Consequently, there will be a 1% across-the-board cut for all Israel's ministries in the 2017-2018 budget.
The Ministry of Finance has relinquished its demand for the Jewish National Fund (JNF - Keren Kayemeth Le-Israel) to transfer NIS 1 billion for financing housing projects as part of the 2017-2018 budget, JNF chairman Danny Atar told “IDF Radio" (Galei Zahal). As a result of the Ministry of Finance's retreat, there will be a 1% across-the-board cut in the budget for all ministries.
Atar said, "We don't exist in order to solve the budgetary problems of the State of Israel and we have no reason and no business in doing so. Those who led this unsuccessful idea to ask for another billion shekels from us today understand that they were wrong and I'm hapy that they have backed down."
Atar reiterated that the JNF is a "Fund of the Jewish people and not the State of Israel although despite that we stand alongside the State of Israel. From our bank accounts we have put at the State's disposal NIS 2.19 billion and we have already transferred several hundred million and we have the money on stand-by. When the State wants we'll transfer that money. The number one challenge for the State of Israel is the housing challenge and indirectly as part of the Buyers Fixed Price program led so positively by the Ministry of Finance, we will help young couples by apartments worth another NIS 500 million in 2016 and that's without taking about other programs worth a lot of money that we own."
Published by Globes [online], Israel business news - www.globes-online.com - on October 26, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
Danny Atar Photo: PR