Finance Ministry to expand ‘coronavirus crisis’ budget

The fund will also fund the loans to credit providers with $750 m.

By JERUSALEM POST STAFF
Prime Minister Benjamin Netanyahu discusses the impact of coronavirus with representatives from the Finance Ministry, March 5, 2020 (photo credit: AMOS BEN-GERSHOM/GPO)
Prime Minister Benjamin Netanyahu discusses the impact of coronavirus with representatives from the Finance Ministry, March 5, 2020
(photo credit: AMOS BEN-GERSHOM/GPO)
Finance Ministry announced it intends to expand the budget for handling the coronavirus crisis by NIS 15.6 b., Ynet reported. This expansion will include grants to stimulate employment, which include NIS 6 b. agreed to be distributed following the retail networks' protest, as well as a fund to help businesses that were denied bank loans.
Expanding the budget to combat the coronavirus crisis will require a change in a foundational law, which will allow the government to expend an extra NIS 14 b. more than is currently allowed in the existing law, Walla reported.
The funds will also go towards loans to credit providers with $750 m., which has already been approved by the Finance Committee. Additionally, funding for loan to small businesses will be expanded from NIS 8 b. to NIS 14 b.
The ministry emphasized that this includes budgetary additions for government offices and will expand the assistance package from NIS 80 b. to  NIS 100 b.