“Israel’s” debt doubles in 2023

Palestine

Published: 2024-04-15 18:52

Last Updated: 2024-05-25 05:17


The headquarters of the central bank of “Israel”. (August 23, 2023) (Photo: Ahmad Gharabli/ Getty Images)
The headquarters of the central bank of “Israel”. (August 23, 2023) (Photo: Ahmad Gharabli/ Getty Images)

The Israeli Occupation Finance’s Ministry said Monday that the “country’s” borrowing doubled last year -2023- to 62.1 percent of the Gross Domestic Product (GDP) in 2023, up from 60.5 percent in 2022.

“Israel” raised NIS 160 billion (USD 43 billion) in debt in 2023 with half the amount (NIS 81 billion) raised since Oct. 7, 2023 and the start of the “Israeli” aggression against the Gaza Strip - according to the Ministry of Finance report cited by Reuters.

In comparison, “Israel” raised NIS 63 billion in the entirety of 2022.

“Israel’s” Accountant General said that the year 2023 required a sharp increase in financing needs and “required tactical and strategic adjustments” in the amount of debt raised.

Total debt is expected to increase to 67 percent of “Israel’s” GDP in 2024.


Also Read: “Israeli” army confirms troops wounded inside Lebanon after Hezbollah operation


Earlier in February, Moody's credit rating agency lowered the credit rating of the Israeli occupation from A1 to A2 - for the time in “Israel’s history.”

Moody has also attached a “negative” outlook to the new rating, which caught officials in Tel Aviv by surprise - which means that the agency sees it as probable that the country's credit rating will be lowered even further in the foreseeable future - as reported by Haaretz.

The downgrade has been considered another blow to “Israel’s” international image - as it becomes less attractive for investors which forces the Occupation’s government to increase its expenses.

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