Netanyahu meets Stanley Fischer to discuss economic crisis

Stanley Fischer  / Photo: Reuters

Fischer headed the Bank of Israel during the 2008 global financial crisis and helped steer Israel out of recession within six months.

Israeli Prime Minister Benjamin Netanyahu met this morning with former Governor of the Bank of Israel Prof. Stanley Fischer to discuss the economic crisis being caused by the Covid-19 pandemic.

Fischer headed the Bank of Israel during the 2008 global financial crisis and helped steer Israel out of recession within six months. After stepping down at the Bank of Israel in 2013, he became Deputy Chair of the US Federal Reserve. He is currently visiting Israel.

Also present at the meeting was the current Governor of the Bank of Israel Prof. Amir Yaron who only yesterday announced that the Bank of Israel would for the first-time ever purchase corporate bonds. The Bank of Israel also lowered its 2020 growth forecast to a contraction of 6%.

The meeting also took place amid a growing amount of negative data about the effectiveness of the Israeli government's rescue program and criticism about its functioning during the economic crisis. There is also reportedly a rift between Netanyahu and the Ministry of Finance after his declaration that he would manage a new economic plan for the next six months.

Published by Globes, Israel business news - en.globes.co.il - on July 7, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Stanley Fischer  / Photo: Reuters
Stanley Fischer / Photo: Reuters
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