عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Israel's Cabinet Approves 2024 Budget Increase to Fund Displaced Citizens

A usually crowded beach in Tel Aviv is nearly deserted on August 25, 2024, amid cross-border hostilities between Israel and Lebanon's Hezbollah. (Photo by Ahmad GHARABLI / AFP)
A usually crowded beach in Tel Aviv is nearly deserted on August 25, 2024, amid cross-border hostilities between Israel and Lebanon's Hezbollah. (Photo by Ahmad GHARABLI / AFP)
TT
20
TT

Israel's Cabinet Approves 2024 Budget Increase to Fund Displaced Citizens

A usually crowded beach in Tel Aviv is nearly deserted on August 25, 2024, amid cross-border hostilities between Israel and Lebanon's Hezbollah. (Photo by Ahmad GHARABLI / AFP)
A usually crowded beach in Tel Aviv is nearly deserted on August 25, 2024, amid cross-border hostilities between Israel and Lebanon's Hezbollah. (Photo by Ahmad GHARABLI / AFP)

Israel's cabinet on Sunday approved an expansion of 3.4 billion shekels ($923 million) in the 2024 state budget to help fund evacuees until the end of the year, the Finance Ministry said.

Tens of thousands of Israelis in the north have been displaced into hotels in the wake of daily rocket attacks by Hezbollah since the outbreak of the Israel-Hamas war that began on Oct. 7. Those from Gaza border communities are also included in what the cabinet called "conflict zones.”

According to Reuters, he ministry also said that 525 million shekels of the total budget was returned to state coffers after prior spending cuts, while another 200 million shekels would finance army reservists.

The ministry said it was working to bring the budget adjustments for a vote in parliament as soon as possible.

Finance Minister Bezalel Smotrich said the additional funds would not add to the budget deficit and that the deficit would reach its 2024 target of 6.6% of gross domestic target.

Most Viewed

 
Business

Eni Confirms US Will No Longer Allow Oil Payments from Venezuela

A view of buildings in the dark due to a power outage, in a neighborhood in Maracaibo, Venezuela, March 16, 2025. REUTERS/Jose Issac Bula Urrutia
A view of buildings in the dark due to a power outage, in a neighborhood in Maracaibo, Venezuela, March 16, 2025. REUTERS/Jose Issac Bula Urrutia
TT
20
TT

Eni Confirms US Will No Longer Allow Oil Payments from Venezuela

A view of buildings in the dark due to a power outage, in a neighborhood in Maracaibo, Venezuela, March 16, 2025. REUTERS/Jose Issac Bula Urrutia
A view of buildings in the dark due to a power outage, in a neighborhood in Maracaibo, Venezuela, March 16, 2025. REUTERS/Jose Issac Bula Urrutia

Italy's Eni confirmed on Sunday it was notified by US authorities it would no longer be allowed to be repaid for gas production in Venezuela through oil supplies given by Venezuelan state oil company PDVSA.

Reuters had reported on Saturday that the US government had notified foreign partners of PDVSA, which include Eni, of the imminent cancellation of authorizations that allow them to export Venezuelan oil and byproducts.

“Eni continues its transparent engagement with US authorities on the matter to identify options for ensuring that non-sanctioned gas supplies, essential to the population, can be remunerated by PDVSA,” the Italian energy company said in a statement.

“Eni always operates in full compliance with the international sanctions framework,” it added.

Venezuela's President Nicolas Maduro has criticized the sanctions, saying they amount to an “economic war.”

The companies that had received licenses and comfort letters from Washington also include Spain's Repsol, France's Maurel & Prom, India's Reliance Industries and US Global Oil Terminals.

Venezuela's Vice President Delcy Rodriguez confirmed on Sunday on social media that the government had been informed about the decision to cancel these authorizations.

“We were prepared for this juncture and we're ready to continue to comply with the contracts of these companies,” she wrote, adding that foreign companies do not need a license or authorization from another government in Venezuela.

“We are a trustworthy partner and will continue to comply with the agreements reached with these companies.”

Most companies had already suspended imports of Venezuelan oil following Trump's imposition this week of secondary tariffs on buyers of Venezuelan oil and gas, according to sources and vessel tracking data.