Israel's finance ministry is apparently planning to increase defence spending by at least 30 billion shekels ($8.3 billion) next year amid the ongoing war against Hamas, Bloomberg reported.&nbsp;

In a document presented to parliament on Monday (Dec 25), the ministry said the overall budget for 2024 will probably have to total 562 billion shekels.&nbsp;

The mentioned amount is more as compared to the 513 billion shekels spending plan, that was first approved last May.&nbsp;

The ministry said an additional 10 billion shekels will be needed to cover the evacuation of around 1,20,000 people from Israel's northern and southern border areas.&nbsp;

It said that it needs higher budgets for police and other security services, and the reconstruction of settlements destroyed during Hamas's attack on October 7 in addition to the military spending.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/egypt-comes-out-with-peace-proposal-plant-to-end-israel-hamas-war-report-673593">Egypt comes out with peace plan to end war, as Israel's Netanyahu hell-bent on destroying Hamas</a>&nbsp;

A report by the news agency Reuters, citing Israel's finance ministry, mentioned that the war will likely cost it at least another 50 billion shekels ($14 billion) in 2024.&nbsp;

While briefing lawmakers, the ministry's deputy budget commissioner Itai Temkin said the war was expected to stretch at least two months into 2024, which means until February.&nbsp;

He informed the Knesset Finance Committee that this would increase total defence spending by more than 48 billion shekels above what had been budgeted.&nbsp;

Total budgetary spending in 2024 would rise to 562.1 billion shekels from a planned 513.7 billion and lead to a budget deficit of 5.9% of gross domestic product, up from a target of 2.25%.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/israel-pm-benjamin-netanyahu-says-visited-gaza-vows-to-intensify-fighting-673432">Israel PM Benjamin Netanyahu says visited Gaza, vows to 'intensify' fighting</a>&nbsp;

He also it was not currently possible to plan for the possibility that the war against Gaza's Palestinian Hamas Islamists would stretch into March or beyond.&nbsp;

As quoted by Reuters, he said: "It is possible that later in the year we will have to come and update it and we will have to come with updates as the war drags on."&nbsp;

Parliament approved a special war budget of over 30 billion shekels for 2023 to assist support the war and compensate families affected by the October 7 cross-border Hamas strikes that triggered the war, as well as missiles launched from Gaza and Lebanon.&nbsp;

Watch:&nbsp;Netanyahu bars Gallant from holding talks with Mossad Chief: Reports&nbsp;

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<h2>Financial burden on citizens</h2>

Moshe Gafni, who is chairman of the finance committee, said he was opposed to raising income taxes. However, he also supported taxes on excess bank profits and measures to promote economic growth.&nbsp;

Finance Minister Bezalel Smotrich later told reporters that he will work to avoid increasing the financial burden on citizens during the war and his main priority for 2024 is to assist reservists and their families.&nbsp;

Smotrich said: "They left everything and risked their lives for all of us and we should do everything to reward them in the best possible way."&nbsp;

Smotrich added that the finance and defence ministries were working on a "very large plan for the benefit of the reservists and their families".&nbsp;

Disclaimer: WION takes utmost care to accurately and responsibly report ongoing developments on the Israel-Palestine conflict after the Hamas attacks. However, we cannot independently verify the authenticity of all statements, photos and videos.&nbsp;&nbsp;

Israel's finance ministry is apparently planning to increase defence spending by at least 30 billion shekels ($8.3 billion) next year amid the ongoing war against Hamas, Bloomberg reported.

Israel's finance ministry is apparently planning to increase defence spending by at least 30 billion shekels ($8.3 billion) next year amid the ongoing war against Hamas, Bloomberg reported. In a document presented to parliament on Monday (Dec 25), the ministry said the overall budget for 2024 will probably have to total 562 billion shekels. The mentioned amount is more as compared to the 513 billion shekels spending plan, that was first approved last May. The ministry said an additional 10 billion shekels will be needed to cover the evacuation of around 1,20,000 people from Israel's northern and southern border areas. It said that it needs higher budgets for police and other security services, and the reconstruction of settlements destroyed during Hamas's attack on October 7 in addition to the military spending. Also read: Egypt comes out with peace plan to end war, as Israel's Netanyahu hell-bent on destroying Hamas A report by the news agency Reuters, citing Israel's finance ministry, mentioned that the war will likely cost it at least another 50 billion shekels ($14 billion) in 2024. While briefing lawmakers, the ministry's deputy budget commissioner Itai Temkin said the war was expected to stretch at least two months into 2024, which means until February. He informed the Knesset Finance Committee that this would increase total defence spending by more than 48 billion shekels above what had been budgeted. Total budgetary spending in 2024 would rise to 562.1 billion shekels from a planned 513.7 billion and lead to a budget deficit of 5.9% of gross domestic product, up from a target of 2.25%. Also read: Israel PM Benjamin Netanyahu says visited Gaza, vows to 'intensify' fighting He also it was not currently possible to plan for the possibility that the war against Gaza's Palestinian Hamas Islamists would stretch into March or beyond. As quoted by Reuters, he said: "It is possible that later in the year we will have to come and update it and we will have to come with updates as the war drags on." Parliament approved a special war budget of over 30 billion shekels for 2023 to assist support the war and compensate families affected by the October 7 cross-border Hamas strikes that triggered the war, as well as missiles launched from Gaza and Lebanon. Watch: Netanyahu bars Gallant from holding talks with Mossad Chief: Reports × Financial burden on citizens Moshe Gafni, who is chairman of the finance committee, said he was opposed to raising income taxes. However, he also supported taxes on excess bank profits and measures to promote economic growth. Finance Minister Bezalel Smotrich later told reporters that he will work to avoid increasing the financial burden on citizens during the war and his main priority for 2024 is to assist reservists and their families. Smotrich said: "They left everything and risked their lives for all of us and we should do everything to reward them in the best possible way." Smotrich added that the finance and defence ministries were working on a "very large plan for the benefit of the reservists and their families". Disclaimer: WION takes utmost care to accurately and responsibly report ongoing developments on the Israel-Palestine conflict after the Hamas attacks. However, we cannot independently verify the authenticity of all statements, photos and videos.

Israel mulling over increasing defence spending by US$8 billion in 2024

Israel’s defence ministry on Thursday announced that its new laser missile defence system successfully neutralised drones, rockets, mortars, and anti-tank missiles in a recent test.

According to Defence Minister Benny Gantz, this Israeli-made laser system will complement the country’s air defence system, including the famed Iron Dome, adding that it will be inducted “as soon as possible”, news agency AP reported.

Israel aims to deploy the laser systems—dubbed Iron Beam—around its borders, especially near the Gaza Strip.

According to the Times of Israel newspaper, the test, described as&nbsp;“game changer”, was conducted in March this year at an undisclosed location in southern Israel’s Negev desert.

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Israel has successfully tested the new “Iron Beam” laser interception system. 
 
This is the world’s first energy-based weapons system that uses a laser to shoot down incoming UAVs, rockets &amp; mortars at a cost of $3.50 per shot. 
 
It may sound like science fiction, but it's real. <a href="https://t.co/nRXFoYTjIU">pic.twitter.com/nRXFoYTjIU</a>
— Naftali Bennett בנט (@naftalibennett) <a href="https://twitter.com/naftalibennett/status/1514661060011245571?ref_src=twsrc%5Etfw">April 14, 2022</a></blockquote>
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It was initially planned to deploy the laser system by 2024, but the military wants to be inducted as soon as possible.

Prime Minister Naftali Bennett had announced&nbsp;in February that Israel would deploy the system within the year, the newspaper reported.

The ground-based laser system is being developed with the Rafael weapons manufacturer.

“The successful series of tests proved the uniqueness of the system, intercepting a wide range of threats in a variety of scenarios,” Times of Israel newspaper quoated Rafael Advanced Defense Systems director-general Yoav Har-Even as saying.

“The cooperation between Rafael and the Defence Ministry [research team] has led to a technological breakthrough and the completion of a significant milestone, one that will allow us to reach initial operational capability in a short time,” he added.

According to the ministry, Israel is among the first countries in the world to succeed in using&nbsp;powerful laser technology to develop a working air defence system and to demonstrate interceptions in operational scenarios.

(With inputs from agencies)

Israel’s defence ministry on Thursday announced that its new laser missile defence system successfully neutralised drones, rockets, mortars, and anti-tank missiles in a recent test.

Israel’s defence ministry on Thursday announced that its new laser missile defence system successfully neutralised drones, rockets, mortars, and anti-tank missiles in a recent test. According to Defence Minister Benny Gantz, this Israeli-made laser system will complement the country’s air defence system, including the famed Iron Dome, adding that it will be inducted “as soon as possible”, news agency AP reported. Israel aims to deploy the laser systems—dubbed Iron Beam—around its borders, especially near the Gaza Strip. According to the Times of Israel newspaper, the test, described as “game changer”, was conducted in March this year at an undisclosed location in southern Israel’s Negev desert. Israel has successfully tested the new “Iron Beam” laser interception system. This is the world’s first energy-based weapons system that uses a laser to shoot down incoming UAVs, rockets & mortars at a cost of $3.50 per shot. It may sound like science fiction, but it's real. pic.twitter.com/nRXFoYTjIU — Naftali Bennett בנט (@naftalibennett) April 14, 2022 × It was initially planned to deploy the laser system by 2024, but the military wants to be inducted as soon as possible. Prime Minister Naftali Bennett had announced in February that Israel would deploy the system within the year, the newspaper reported. The ground-based laser system is being developed with the Rafael weapons manufacturer. “The successful series of tests proved the uniqueness of the system, intercepting a wide range of threats in a variety of scenarios,” Times of Israel newspaper quoated Rafael Advanced Defense Systems director-general Yoav Har-Even as saying. “The cooperation between Rafael and the Defence Ministry [research team] has led to a technological breakthrough and the completion of a significant milestone, one that will allow us to reach initial operational capability in a short time,” he added. According to the ministry, Israel is among the first countries in the world to succeed in using powerful laser technology to develop a working air defence system and to demonstrate interceptions in operational scenarios. (With inputs from agencies)

‘Game changer’: Israel successfully tests new laser defence system 

The Israel Defence Forces are seeking a massive hike in their budget to attack Iran's nuclear program. According to reports, Israel is preparing for a potential attack on Iranian nuclear sites and the government will seek to pass the budget in coming months.

IDF seeks hikes in defence budget to attack Iran's nuclear program