חוק הפחתת הגירעון והגבלת ההוצאה התקציבית (תיקון מס' 17), התשע"ח-2018Law on Reduction of Deficit and Limitation of Budgetary Expenditure (Amendment No. 17), 2018 · automatic translation · suggest a correction

Official summary of the law (Knesset)

The Law was passed in its second and third readings on 7 March 2017 and it changed the deficit reduction path set in law for the coming years, postponing it by one year, so that in the 2019 budget year the total deficit rate will not exceed 2.9% of gross domestic product (hereinafter – GDP), in the 2020 budget year it will not exceed 2.5% of GDP, in the 2021 budget year it will not exceed 2.25%, in 2022 it will not exceed 2.0% of GDP, in the 2023 budget year it will not exceed 1.75% of GDP, and from the 2024 budget year onward it will not exceed, in any year, 1.5% of GDP. It is further proposed to establish, as a temporary provision for the 2019 budget year, that in that year the Government will be permitted to increase the amount of government expenditure by an additional rate beyond the rate set in law, not exceeding 3% relative to the amount of government expenditure in the 2018 budget year. In addition, it is proposed to amend the State Budget Law for the Years 2017 and 2018 (Special Provisions) (Temporary Provision), 2016, and to determine that when submitting the three-year plan for 2018 there will be no need to carry out offsetting measures together with its submission. It is further proposed to postpone the deadline for bringing the Government's proposal for the use and allocation of the adjustment budget in 2018 for approval by the Knesset Finance Committee to 15 March 2018.

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