will not become the truth. Israel's macro data are fantastic due to consistent and good government policy. Public spending has decreased and its composition is much more growth-biased than in the past and in most countries of the world. We will continue with the same responsible policy of a budget biased towards infrastructure and growth. We will bring huge reforms to the economy in the Economic Arrangements Law, reforms that will increase competition and encourage growth.
Published by Globes, Israel business news - en.globes.co.il - on January 25, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.