Press Releases

Increase of approximately NIS 3 billion recorded in revenues in comparison with 2009

On completion of the Ashdod plant, desalination plants will supply around 75% of the domestic water consumption.

The bill is expected to reduce the payments transferred by business owners to the credit card companies and to lower consumer product prices

Minister of Finance, Dr. Yuval Steinitz: "This is a ringing endorsement for the State of Israel and testimony to the strength of its economy and the success of the government's counter-crisis economic policy."

On Completion of the Plant, the Desalinated Water Will Constitute over 65% of Israel’s Domestic Water Consumption

For the first time, all units in all branches of the Government have been consolidated in the financial statements, including the National Insurance Institute and government business entities (GBE’s) controlled by the State for purposes of financial reporting. The Government's financial deficit for 2010 amounted to NIS 130 billion compared to a budget deficit of NIS 30 billion.

Further Significant Support for the Israeli Government's Economic Policy. Minister of Finance, Dr. Yuval Steinitz: "The positive report issued by the rating agency is further confirmation of the success of the government's economic policy in weathering the global economic crisis."

The Government Companies Authority Issued a Public Announcement for the Sale of the State's Holdings in the Eilat Port Company. Minister of Finance, Dr. Yuval Steinitz: "The privatization of the Eilat port will increase exports and imports through Israel's southern gateway and strengthen the city of Eilat."

Steinitz: “For the First Time, a Central Headquarters Unit will be Established to Concentrate all the Government’s Computerized Work”

Borrowing costs are 0.56% below yield on government bonds for equivalent period

The new center, employing around 200 Israelis, will be set up in the framework of the government's incentive plan for the establishment of technological R&D centers of multinational financial corporations in Israel

State of Israel to invest NIS 100 million in aid to Israeli companies operating in the markets of India and China

In the program to be operated by the Ministry of Industry, Trade, and Labor and the Ministry of Finance starting today, the state will participate in the risks of institutional entities’ investments in venture-capital funds specializing in Israel’s knowledge-intensive industries.

The Budget for 2011-2012 Emphasizes the Strengthening of Growth Engines and Employment, Reducing Social Disparities, and Strengthening Education and the Periphery

Minister of Finance Dr. Yuval Steinitz and Minister of Construction and Housing Mr. Ariel Atias Presented several additional Measures today, designed to help Increase the Supply of Homes and Temper the Rising Prices in the Residential Real-Estate Market

NTA (Urban Transport Lines) to serve as the state’s operational arm in the construction of the Red Line

Early estimates: 50%-60% of the damages are covered by insurance companies

The committee recommends that the state of Israel invest NIS 2.2 billion in the coming decade to promote the environment and the economy while reducing greenhouse gas emissions

Minister of Finance Dr. Yuval Steinitz: ''At the beginning of the year I announced that the Ministry of Finance intended to sell the remaining government shares in the banks by the end of year, and today we have completed a major part of this process.''

The new self-service kiosks will be presented at the e-gov conference, allowing visitors to try out the experience of online transactions and services from government ministries. The vision: thousands of services and forms offered via hundreds of self-service kiosks throughout Israel within the next five years.

The International Affairs Department in the Ministry of Finance today launched the upgraded English website on the internet. The website concentrates economic information (one-stop-shop) for the non-Hebrew reading audience looking for materials on the ministry and the Israeli economy, and contains the major economic information relevant for foreign visitors.

Nobel Prize winner Prof. Joseph Stiglitz praised the way the Israeli economy has dealt with the crisis and said that Israel should continue to focus on long-term plans. In the meeting, Stiglitz stressed the importance of the work of the Sheshinski committee and said that resource tax policy should be updated

Consideration is being given to the possibility of enabling the reception of additional channels through the digital adapter beyond the five free channels

The agreement for Israel to join the OECD, which includes Israel’s commitment to the rules and decisions of the organization, was approved. Prior to conclusion of the process for joining the OECD, the Ministry of Finance is publishing a book in Hebrew, detailing the spheres of activity in Israel that will be affected by its membership in the organization

The plan includes a budget increase of NIS 7.5 billion for the higher education system. At its core: emphasis on excellence in research and in the quality of education, integration of 2,000 new faculty members in universities and colleges, establishment of 30 research excellence centers, significant increase in the budgets for competitive research, and more

The benefit for each survivor will be an amount between NIS 750 and NIS 1,300. Minister of Finance: ''Increasing the compensation before the holidays will help Holocaust survivors deal with the heavy burden of expenses during the holiday season''

Knesset Internal Affairs Committee approves Finance Ministry business licensing reform

Minister of Finance Dr. Yuval Steinitz: “I am pleased to see the confidence expressed by the foreign banks in the Israeli economy in general and in Israeli banking in particular”

Want to receive updates whenever a new online form, guide or payment is published? The gov.il portal is joining the Facebook social network and invites you to press the Like button and keep up with the news.

The Government Debt Management unit has published its quarterly report for June 30, 2010. During the quarter, hedging transactions against exchange rate risks were carried out totaling USD 730 million

The minister of finance: ''This amendment supplements my decision about the sale of the state's shares in Bank Leumi.''

Minister of Finance Dr. Yuval Steinitz: "The government has set education, health and social welfare as clear priorities. The budget for 2011-2012 will enable long-term government planning and strengthen stability and certainty in the market". The state budget will increase during 2011-2012 at an annual rate of 2.66%, to stand at NIS 264.7 billion in 2011 and at NIS 271.7 billion in 2012.

The policy will focus on strengthening higher education, promoting high-tech industries, developing infrastructures and expanding the job market. The budget for 2011-2012 will increase by an annual 2.66% to stand, respectively, at NIS 264.7 billion and NIS 271.7 billion

The arrangement, which is to go into effect next month, will also allow "small exporters" to receive export credit insurance from private insurers

The goal of the new policy promoted by the Ministries of Finance and Environmental Protection is to reduce the negative impact of burying waste that pollutes the ground, water and air

The ''Competative Advantage'' Program was presented by the Minister of Finance, Dr. Yuval Steinitz, at the Conference of the High Tech Industry Association (HTIA, formerly IVC). The minister noted : ''We can be ambitious and announce that we want to see the establishment of an ‘Israeli Nokia’ in the near future''

Minister of Finance, Dr. Yuval Steinitz: Israel's accession to the OECD brings great respect to the Israeli economy. Our accession was possible due to a responsible and balanced economic policy

The four groups that passed the initial sorting stage to establish life sciences investment funds will begin fundraising. If all of the four funds are to be established, then at least $ 400 million would flow into the Bio-Tech market.

The figures prove that the government's 'Containment and Breakthrough' program, enacted over a year ago, has helped the Israeli economy to withstand the global economic crisis better than most of the developed world

The Finance Minister: “Listing for trading on the New York Stock Exchange will make Israel Government bonds accessible to all investors and dealers, including private investors. The listing will enhance the economic status of Israel and Israeli companies in world markets”

Finance Minister Says Many Challenges Ahead for 2010 Including Reducing Unemployment

B.G.I. Investments Ltd. to buy the bank for NIS 572 million

The Proposed Legislation will further Harmonize Israel's Tax Regulations with OECD Standards

Fitch joins S&P and Moodys, which recently re-affirmed the countrys rating; Fitch expects Israel to be among the only 4 A-rated countries to exit the recession as early as 2009.

The Socio-Economic Cabinet Headed by the Finance Minister Discussed Today the Process of Israels Accession to the OECD

Finance Minister Dr. Yuval Steinitz met yesterday with the French Minister of Trade, Anne Marie Idrac. The two ministers reviewed the government action that had been taken in each of their countries in response to the global economic recession, and discussed ways of increasing economic and trade cooperation between the two countries.

Steinitz: Israeli cinema is making a substantial contribution to the development of Hebrew culture and the life of Israeli society. It is important to encourage the quality movie industry by means of taxation as well

Moody's, The international credit-rating agency, published its annual report on Israel's credit rating today. The rating remains at A1 with Stable outlook. This refers to Israel's long-term foreign-currency credit rating, the key rating assigned by the agency. The report was issued following the agency's representatives' annual visit to Israel about two months ago, during which they met with the Minister of Finance, Bank of Israel Governor, and other key figures in the public sector as well as in the business sector.

The government today on the subject, " The Israeli Economy Is this Really a Turning Point? " following the positive performance figures published in recent weeks. This marks the beginning of a new tradition, in which the Minister of Finance and senior MOF officials will present an economic review to the government each quarter.

Finance Minister Receives Accountant-General Report on Activity of State-Backed Credit Funds: State Credit Funds have Approved Over NIS 0.5 Billion in Loans. Minister of Finance Dr. Yuval Steinitz: " This is another step in implementing the economic plan. The government's unprecedented use of state guarantees has contributed to curbing the impact of the crisis on the Israeli economy " . Businesses and companies receiving loans from the funds employ a total of about 15,000 workers

Israel recently signed a new tax treaty with Estonia. A new tax treaty between Israel and Georgia has also been initialed

The provision of the guarantees is conditioned on maintenance of the target deficit, target expenditure level and advancement of the economic reforms

The Companies will be required to submit, along with their financial statements, a strategic program including environmental aspects

The Agreement includes significant tax relief for investments and business activities between the two countries

The Accountant General and the Foreign Trade Risk Insurance Company of the Harel Group have settled upon all details of the agreement

The Finance Committee Approves the Ministry of Finance Proposal to Provide State Guarantees of NIS 5 Billion as Assistance for Exporters

Minister of Finance Dr. Yuval Steinitz has decided to exempt foreign investors from tax on profits derived from private-equity funds. This move, formulated due to the economic crisis and the implications of foreign investments for the economy, is designed to make the Israeli economy more attractive to foreign investors.

The government of Israel passed the budget proposal for 2009-2010 this morning, with 26 ministers voting in favor and four ministers voting against the proposal.

Accountant General: " The new leverage funds, along with the first leverage fund established in March, are an important additional tool with a volume of ILS 4.5 billion, creating critical mass for addressing the target companies "

Finance Minister Yuval Steinitz: " In 2011-2012 We Will Be Able to Resume the Growth Rates of Recent Years "

The Ministry of Finance has proposed an innovative solution to help the financial system contend with its high liquidity balances in foreign currency. Accountant General Shuky Oren plans to allow deposits of the domestic financial system's foreign-currency balances in designated deposits with the Accountant General. The deposits will be performed through several auctions held to set the interest rate generated by the deposits...

Yesterday, representatives of the Ministry of Finance, the Ministry of Science, Culture, and Sports, and the Cinema Council signed an agreement concerning the cinema budget, under which the cinema industry will receive NIS 335 million in funding in 2009-2013, or NIS 67 million each year...

Today, Accountant General Shuky Oren delivered the format of the state guarantee documents to be provided to the banking system, at a volume of NIS 6 billion. The state guarantees will be offered to the banks for issues of subordinated notes, which will be recognized by the Supervisor of Banks as upper secondary capital...

Today, the Knesset Economics Committee approved the regulations submitted by Minister of Finance Roni Bar-On concerning buying and selling of securities and buying of securities in specific offerings. The regulations approved today prevent institutional entities (provident funds, pension funds, and insurance companies) from conducting brokerage activities (buying and selling securities) through ''stock='' '' exchange='' '' members='' '' '' (stock exchange members carry out securities trading activity on behalf of the institutional entities) belonging to the same group. For example, a particular provident fund will not be permitted to buy securities through brokers belonging to its group or related to it through various types of ownership ties. The Economics Committee further approved regulations limiting the rate purchased out of offerings of groups of institutional entities related to the underwriters or distributors participating in these offerings...

Today, Minister of Finance Roni Bar-On announced an aid plan for the high technology and biotechnology sectors, making hundreds of millions of shekels available to the Chief Scientist and for the establishment of a special biotech investment fund. The plan, formulated in collaboration with the Ministry of Industry, Trade, and Labor, the Chief Scientist, and experts in high-tech investments, constitutes an additional element of the third stage of the Finance Ministry's acceleration plan...

Finance Minister Roni Bar On: "The aid to the residential real-estate sector will accelerate the construction of thousands of housing units and protect the jobs of thousands of workers at various wage levels. We will not hesitate to apply policy tools and provide aid and focused solutions to accelerate economic activity and support the economy in coping with the crisis."

Today, the Social-Economic Cabinet headed by Minister of Finance Roni Bar-On established a guiding objective of producing electricity based on renewable energy at a volume of 10% of Israel's power needs by 2020, further to the resolution of the Social-Economic Cabinet on November 4, 2002 and the government resolution of August 12, 2007. Power stations will be constructed by granting licenses, allocating land, and establishing rates and incentives. The mix of technologies, in terms of the allocation of land and incentives, will take into account considerations of applicability, national and economic feasibility, global trends, and optimal utilization of water and land resources...

As part of the implementation of the acceleration plan, the Accountant General Division of the Ministry of Finance has selected three banks Mercantile-Discount Bank, Bank Otsar Hahayal, and Bank Hapoalim to establish a new fund at a volume of NIS 1.3 billion, which will offer loans to mid-sized businesses...

The interministerial tender committee for seawater desalination, headed by Gil Shabtai, Senior Deputy Accountant General at the Ministry of Finance, received proposals today from the operators of the desalination plants in Israel, located in Ashkelon, Palmachim, and Hadera, for the expansion of the plants' capacity by a total of 57 million cubic meters over the coming year; this quantity represents approximately a 25% increase of the current output...

Today (Sunday), Ministry of Finance Accountant General Shuky Oren will issue a temporary order concerning a substitute for bank guarantees in social-service tenders. The new temporary order will aid budgeted non-profit associations by eliminating the costs of interest and fee payments required of the non-profits in order to obtain bank guarantees, and releasing the amounts of the guarantees for use by the non-profits. The state's waiver of the bank guarantees will increase budgeted non-profits' budgetary resources by approximately NIS 150 million...

The Ministry of Finance continues the implementation of the acceleration plan. Today, the Accountant General Division issued a request for proposals to banks for the establishment of a fund to extend loans to mid-sized businesses, at a volume of approximately NIS 1 billion. The state will allocate NIS 200 million to the fund, in two stages (NIS 100 million in the first stage), while the banks are expected to increase this amount to about NIS 1 billion. This is a new fund, which will help mid-sized businesses with annual turnovers of NIS 22-100 million obtain credit to finance their operations. The RFP was issued further to a request to banks a week ago to expand the loan fund for small businesses...