Treasury presents two-year budget bill to Knesset

After years, Finance Ministy has succeeded in changing priorities, Steinitz says at press conference after submitting 2011-2012 budget.

By GLOBES' CORRESPONDENT & ADRIAN FILUT
October 19, 2010 13:22
1 minute read.
Yuval Steinitz

Yuval Steinitz 311. (photo credit: Ariel Jerozolimski [file[)

 
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Finance Minister Yuval Steinitz submitted the budget bill and economic policy for 2011-12 to the Knesset Tuesday, and in a press conference following.

Appended to the two-year budget bill is the economic policy law for 2011-12 (legislative amendments) (5771-2010), which covers the government's economic policy for the next two years. The biennial budget enables the government to undertake long-term planning and strengthen economic stability and certainty, which emphasizes the development of growth engines.

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The Finance Ministry said that economic plans for 2011-12 were formulated on the basis of responsible and sustainable fiscal rules that will contribute to boosting economic stability in the years ahead.

At the press conference, Steinitz said, "US economic leaders are showing great interest and contacting us. This is the first budget with the 'smart and innovative' fiscal rule that exploits growth for expenditures, and reduces debt to 60% of GDP.


"There are two fundamental issues that bring good news. After years, the Finance Ministry succeeded in changing its priorities, exercising significant restraint in the defense budget and transferring substantial resources to education, with an emphasis on reform and innovation in higher education (an addition of almost NIS 1.5 billion).

"The second issue is job engines, such as adding 50% for day care for working women, the Office of the Chief Scientist, and the Law for the Encouragement of Capital Investment. The third area is infrastructure, including an allocation of NIS 1.5 billion for Netivei Israel."

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