Fiscal deficit likely to reach 10% GDP, below expectations

ISRAEL - Report 10 Aug 2020 by Jonathan Katz

Uncertainty is high regarding budget approval: whether to approve the 2020 and 2021 budget separately (as Netanyahu wants) or jointly in one framework (as stipulated by the coalition agreement. This disagreement, if it is not settled by August 25th (the deadline for the 2020 budget approval), will result in early elections towards end-year. In such a scenario, we envision one or more rating agencies pushing Israel’s outlook to negative from stable.

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