Israel's parliamentary finance committee approved the 2025 state budget late on Sunday, paving the way for a final parliamentary vote before the March 31 deadline, crucial to preventing the government's collapse.
The approval came after a lengthy 13-hour debate, during which opposition lawmakers criticised the government for a lack of transparency regarding spending. The Finance Ministry clarified that some expenditures were pending government decisions, hence not reflected in the budget yet.
The 2025 budget totals 756 billion shekels ($203.5 billion), with spending excluding debt set at 620 billion shekels—an increase of 21% from 2024. Defence spending alone reaches a record 110 billion shekels, driven by increased military expenditure following conflicts in Gaza and Lebanon, which cost Israel $31 billion in 2024.
Finance Minister Bezalel Smotrich initially aimed to finalise the budget by the end of 2024, but coalition disputes delayed proceedings. Despite these setbacks, the government's survival seems secure.
To manage the budget deficit, set at 4.9% of GDP, the proposal includes several tax increases. This aims to prevent further deterioration of Israel's fiscal standing, following a deficit of 6.8% in 2024 which triggered credit rating downgrades.
Finance committee chair Moshe Gafni acknowledged the complexity of the budget, emphasising efforts to reduce tax burdens on citizens amid challenging circumstances.
A date for the final parliamentary vote remains unconfirmed.
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Australian Defence Minister Richard Marles has urged China to be more transparent about its military build-up and operations, calling for better communication amid rising concerns over Beijing’s presence in the Pacific.
At least two people, including a 9-year-old girl, were killed in Russian drone and missile attacks on Ukraine, as questions remain over Kyiv’s participation in upcoming peace talks proposed by Moscow.
As peace talks progress, voices from Yerevan, Tbilisi, and Baku reveal hopes, concerns, and expectations for a future shaped by trade, trust, and generational change in the South Caucasus.
Iran’s Foreign Ministry has rejected an Austrian intelligence report accusing Tehran of pursuing a military nuclear program, calling it “false and baseless,” and demanded an official explanation from Vienna, reaffirming Iran’s commitment to a peaceful nuclear program and criticizing Europe’s silence
Kurdish commander Mazloum Abdi says his forces are in direct contact with Türkiye and open to improving relations, including a potential meeting with President Erdoğan.
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