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Steinitz: Israel's bi-annual budget system 'revolutionary'

By CHEN MA'ANIT/GLOBES

MAY 30, 2011 17:13

Finance Minister Yuval Steinitz on Monday said that within a few years many will have adopted Israel's bi-annual budget strategy. Steinitz made the comments at a convention of the Israel Bar Association.

"Over the last two years, a revolution has occurred in the way Israel manages its economy, the focus of which is changing over to a bi-annual budget. Within a few years we will see many western countries, including the US, adopting the option of a bi-annual budget," Steinitz said in Eilat during a panel titled, "Economic Agenda."

Steinitz added that when he took office about two years ago, he had one clear goal: To cope with the extraordinary global economic crisis that threatened the entire world economy as well as the Israeli economy. In addition to this, Steinitz said that he set strategic goals that would affect the Israeli economy in the long-term.

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