The government approved a proposal on Sunday to increase its financial aid package to battle the impact of the coronavirus by an additional NIS 14 billion ($3.96b.), rising to a cumulative total of approximately NIS 100b. ($28.3b.).
Additional funds include the allocation of NIS 6b. ($1.7b.) to incentivize businesses to bring back workers from unpaid leave; a NIS 4b. ($1.13b.) government-secured loan fund for businesses in particularly vulnerable industries; finances to adapt government ministries to new Health Ministry requirements; and to increase professional training programs and occupational testing for jobseekers.
Finances will also serve the acceleration of infrastructure projects, including connecting businesses to optical fiber cables, and to enable advance payments of so-far unclaimed deposits (pikadon) by released soldiers.
“We approved today in the government the expansion of the economic aid program for the economy by an additional NIS 14 billion in a joint effort by the Finance Ministry and Prime Minister’s Office, with the approval bringing the total program to NIS 100 billion,” said new Finance Minister Israel Katz.
“This is a vital step in the management process for the crisis that we are encountering, both for the citizens of the State of Israel and for the rapid reduction of unemployment in the country. I will continue to work for you, to lead the market and the Israeli economy towards growth.”