Finance Minister Moshe Kahlon: This is a budget of growth, reducing social gaps, increasing public spending, and cutting taxes.
The Knesset plenum last night passed the first reading of the 2017-2018 State budgets with 60 MKs voting in favor and 50 voting against.
Minister of Finance Moshe Kahlon told the Knesset, "Those that should benefit from the fruits of growth are firstly those that need support and assistance in order to escape the cycle of poverty and thus enjoy the advancement and opportunities that the State of Israel has to offer. This is a budget of growth, reducing social gaps, increasing public spending, cutting taxes, and continuing the momentum of all government ministries with an emphasis on the social ministries.
The 2017 budget will amount to NIS 359.7 billion and the 2018 budget will amount to NIS 376.7 billion. The budget deficit target will be 2.9% for both of those years.
The Economic Arrangements Law will be passed together with the budget, which must now pass the Knesset Finance Committee before its second and third readings.
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
Moshe Kahlon