Wednesday, May 25th | 25 Iyyar 5782

May 2, 2013 10:46 am

Lapid to Reduce Budget Cuts, Raise Deficit

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New Israeli Finance Minister Yair Lapid, who faces a budget deficit as a primary challenge for the current Israeli economy. Photo: Yesh Atid Party.

Times of Israel – Responding to pressure over planned austerity measures, Finance Minister Yair Lapid reportedly backed off half his proposed budget cuts Wednesday, agreeing to put NIS 6.5 billion back into the budget.

However, the move will give Israel its largest deficit ever, and could face opposition from Bank of Israel economists.

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