The Knesset passed the 2023-2024 state budget in the early hours of this morning in its second and third reading after an all-night session. The budget and the accompanying Economic Arrangements Law were passed by 64 votes in favor and 55 against.
The two-year budget will total NIS 484 billion in 2023 and NIS 514 billion in 2024. This year's budget includes NIS 14 billion of special allocations for the needs of the coalition party members.
Among the measures included in the Economic Arrangements Law are the Arnona Fund, despite the resolute campaign against it by stronger local authorities, the National Infrastructures Law, bureaucratic relaxations for very small businesses, and more transparency on banking fees, and more competition in the payments market.
The budget has been criticized for its lack of measures to curb the cost of living. A main reform included in the first draft of the Economic Arrangements Bill to limit the power of major importers was jettisoned along the way.
Published by Globes, Israel business news - en.globes.co.il - on May 24, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.