Government Unanimously Approves the Recommendations of the Committee on Increasing Competitiveness in the Economy
Tender Documents Issued for Extension of Route 6 Northward (Sections 3 and 7 - Yokneam Somech)
Israel and India to Launch Joint Academic Program
Minister of Finance, Dr. Yuval Steinitz, and Minister of Education, Mr. Gideon Saar, with India's Minister of Education and Human Resource Development, Mr. Kapil Sibal, announced the extension of research and academic cooperation between the two countries, and the launch of a joint Israeli - Indian academic program. The new joint program would be budgeted at $10 million annually, for an unlimited time.
The IMF Published its Annual Report on Israel's Economy
This year, in addition to its usual report, it also published the results of a comprehensive study it carried out of Israel's financial system, in the framework of its Financial Sector Assessment Program (FSAP)
- Order Signed by Finance Minister Enables the Granting of Assistance to the Needy for the Purchase of Digital Adapters
Consideration is being given to the possibility of enabling the reception of additional channels through the digital adapter beyond the five free channels
- Call to the Public to Provide Information on the Plan for Encouraging Israeli Institutional Bodies to Invest in the High-Tech Industry
- The Cabinet Approved Israel’s Membership in the OECD
The agreement for Israel to join the OECD, which includes Israel’s commitment to the rules and decisions of the organization, was approved. Prior to conclusion of the process for joining the OECD, the Ministry of Finance is publishing a book in Hebrew, detailing the spheres of activity in Israel that will be affected by its membership in the organization
- Six-Year Plan for the Higher Education System
The plan includes a budget increase of NIS 7.5 billion for the higher education system. At its core: emphasis on excellence in research and in the quality of education, integration of 2,000 new faculty members in universities and colleges, establishment of 30 research excellence centers, significant increase in the budgets for competitive research, and more
- Ahead of the approaching holidays, thousands of Holocaust survivors will receive increased compensation at a total cost of NIS 52 million
The benefit for each survivor will be an amount between NIS 750 and NIS 1,300. Minister of Finance: ''Increasing the compensation before the holidays will help Holocaust survivors deal with the heavy burden of expenses during the holiday season''
- Tender for the Construction of a Photovoltaic Power Station with a Capacity of 30 MW Published Today by the Interministerial Tender Committee for the Construction of Solar Power Stations at the Ashalim Site
- Another Step Taken Toward Shortening the Process of Starting a Business in Israel
Knesset Internal Affairs Committee approves Finance Ministry business licensing reform
- Budget Performance and State Revenues from Taxes for July 2010
- The Minister of Finance has presented the government with the highlights of the budget for 2011-2012 and the principles of the economic policy
The policy will focus on strengthening higher education, promoting
high-tech industries, developing infrastructures and expanding the job
market. The budget for 2011-2012 will increase by an annual 2.66% to stand,
respectively, at NIS 264.7 billion and NIS 271.7 billion
- The Ministry of Finance Announced Today the Expansion of Assistance to "Small Exporters" in Export Credit Insurance
The arrangement, which is to go into effect next month, will also allow "small exporters" to receive export credit insurance from private insurers
- The Knesset has approved through a significant majority the Minister of Finance's suggested bill for the implementation of a second biennial budget for the years 2011-2012
- IMF Managing Director Praises Israel’s Biennial Budgeting Process
- Minister of Finance Dr. Yuval Steinitz, supported the request of Minister of Environmental Protection Gilad Erdan to amend the Land Fill Levy Order while promoting the Packaging Waste Law
The goal of the new policy promoted by the Ministries of Finance and Environmental Protection is to reduce the negative impact of burying waste that pollutes the ground, water and air
- Ministry of Finance and the Ministry of Industry, Trade and Labor have formulated a Comprehensive Program for Promoting High Tech Industries
The ''Competative Advantage'' Program was presented by the Minister of Finance, Dr. Yuval Steinitz, at the Conference of the High Tech Industry Association (HTIA, formerly IVC). The minister noted : ''We can be ambitious and announce that we want to see the establishment of an ‘Israeli Nokia’ in the near future''
Better Protection for the Publics Savings
The Capital Markets Division Presented Today the Measures that are Being Planned for 2009 in the Area of Pension Savings
Success for the Ministry of Finance and Unprecedented Expression of Confidence in Israel's Economy
Accountant-General Completes Overseas Offering of Ten-Year Bonds in Record Amount of USD 1.5 Billion, at 5.19% Yield
Tenders for Ashalim Thermo-Solar Power Stations Published
The interministerial tender committee for the construction of solar power stations at the Ashalim site in the Negev region, headed by Senior Deputy Accountant General Avi Dor, has published two tenders for the construction, operation, maintenance, and transfer to the state of two thermo-solar power stations, for the production of up to 220 MW of electricity. The seven contending groups that passed the early screening stage were invited to participate in the bidding stage of each tender. Supplements to the tender documents, such as the franchise agreement, license, and agreement for sale to the Israel Electric Corporation, will be published later this month...
Banks Sent in Bids Worth Over USD 1 Billion; Auction Closed at Interest Rate Lower than LIBOR
The first foreign-currency deposit auction held this afternoon by the Accountant General drew high demand. All banks that are market makers submitted bids, at a volume of over USD 1 billion. The auction closed at an average interest rate of 2.08% (below the LIBOR rate), at an amount of USD 140 million. The deposit is for a period of one year. The Ministry of Finance plans to hold additional auctions in the near future....
Leverage Tender Succeeds: Winning Group to Establish a NIS 2 Billion Fund
The first tender for the establishment of a ''leverage fund'' was a success. The Bereshit Group, headed by Emmanuel Wasserman, Ran Grodetzky, and Tzuri Lavi, won the tender, which ended last Thursday, by raising the largest amount from institutional entities. The government has made a commitment to invest NIS 500 million in the fund, and the Bereshit Group was able to raise NIS 1.5 billion from the institutional entities. Thus, the first leverage fund will have over NIS 2 billion under management...
Accountant General Approved Insurance for Export Deals Worth USD 1 Billion through Ashra in Last Three Months
Ashra is a company under full government ownership that insures Israeli exporters against default on payments by buyers who order transactions and services overseas, thus enabling the execution of Israeli export transactions using medium- and long-term credit. The deals are insured based on state guarantees that allow the company to offer insurance to manufacturers...
The Return of the Scientists: Over 100 Researchers Previously Employed at Academic Institutions Overseas were Hired by Israeli Universities this Year
Data of the Planning and Budgeting Committee (PBC) of the Council for Higher Education indicate that during the 2008-2009 academic year, research universities in Israel hired 104 ''returning scientists'' formerly employed by academic institutions around the world. These are professors and researchers who began their careers at higher-education institutions in Israel, and chose to leave the country for job offers from the world's leading institutions. All of the returning academics were hired for newly budgeted positions and assigned ranks based on their experience, from Lecturer to Full Professor...
Measures Being Taken Regarding the Pension Savings Market Following the Global Crisis
In recent months we have been witnessing the occurrence of an intense global economic crisis which has been affecting the economies worldwide. The combination of a financial crisis and the crisis in the real economy has led to sharp declines in the financial markets, a contraction in the supply of credit, increased levels of unemployment and a reduction in the wealth held by the public. All these have been felt throughout the world and, inevitably, in Israel as well.
Finance Ministry Proposes Solution for Large Foreign-Currency Liquidity Balances in the Financial System: Financial Entities Will be Able to Deposit Foreign Currency with the Accountant General
The Ministry of Finance has proposed an innovative solution to help the financial system contend with its high liquidity balances in foreign currency. Accountant General Shuky Oren plans to allow deposits of the domestic financial system's foreign-currency balances in designated deposits with the Accountant General. The deposits will be performed through several auctions held to set the interest rate generated by the deposits...
Finance Ministry to Fund Cinema Industry at NIS 335 Million
Yesterday, representatives of the Ministry of Finance, the Ministry of Science, Culture, and Sports, and the Cinema Council signed an agreement concerning the cinema budget, under which the cinema industry will receive NIS 335 million in funding in 2009-2013, or NIS 67 million each year...
Finance Ministry Provides Banking System with NIS 6 Billion in State Guarantees for Capital Raising
Today, Accountant General Shuky Oren delivered the format of the state guarantee documents to be provided to the banking system, at a volume of NIS 6 billion. The state guarantees will be offered to the banks for issues of subordinated notes, which will be recognized by the Supervisor of Banks as upper secondary capital...
Economics Committee Approves Finance Minister's Regulations Restricting Conflicts of Interest in Managing the Public's Savings
Today, the Knesset Economics Committee approved the regulations submitted by Minister of Finance Roni Bar-On concerning buying and selling of securities and buying of securities in specific offerings. The regulations approved today prevent institutional entities (provident funds, pension funds, and insurance companies) from conducting brokerage activities (buying and selling securities) through ''stock='' '' exchange='' '' members='' '' '' (stock exchange members carry out securities trading activity on behalf of the institutional entities) belonging to the same group. For example, a particular provident fund will not be permitted to buy securities through brokers belonging to its group or related to it through various types of ownership ties. The Economics Committee further approved regulations limiting the rate purchased out of offerings of groups of institutional entities related to the underwriters or distributors participating in these offerings...
Finance Ministry Offers Hundreds of Millions of Shekels in Aid to the High-Tech and Biotech Industries
Today, Minister of Finance Roni Bar-On announced an aid plan for the high technology and biotechnology sectors, making hundreds of millions of shekels available to the Chief Scientist and for the establishment of a special biotech investment fund. The plan, formulated in collaboration with the Ministry of Industry, Trade, and Labor, the Chief Scientist, and experts in high-tech investments, constitutes an additional element of the third stage of the Finance Ministry's acceleration plan...
- Ministry of Finance and Ministry of Construction and Housing offer hundreds of millions of NIS in aid to the residential construction sector, to lead to 6,000 new construction starts
Finance Minister Roni Bar On: "The aid to the residential real-estate sector will accelerate the construction of thousands of housing units and protect the jobs of thousands of workers at various wage levels. We will not hesitate to apply policy tools and provide aid and focused solutions to accelerate economic activity and support the economy in coping with the crisis."
- The Social-Economic Cabinet Headed by Finance Minister Roni Bar-On Decided Today to Adopt a Guiding Objective of Producing 10% of Israel's Electricity Needs Based on Renewable Energy by 2020
Today, the Social-Economic Cabinet headed by Minister of Finance Roni Bar-On established a guiding objective of producing electricity based on renewable energy at a volume of 10% of Israel's power needs by 2020, further to the resolution of the Social-Economic Cabinet on November 4, 2002 and the government resolution of August 12, 2007. Power stations will be constructed by granting licenses, allocating land, and establishing rates and incentives. The mix of technologies, in terms of the allocation of land and incentives, will take into account considerations of applicability, national and economic feasibility, global trends, and optimal utilization of water and land resources...
NIS 1.3 Billion Government Credit Fund for Mid-Sized Businesses Launched as Part of Acceleration Plan
As part of the implementation of the acceleration plan, the Accountant General Division of the Ministry of Finance has selected three banks Mercantile-Discount Bank, Bank Otsar Hahayal, and Bank Hapoalim to establish a new fund at a volume of NIS 1.3 billion, which will offer loans to mid-sized businesses...
Desalination Plant Expansion Procedure Successfully Completed; Quantity of Desalinated Water in Israel to Grow by 57 Million Cubic Meters this Year
The interministerial tender committee for seawater desalination, headed by Gil Shabtai, Senior Deputy Accountant General at the Ministry of Finance, received proposals today from the operators of the desalination plants in Israel, located in Ashkelon, Palmachim, and Hadera, for the expansion of the plants' capacity by a total of 57 million cubic meters over the coming year; this quantity represents approximately a 25% increase of the current output...
Directive Issued by Accountant General Today Will Lead to NIS 150 Million Increase in Budgetary Resources for Non-Profits
Today (Sunday), Ministry of Finance Accountant General Shuky Oren will issue a temporary order concerning a substitute for bank guarantees in social-service tenders. The new temporary order will aid budgeted non-profit associations by eliminating the costs of interest and fee payments required of the non-profits in order to obtain bank guarantees, and releasing the amounts of the guarantees for use by the non-profits. The state's waiver of the bank guarantees will increase budgeted non-profits' budgetary resources by approximately NIS 150 million...
Finance Ministry Continues to Implement Acceleration Plan: RFP Issued to Banks Today for Establishment of a Loan Fund for Mid-Sized Businesses, to Reach NIS 1 Billion
The Ministry of Finance continues the implementation of the acceleration plan. Today, the Accountant General Division issued a request for proposals to banks for the establishment of a fund to extend loans to mid-sized businesses, at a volume of approximately NIS 1 billion. The state will allocate NIS 200 million to the fund, in two stages (NIS 100 million in the first stage), while the banks are expected to increase this amount to about NIS 1 billion. This is a new fund, which will help mid-sized businesses with annual turnovers of NIS 22-100 million obtain credit to finance their operations. The RFP was issued further to a request to banks a week ago to expand the loan fund for small businesses...