Israeli cabinet passes amended 2024 budget adding $15 billion for Gaza conflict

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Israel’s cabinet has passed a disputed 2024 state budget with amendments adding 55 billion shekels ($15 billion) of spending after over three months of war with Hamas, the Finance Ministry and Prime Minister’s Office said.

With Israeli bombardment on Gaza passing 100 days yesterday, the amended budget will include more money for defence and compensation for those impacted by the conflict, along with higher allocations for healthcare, police, welfare and education, Reuters reports.

“We changed the priorities so that every reservist and every fighter and his family knows that there is a government that stands behind him and fully takes care of him,” Finance Minister Bezalel Smotrich said after the vote.

In all, total spending in 2024 will amount to 582 billion shekels, up some 70 billion from its initial budget and after 20 billion shekels of across the board reductions. The ministry projects a budget deficit of 6.6 per cent of GDP this year.

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