JERUSALEM, Jan 24 (Reuters) – Israeli Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich on Tuesday agreed on a state budget for 2023 and 2024, according to a joint statement released by the prime minister's office and the finance ministry.
They agreed "to maintain a responsible and restrained fiscal policy" and to "preserve and stabilize the Israeli economy for the next four years", the statement said.
The budget would also "help in the fight against the cost of living", it added without giving details.
The state budget must be approved within 145 days from when the new government was established, or late in May. Earlier, the finance ministry said it was aiming for a cabinet vote on the budget draft in mid-February, an initial parliamentary vote by the end of March and final approval in late May.
Smotrich has pledged fiscal responsibility. At 0.6% of gross domestic product, Israel posted its first budget surplus in 2022 in 35 years. S&P Global Ratings expects that to turn into a deficit of 2% of GDP this year. The central bank projects a 3% inflation rate in 2023. It also expects economic growth of 2.8% this year after a 6% pace in 2022.
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