Israel to Raise Budget by Around $9 Billion to Cover War Costs

Israel’s cabinet agreed to increase this year’s budget to cover costs related to the war with Iran in June and ongoing fighting in Gaza against Hamas.

The upward revision — just five months after the previous budget was signed off by parliament — underlines the heavy toll Israel’s 22-month, multi-front war has taken on the country’s economy, which unexpectedly contracted in the second quarter.