Israel’s fighting with Hamas in Gaza will likely cost it at least another 50 billion shekels ($14bn) in 2024 and result in a near-tripling of its budget deficit, according to the finance ministry, which projects that fighting will last through February.

Briefing lawmakers, the ministry’s deputy budget commissioner Itai Temkin said the military campaign was expected to stretch at least two months into 2024, adding 30bn shekels for security and another 20bn for civilian and other expenses.

That, he told the Knesset Finance Committee, would drive up total defence spending by more than 48bn shekels beyond what had initially been allocated.

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