Israel Raised $7.8 Billion in Debt since Beginning of War – Finance Ministry

Israeli Prime Minister Benjamin Netanyahu. (Photo: MathKnight, via Wikimedia Commons)

Israel has raised about 30 billion shekels ($7.8 billion) in debt since the start of the war on Gaza on October 7, the country’s Finance Ministry revealed on Monday.

According to the ministry, $4.1 billion of that amount was dollar-denominated debt raised in issuances in international markets.

On Monday, the Israeli ministry reportedly raised another $957 million in the local market in its weekly bond auction.

The Israeli government has significantly increased expenses to fund the military and to compensate businesses near the border with Gaza, as well as the families of victims.

All of this has led to a record budget deficit, which last month ballooned to $6 billion, a more than sevenfold increase compared to one year ago.

Israel’s Finance Ministry has also announced plans to borrow 75% more in November than last month. Meanwhile, Bank of Israel Governor Amir Yaron has called on the government to balance “supporting the economy and maintaining a sound fiscal position.”

Last month, international credit rating agency S&P cut Israel’s rating from ‘stable’ to ‘negative’. It was followed by Fitch, which has placed the country on negative ratings watch, warning that a prolonged war could result in a significant deterioration of Israel’s credit score. Moody’s has also said it is mulling a possible downgrade for the country.

According to the Palestinian Ministry of Health, Israel has, thus far, killed over 11,360 Palestinians, including 4,609 children and 3,100 women. The number of wounded has reached 28,200. 

The Israeli army continues to pound civilian homes throughout the Gaza Strip with new massacres reported everywhere in the besieged enclave.

(PC, RT)

(The Palestine Chronicle is a registered 501(c)3 organization, thus, all donations are tax deductible.)
Our Vision For Liberation: Engaged Palestinian Leaders & Intellectuals Speak Out