In a meeting with lawmakers, Israel´s Finance Ministry reported that continuing with the war in Gaza will likely cost extra 50 billion sekels (about USD$14 billion) over the next year, although they expect to end the war by February at the latest.

Calculations are based on the assumption that the armed conflict will continue for at least two months in 2024, which will add 30 billion sekels for security and another 20 billion sekels for civilian and other expenses, as explained by the Finance Ministry’s Deputy Budget Commissioner Itai Temkin.

The increase in the announced outlays could lead in 2024 to a budget deficit equivalent to 5.9% GDP, above the target of 2.25%.

As military-related items surge, it will be necessary to cut other expenditures or increase revenues, Temkin argued.

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