Ahmad 
Israeli media announced that Israeli Prime Minister Benjamin Netanyahu is considering reducing the budgets of government offices and transferring their funds to cover the costs of the war in the Gaza Strip.
Israel’s Channel 12 said the Finance Ministry had recommended closing 10 ministries, but Netanyahu said he would make other proposals, but they would be less symbolic economically.
This comes after central bank governor Amir Yaron, at a news conference earlier this year, urged Netanyahu to quickly curb public spending before the market reacts badly if the government fails to do so.
“Inaction now to adjust the budget by cutting expenditures, eliminating redundant ministries and increasing revenues in light of the needs of the war is likely to cost the economy a lot in the future,” Yaron said.
Experts expect the Israeli economy to shrink with projected GDP falling from 3% in 2023 to 1% in 2024, according to the Central Bank of Israel.
In response to the economic crisis, the IDF recently decided to demobilize a number of combat brigades in Gaza, considering Israel’s economic considerations.