Arab Press

بالشعب و للشعب
Tuesday, Jan 31, 2023

New Israel Finance Minister Smotrich promises fiscal responsibility

New Israel Finance Minister Smotrich promises fiscal responsibility

Bezalel Smotrich took over as Israel’s finance minister on Sunday, pledging fiscal responsibility and a boost to competition while working to tackle high living costs at a time of elevated inflation and slowing global economic growth.
A host of ministries held changing of the guard ceremonies on Sunday after a new government of right wing and religious parties was sworn in last Thursday.

“Israel will be an island of stability and responsibility,” the 42-year old Smotrich, head of the far-right pro-settler Religious Zionism party, told Reuters after the ceremony at the finance ministry.

He added that Israel would take all necessary steps to support economic stability and be the “safest place” to invest.

Smotrich’s comments continued to allay fears he would be guided by Jewish biblical principles after he said last month that economic strategy will be infused with religious beliefs laid out in the Torah, predicting that this would help the country prosper.

He declined to give specifics of his planned fiscal policy, though acknowledged the country was entering a “challenging period” and repeated his belief in free markets driven by the business sector.

Smotrich said he feared inflation would become “sticky,” leading to more interest rate rises that would slow growth, which is already forecast to drop this year to half of 2022’s 6 percent.

Inflation is currently at a 14-year high of 5.3 percent while the benchmark interest rate has soared to 3.25 percent from 0.1 percent in April, with a likelihood of another hike to 3.75 percent on Monday.

Incoming economy minister Nir Barkat said he intends to ease the “unbearable load” on businesses in Israel, declaring a “war on regulation,” which he called “a cancer on the economy.”

Meanwhile, Israel’s new police minister Itamar Ben-Gvir, who was convicted in 2007 of incitement against Arabs and support for a Jewish militant group, repeated a line he used on the campaign trail saying, “every police officer should know that if a terrorist comes to hurt you his blood is forfeit.”

His predecessor Omer Bar Lev bristled at having been assigned body guards due to what he described as threats by far-right Jews angered at his comments about settler violence.

Departing defense minister Benny Gantz advised his successor Yoav Galant to erect what he called a “protective wall” between the military and politics while Galant stressed his belief that Iran poses a serious threat to Israel and the region.

New tourism minister Haim Katz promised to promote tourism in the occupied West Bank.

Related Articles

Arab Press
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Dirty bomb fears as URANIUM is found in cargo at Heathrow
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense