TEL AVIV – Prime Minister Benjamin Netanyahu on Wednesday announced an NIS 10 billion ($2.8 billion) aid package to help the Israeli economy make it through the coronavirus crisis.
“We are following developments closely, and the coronavirus has had a great economic impact on the global and Israeli economy,” said Netanyahu.
“The state of the Israeli economy is better than most world economies. The financial system is strong and unemployment is low. These are big advantages in entering this crisis. This is a challenge we believe we can handle, in order to eventually get through it safely,” he said.
“Our program will enable the economy to continue to function. We are doing it with an immediate package of NIS 10 billion,” the prime minister said.
The package would not affect the NIS 4 billion ($1.2 billion) loan fund for businesses impacted by the virus.
Netanyahu also stressed that despite the sudden restriction on international travel, the flow of goods into the country is unlikely to be negatively affected because most freight arrives by sea.
“We will ensure that this is not harmed. There is also a question regarding air freight, and we will do all we can to enable this to continue,” he said.
An additional NIS 1 billion will be funneled towards the health system and another NIS 1 billion will be earmarked for “special considerations,” strengthening Israelis authorities including its police, fire and rescue service, and the prisons service, he said.
Israel’s battered flagship carrier El Al will also receive a separate aid package. On Wednesday, the airline said it had sent home 85% of its pilots on unpaid leave until May.
78 Israelis have been diagnosed with COVID-19, most of whom contracted the virus while traveling overseas.