Israel moves ahead with $1.9 billion COVID-19 stimulus plan

“We will continue to move the wheels of the economy in order to put people back to work,” says Israeli Prime Minister Benjamin Netanyahu.

By JNS

Israel’s Cabinet on Sunday approved a plan to grant nearly every Israeli citizen a one-time cash payment to help stimulate the country’s struggling economy, which has been hit hard by the coronavirus crisis.

According to the NIS 6.5 billion ($1.9 billion) proposal, single Israelis 18 years of age and older will receive NIS 750 ($220), couples with one child will receive NIS 2,000 ($586), two children NIS 2,500 ($733) and three or more children NIS 3,000 ($879).

The grants will be awarded to all citizens except those earning over NIS 640,000 ($186,000) per year and public employees earning over NIS 30,000 ($8,700) a month.

In his opening remarks to the Cabinet session, Israeli Prime Minister Benjamin Netanyahu said that if following approval by the Cabinet, the measure would be passed on to the Knesset for “lighting legislation,” with the aim of getting the money to Israeli citizens “as quickly as possible.”

“We are also working on additional plans to encourage the economy and channel funds to those who have been hurt by the coronavirus. We will continue to move the wheels of the economy in order to put people back to work,” he said.