The government passed an expanded assistance package of NIS 14 billion to aid the Israeli economy on Sunday.

According to the treasury, the current assistance package, following the new addition, now stands at NIS 100 billion.

The additional budget passed today will be distributed through additional loans to small and moderate-sized businesses. 2 billion will be put into a financing mechanism to assist Hi-tech companies and 750 million will be used to ensure credit for suppliers.

From the NIS 14 billion, NIS 6 billion was budgeted for providing incentives to businesses to bring employees that were laid off or put on unpaid leave back into the workforce. Another fund is being established to assist businesses that were refused loans by banks due to the high level of risk involved.

The national deficit is expected to surpass 10 percent of the overall national budget.

(YWN Israel Desk – Jerusalem)