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Israel Katz takes over as Israeli finance minister

Israel Materials 18 May 2020 15:38 (UTC +04:00)

Israel Katz took over as Israel’s finance minister on Monday as part of a new government, saying he planned to work towards helping the economy recover from the effects of the coronavirus while also promoting competition, Trend reports with reference to Reuters.

Katz — who replaces Moshe Kahlon after a five-year stint — said he didn’t want to talk about specific economic policies, preferring to first meet the ministry’s experts.

“There will be a plan,” he told a ceremony to mark the changing of the guard. “It will be accompanied by reforms, ... competition.”

He has 90 days to pass a 2020 state budget. Israel has been using a pro-rated version of the 2019 base budget.

The government has approved an emergency stimulus plan of some 100 billion shekels ($28 billion) to help businesses and the economy deal with the effects of the pandemic — pushing up the expected budget deficit this year to at least 10% of gross domestic product.‮‮ ‬‬

After weeks of a lockdown, during which jobless claims soared, Israel has begun to ease restrictions. Schools and shopping malls have reopened although restaurants remain closed.

Katz most recently served as foreign minister and previously was transportation minister, where in 2012 he signed an open skies deal with Europe that led to the entry of a host of low-cost carriers to Israel.

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