Israeli Parliament approves $2.1bn plan to aid economy

The Israeli Parliament has approved a plan to support and accelerate the country’s coronavirus-hit economy, a spokesperson said.

The plan unveiled on Monday night totals 7.2 billion new shekels ($2.1 billion), initiated by Finance Minister Israel Katz, reports Xinhua news agency.

Of this amount, 4.2 billion shekels will be allocated to the Ministry of Education, mainly for the education system to deal with the pandemic.

In addition, 2 billion shekels will be used to support Israeli industry.

The remaining 1 billion shekels will be allocated to increase negative income tax grants for low-income employees, and to small businesses that have been significantly affected by the coronavirus crisis.

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