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
Yemeni Armed Forces: The battle is the battle of the entire Ummah and for its salvation.
Yemeni Armed Forces: We cannot tolerate any US attack or aggression in support of the Israeli enemy against Iran because it means the confiscation of the freedom, independence, and dignity of our nation.
Yemeni Armed Forces: The Israeli enemy seeks complete control over the region and implements the Zionist plan with open American support.
Yemeni Armed Forces: We affirm Yemen's principled position in rejecting the Zionist aggression against our brothers in Gaza, Lebanon, Syria, and any Arab or Islamic country.
Yemeni Armed Forces: We affirm our readiness to participate in targeting US ships and warships in the Red Sea if the US attacks Iran.
Al Mayadeen's correspondent: Iranian air defenses repel Israeli attack on military site in Shiraz.
Al Mayadeen's correspondent in Iran reports the activation of air defenses over Kashan.
IRGC: Operation to transport handmade bombs foiled in Gilan, north of Iran.
Al Mayadeen's correspondent: Iranian police says dismantled "electronic bomb" in west Tehran.
Israeli media: Drone explodes in Route 90 in Arraba after interception attempts failed.

'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

Bin Salman: Islamic world backs Iran in call to Pezeshkian

MBS says Islamic world backs Iran in call with Pezeshkian

  • MENA
  • 15 Jun 2025
Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli air defense system fires to intercept missiles during an Iranian attack over Tel Aviv, occupied Palestine, Thursday, June 19, 2025. (AP Photo/Leo Correa)
Politics

'Israel' risks running out of Arrow 3 interceptors within weeks: WSJ

This is the Voice of America building in Washington D.C., on Monday, May 5, 2025. (AP)
Politics

Trump enforces mass VOA layoffs, 600 employees terminated

Iranian protestors carry portrait of Leader Sayyed Ali Khamenei and anti-Israeli signs during a protest to condemn Israeli attacks on multiple cities across Iran, June 20, 2025. (AP)
Politics

Israeli aggression uniting Iranians, including opposition: NYT

AP
Politics

Erdogan at OIC: No to new Sykes-Picot drawn in blood

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