Israeli parliament approves 2.1-bln-USD plan to aid Israeli economy amid COVID-19

The Israeli parliament has approved an economic plan to support and accelerate the Israeli economy during the coronavirus pandemic, a parliament spokesperson said on Monday night.

The plan totals 7.2 billion new shekels (about 2.1 billion U.S. dollars), initiated by Israeli Finance Minister Israel Katz.

Of this amount, 4.2 billion shekels will be allocated to the Ministry of Education, mainly for the Israeli education system to deal with the pandemic.

In addition, 2 billion shekels of the total amount will be used to support Israeli industry.

The remaining 1 billion shekels will be allocated to increase negative income tax grants for low-income employees, and to small businesses that have been significantly affected by the coronavirus crisis.