ALBAWABA - In the midst of the prolonged conflict in Gaza, Israeli occupation is gearing up to increase its military expenditures by over $8 billion in the upcoming year.
A recent report from Bloomberg reveals that defense spending is anticipated to surge by a minimum of 30 billion shekels in the next fiscal year. The proposed 2024 general budget, presented to the parliament by the Ministry of Finance, outlines a total of 562 billion shekels (approximately $155 billion), surpassing the previously sanctioned spending plan of 513 billion shekels.
Analysts emphasize the substantial economic strain resulting from the ongoing war, projecting daily costs exceeding $269 million for Israeli occupation. Moody's latest forecasts underscore expectations that the conflict's economic repercussions will surpass those of prior clashes.
The augmented budget is attributed to several factors, including the evacuation of approximately 120,000 individuals from border regions in the north and south, an escalation in funds allocated to police and other security services, and an additional 10 billion shekels earmarked for the reconstruction of settlements ravaged during Hamas attacks.
