Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

'Israel' to increase military spending: Bloomberg

  • By Al Mayadeen English
  • Source: News websites
  • 27 Dec 2023 10:36
  • 1 Shares
3 Min Read

"Israel" is set to increase military spending by over $8 billion next year due to the ongoing war on Gaza, potentially having a more substantial economic impact than previous wars, according to Moody’s.

  • x
  • Israeli soldiers prepare to enter the Gaza Strip, at a staging area near Gaza, Wednesday, Dec. 13, 2023. (AP)
    Israeli occupation soldiers prepare to enter the Gaza Strip, on Wednesday, December 13, 2023. (AP)

On Monday, Bloomberg reported that "Israel" is expected to increase its military spending by more than $8 billion next year, a move attributed to the ongoing war on Gaza.

According to the Israeli Finance Ministry, the overall budget for 2024 is expected to reach 562 billion shekels ($155 billion), which represents an increase compared to the previously approved spending plan of 513 billion shekels. This budgetary adjustment likely reflects the heightened military spending attributed to the ongoing war dynamics in the region. 

Future of the Israeli economy 

The Israeli security budget is set to increase by a minimum of $8.3 billion in the upcoming year. The projections underscore the substantial cost of the ongoing war on Gaza, incurring a daily expense of at least $269 million. Moody’s recent estimates suggest that this war will have a more pronounced impact on the economy in comparison to previous wars.

In addition to the augmented military budget, an extra $2.77 billion will be required to address various aspects. This includes covering the evacuation of approximately 120,000 individuals from the occupied northern and southern border territories, allocating additional funds to police and other security services, and financing the reconstruction of settlements damaged after the launch of Operation Al-Aqsa Flood. 

Related News

October saw $4.3Bln decrease in 'Israel's' forex reserves

'Israel' 2025 budget focuses on funding genocidal wars, economy second

The economic impact of the war encompasses expenditures on hundreds of thousands of reservists, whom the Israeli occupation army has activated for the ongoing war on Gaza, as reported by the outlet, citing information from the ministry.

On that note, the Israeli occupation is “using huge numbers of costly missiles for its airstrikes in Gaza and to intercept rockets and drones fired into Israeli territory,” Bloomberg noted. Meanwhile, the occupation government's revenues are expected to slump by $9.7 billion due to shrinking corporate and real estate taxes and plummeting private consumption.

Israeli war budget falls $20bln short

The Israeli Finance Ministry recently recommended the closing of 10 government ministries to cover the huge bill it has incurred, as a result of its brutal aggression on the Gaza Strip.

The list includes the "Heritage" Ministry headed by extremist Amihai Eliyahu, who had previously advocated for nuclear attacks on the Gaza Strip and later called for its reoccupation.

A report by Israeli Channel 12 said the following ministries have been suggested for closure: "The Heritage Ministry, the Settlements and National Missions Ministry, the Jerusalem and Jewish Tradition Ministry, the Intelligence Ministry, the Ministry for the Development of the Negev and the Galilee, the Regional Cooperation Ministry,  the Diaspora Affairs and Social Equality Ministry, the Strategic Affairs Ministry, and the Advancement of the Status of Women Ministry."

Interestingly, the Finance Ministry, headed by Bezalel Smotrich, has also recommended austerity measures, including the cutting of 5 billion shekel, or around $1.4 billion, in funds allocated for Israeli political parties' demands. 

The Ministry suggested canceling subsidies on gasoline, increasing taxes on cigarettes, and reducing benefits in advanced study scholarships.

Among the strategies recommended by the Ministry, to make up for a 70 billion Shekel deficit (around $20 billion) is an increased VAT tax attached to almost all consumer goods, which currently stands at 17%, according to The Times of Israel.

  • shekel
  • Israeli military
  • Israel
  • Israeli economy
  • Israeli occupation forces
  • Israeli occupation
War on Gaza

War on Gaza

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025
Launch of a ballistic missile from Yemen toward the occupied Palestinian territories. (YAF military media)

Yemeni Forces announce firing hypersonic missile at Al-Lydd Airport

  • Politics
  • 22 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS