After an overnight discussion, the Israeli government approved a state budget for 2023-2024 on Friday, Trend reports citing Xinhua.
The budget for 2023 will be over 130 billion U.S. dollars and will grow larger in 2024.
The budget will need to pass a parliamentary vote by the end of March, which is quite likely as the government led by Prime Minister Benjamin Netanyahu has a solid majority in the parliament.
The new Israeli government is being heavily criticized for the judicial reforms it has been pressing ahead since taking office. Financial experts and credit rating firms have warned that the reforms could harm the Israeli economy.
"The Israeli economy is strong, and with the support of the ministers today, it is even stronger," Netanyahu said at the government meeting that approved the budget, responding to relevant concerns.
In recent days, the Israeli shekel was severely weakened against the U.S. dollar, inflation continues to rise, and critics warn that the judicial reforms might steer foreign investments away from the country.