Netanyahu presents 2024 war budget focused on security and economy

Israeli Prime Minister Benjamin Netanyahu stressed the crucial importance of passing the state budget for 2024, especially in light of the ongoing conflict with Hamas, in his address at the start of the cabinet meeting on Sunday.

Netanyahu described Israel's dire situation and recalled the invasion of the “monsters of Hamas” 100 days ago, which led to terrible acts of violence against Israeli citizens. Expressing the government's unwavering commitment to bringing all citizens home, he said: “We are not giving up on anyone.”

The prime minister then stressed the need to wage a war against Hamas, which he said will last for several more months. This situation has led to the proposal of a “war budget” for the coming year, which recognizes the need for increased security spending and a shift towards local production and self-sufficiency in military equipment and supplies.

Netanyahu also highlighted immediate financial measures to support those affected by the war, including rewards and grants for reservists and their families, increased funding for the rehabilitation of settlements and kibbutzim, and support for evacuees. He underscored the government's focus on both immediate and long-term security.

Regarding budget adjustments, the Prime Minister mentioned the necessary budget cuts in all ministries, including his own. He assured that certain areas, such as tax credits for parents of young children and the decision not to introduce VAT this year, would be spared from these cuts. The budget also includes targeted tax increases, particularly on bank profits and cigarettes.

Netanyahu emphasized the importance of these budget changes in supporting Israel's defense and security needs. He acknowledged that these adjustments would lead to an increase in the deficit, but justified this by pointing to Israel's robust economy. He called for unity and cooperation among all ministries and officials in supporting these measures.

The Prime Minister concluded his remarks by expressing his determination to finalize the budget within the next 24 hours, emphasizing the urgency and importance of adopting a budget that ensures Israel's security and future.