Shafaq News/ Israel's Ministry of Finance revealed on Monday that thecountry has incurred up to 125 billion shekels ($34.09 billion) in costs sincethe onset of the war in Gaza on October 7, 2023.
The ministry also reported a budget deficit of 19.2 billion shekels ($5.2billion) in December, citing rising expenses to fund the wars with thePalestinian Islamist movement Hamas in Gaza and Hezbollah in Lebanon.
As a result of the two wars, the targeted deficit for the previous yearreached 6.6%. For 2024, the deficit is projected to be 6.9% of GDP, compared to4.2% in 2023.
Tax revenues increased by 27.6% in December and by 7.3% in 2024.
In August, Fitch Ratings downgraded Israel's credit rating from"A+" to "A," citing the escalating geopolitical risks amidthe ongoing Gaza conflict.
Fitch maintained a negative outlook for Israel’s rating, signaling thepossibility of another downgrade, according to Bloomberg.
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