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Israeli parliament approves state budget for 2015-2016

Xinhua, November 19, 2015 Adjust font size:

The Israeli parliament approved early on Thursday the state budget for 2015-2016 after an all-night marathon discussion.

The budget was passed by a narrow 61-59 vote, reflecting Prime Minister Benjamin Netanyahu's narrow coalition.

The approval followed some 420 votes on objections by opposition members, aiming to thwart the approval of the budget.

The financial plan sets the budget for 2015 at 329.5 billion shekels (about 84.7 billion U.S. dollars,) and 343.3 billion shekels (about 88 billion U.S. dollars) for 2016.

The deficit target was set at 2.9 percent of the gross domestic product, significantly higher than the 2.5 percent ceiling recommended by Israel's central bank governor, who warned a higher deficit might risk the financial market.

The Ministry of Public Security's budget will be increased by 1.7 billion shekels (400 million dollars) to allow 200 million shekels (51.4 million dollars) to fight internal crimes in the Arab society and additional 40 million shekels (10.3 million dollars) to beef up police forces in East Jerusalem, amidst a wave of Israeli-Palestinian violence.

Finance Minister Moshe Kahlon praised the budget, saying it "addresses fundamental issues in the Israeli economy and society." Endit