The Knesset passed the 2017-2018 State budget and Economic Arrangements Law after a marathon debate through the night. The budget for the next two years will total NIS 906.8 billion - NIS 446.8 billion in 2017 and NIS 460 billion in 2018. With additions dependent on revenues, the budget could reach NIS 491.7 billion in 2017 and NIS 502 billion in 2018 for a total of NIS 993.7 billion (gross). Most clauses were passed with 60 MKS in favor and 48 against.
Minister of Finance Moshe Kahlom welcomed the enactment of the new budget. "The budget passed today is a social budget that does not discriminate. The budget helps all parts of society, neither right nor left, or center. It is a budget of growth, reducing social gaps, increasing public expenditure, reducing taxes and continuing the momentum of all the government ministries with a stress on the social ministries."
At the same time the leader of the opposition MK Isaac Herzog said, "The Israeli government has tonight passed a budget which brings no good news for citizens. The budget is a harbinger of a difficult year for working families, young people, the elderly, for those who have not been dealt with kindly by fate and those unable to threaten and extort."
Published by Globes [online], Israel business news - www.globes-online.com - on December 22, 2016
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