Prime Minister Benjamin Netanyahu, today (Thursday, 31 October 2024), at the start of the Government meeting to approve the 2025 state budget [translated from Hebrew]:

“We are in the midst of a war. Our security depends on the security services, the IDF and other elements, which are properly equipped, both spiritually and materially.

Our security also depends on the economy. We cannot have a strong military if we have no way of financing it. Therefore, security depends on the economy, but the economy also depends on security. If it is possible to strike the heart of our cities, our industry and our citizens, then it is clear that our economic capability will be harmed. Therefore, security and the economy are interdependent.

There is no doubt that we have a strong economy and a strong military. The strength of the military and the security ability of the State of Israel were expressed this past year, especially last month, in an extraordinary fashion, which has inspired out friends and struck fear into our enemies. This is ongoing. We are not finished and major things are yet before is; however, there is no doubt that there is security ability here that must be backed by economic capability.

On the other hand, the Israeli economy has shown surprising resilience. It is clear that the war has costs – very heavy costs, not just in lives but also materially, and this is self-evident. But for a country that has been attacked on seven fronts, the Israeli economy has shown extraordinary resilience, which is a result of the free economy that we have built here, the sense of initiative instilled in our people and the rallying of our citizens.

I greatly appreciate the effort by the Finance Minister to continue our economic resilience and also to prove that even in time of trial, we meet the test. On the other hand, we recognize that we have new objectives that we will need to meet. These objectives are mainly directed – of course – to the security sphere, which we must reinforce.

It is clear that there is no economy without limits. There is no economy without restrictions, If you give to one place, you unfortunately need to take from another. There are ways to do this. We will discuss this at the present meeting and I assume that by the end of today or early tomorrow, we will conclude our deliberations and have good news for the State of Israel, Israel’s security and the Israeli economy.”