Israeli Prime Minister Benjamin Netanyahu announced on Wednesday that the government would expand an economic package unveiled earlier this week to NIS 10 billion ($2.8 billion) in a bid to help support the economy as the global coronavirus crisi grows.
Netanyahu said the purpose of the program would be to “enable the economy to continue to function.”
“The coronavirus has a major economic impact on the economy. We are entering the crisis in good condition, the state of the Israeli economy is better than most economies in the world,” he said in a statement released to the media following discussions with the Finance Ministry and the Bank of Israel. “However, there is a challenge here” and “we can handle it in a way that we will get through it…safely.”
The economic package includes the NIS 4 billion ($1.2 billion) fund announced earlier this week to help local companies affected by the outbreak, as well as an additional NIS 6 billion ($1.7 billion) to “stabilize the economy.”
Netanyahu said the NIS 4 billion fund for businesses may be doubled to NIS 8 billion ($2.25 billion) to provide affordable loans to those impacted by the outbreak.
“We are already making funds available for assistance to businesses, especially – for example – tourism, which – it is clear to us – has been hit hard,” he said.
Earlier this week, the Health Ministry issued new directives to all travelers arriving in Israel, ordering them to self-quarantine for 14 days following their arrival.
Of the NIS 10 billion, NIS 1 billion will be allocated for the health system, Netanyahu said noting that it will be used to increase the supply of pharmaceutical drugs, purchase medical equipment, prepare the hospitals to receive a greater number of patients, and reinforce medical teams. Another NIS 1 billion will be allocated for services such as firefighting and police.
Reiterating his assurance from the previous day, Netanyahu said he is not worried about a shortage of goods because most supplies and raw materials reach Israel by sea.
On Tuesday during a series of special discussions surrounding the coronavirus and its effects on the economy, Netanyahu said there would be “no reason to storm the supermarkets.”
Netanyahu also said the country will ease restrictions for importers bringing goods into the country and will facilitate supplies by air, when necessary.
The PM remarked that “individual and separate treatment” would be given to the airlines and aviation industry, because it is a “lifeline” to the country.
“We continue to monitor and we will provide additional assistance to the extent that it is necessary,” he said.
So far 97 people in Israel have tested positive for COVID-19, the disease caused by the novel coronavirus. Thousands more are in quarantine as authorities continuously issue new directives to help contain the spread and slow the rate of infection. Tuesday’s 20 new cases marked the biggest single-day surge since the beginning of the coronavirus outbreak. Wednesday saw the number climb even more.
On Wednesday evening, Netanyahu announced that Israel would be limiting public events and gatherings to no more than 100 people as part of another measure to curb the spread of the virus.
The coronavirus has claimed the lives of over 4,500 people and more than 124,000 have contracted the virus worldwide, as of March 11. The majority of cases have been in China, with major outbreaks in Italy, South Korea and Iran.
The World Health Organization on Wednesday officially declared the coronavirus outbreak a global pandemic.
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