The Israeli cabinet approved economic measures worth NIS 10.5 billion ($3 billion) alongside a pay cut for parliamentarians Tuesday, according to a joint statement by the Prime Minister's Office and the Finance Ministry.
Prime Minister Benjamin Netanyahu and Finance Minister Israel Katz's plan expanded on the existing plan until July 2021.
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The move is aimed at helping businesses and those working as self-employed whose profits could be hit hard by the lockdown, with the statement saying the expansion will unlock immediate assistance.
Additional payment packages are to cover "employee retention, expansion of government surety bonds and hasten payments and distribution of grants for those businesses hit by a loss of 25% or more," Netanyahu said.
The cabinet also approved a temporary 10% pay cut for lawmakers and ministers, along with any public servants who make at least 110 percent of what lawmakers do.
"We all must carry the burden, we, as ministers, must back our own decisions as one," Netanyahu said.
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On Friday, Israel became the world's first developed country to go for a second lockdown in a bid to hold off the soaring COVID-19 coronavirus infections.
The lockdown is set to remain in place for at least three weeks as it confines Israelis to up to 1 kilometer from home and sees most non-essential businesses shuttered.
This article was first published by i24NEWS.
