Israel's Public Debt-to-GDP Hit 10-Year Record In 2020, Reaching 72.4% Over COVID- Reports

Israel's public debt to gross domestic product ratio jumped to 72.4% last year due to the coronavirus pandemic, compared to 60% in 2019, reaching the highest level in a decade, media reported on Tuesday, citing a fresh report by the Accountant General of the Finance Ministry

MOSCOW (UrduPoint News / Sputnik - 20th April, 2021) Israel's public debt to gross domestic product ratio jumped to 72.4% last year due to the coronavirus pandemic, compared to 60% in 2019, reaching the highest level in a decade, media reported on Tuesday, citing a fresh report by the Accountant General of the Finance Ministry.

The report follows the recent elections in Israel's national legislature, the Knesset, in late March, won by the Likud party led by Prime Minister Benjamin Netanyahu which secured 30 mandates.

The Jerusalem Post newspaper reported Israel's total government debt increased by 20% to 984 billion shekels ($302.

7 billion) over the past year, with the authorities raising nearly 265 billion shekels to handle the coronavirus pandemic and its economic consequences, compared to 137 billion shekels in the previous year.

The sharp growth is likely to prompt the Israeli government to take measures to increase tax revenues in the near future, including the possibility of raising tax rates, the newspaper reported, adding that the government will also need to issue additional bonds this year.