Finance Minister Yair Lapid announced his office will have to order “significant and painful budgetary cuts” towards extricating the nation from the fiscal deficit.

In a newsletter to supporters, the newly-appointed minister writes “The picture is far worse than I was led to believe at first. Forget words like ‘deficit’ and ‘fiscal crisis’. I will explain it and it is far simpler. I wish to refurbish my home and I learn that my account is in minus. What kind of minus – a major one that that continues to grow.”

“How did this occur? By wasting a great deal of money, by not receiving expected funds, and by accepting money that never should have been taken.”

“Once again we see Israelis know what they are talking about. For years they tried telling us that our financial situation is good. They said it can’t be. It is not like this. It is difficult for you and others around you. It simply can’t be. They earn an okay living but don’t have enough to get through the month and pay bills. They haven’t a chance of ever buying an apartment.”

“This is my plan. To get into this with all my might and to work hard, to cut back and limit spending. I will cut in area and it will be painful. It will be difficult and add pressure, but there is an upside, that if we do this now it will not be for too long.”

He explains that in his first year in office he will concentrate on cutting the overdraft. “I would prefer addressing more positive aspects but I believe that I must tread where it is the most difficult. The problem stems from the fact that instead of managing responsible finance, they took enormous loans and had a party. I don’t plan repeating that mistake.”

“Anyone that feels his situation has worsened in the coming year must know this is temporary and the more aggressive our actions today, we will be able to do more in the following year, more towards lowering housing costs, education, welfare, towards assisting businesses in sharing the burden.”

(YWN – Israel Desk, Jerusalem)