The government on Sunday decided to extend by 12 months a multibillion-dollar program that aims to close economic gaps between Jews and Arabs in the country.
"It must be understood that economic investment in Arab society contains enormous economic potential; in my opinion, it is a clear interest of the Israeli government," Social Equality Minister Meirav Cohen said following a cabinet vote approving the extension.
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According to financial daily Globes, the approval came after a last-minute debate between the Likud and Blue and White parties. The Likud wanted to remove the proposal from the agenda and reformulate it with the Finance Ministry. Blue and White contested, leading to a compromise in which Finance Minister Israel Katz would also receive credit for the program.
Known as the Plan 922, it was set to expire in December with around a third of the budget – more than three billion shekels ($88 million) – still unused.
In addition to the unused funds, the extension will add another NIS 1.7 billion ($500 million) to the program until the end of 2021, ToI reported.
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The significant financial stimulus package arrives at a time of economic crisis as the country faces the consequences of the coronavirus pandemic and imposed lockdowns.
Even over the past week, the government has found it difficult to reopen elementary schools, as the Health, Education and Finance ministries grappled with bridging over lack of funds and implementing a capsules program aimed at preventing infections.
This article was first published by i24NEWS.
