The Finance Ministry on Tuesday announced that it is seeking to adopt international standards for managing multiyear budgets.
By NIV ELISInvestment graph(photo credit: INGIMAGE / ASAP)
The Finance Ministry on Tuesday announced that it is seeking to adopt international standards for managing multiyear budgets.Israel’s has long been plagued with political instability that has made long-term planning difficult. The 2015 budget, for example, is not expected to pass for another three months or so, much like the 2013 budget did not pass into law until halfway through the year.Israel experimented briefly with adopting two-year budgets to help create a better semblance of continuity for longterm progress, but they were scrapped after criticism that early planning could not predict deficits well enough.The two-year budget was partly blamed for the doubling of the deficit beyond its target in 2012.But the problem in Israel extends beyond political upheaval and the length of the budget. Assuring financing for long-term projects, such as roads, transportation systems and other infrastructure, has been a regular challenge.This week, the Finance Ministry hosted a delegation of budget experts from the International Monetary Fund. In meetings, the parties discussed methods of improving predictions for revenues and expenditures, data collection and easy-to-understand presentations
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