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Treasury seeks $950 million transfer to Defense Ministry

The amount is to cover some of the expenses of Operation Protective Edge in the summer.

TANK GAZA IDF

The Ministry of Finance will today ask the Knesset Finance Committee to approve the transfer of a further about $950 million to the Ministry of Defense. This is to cover the expenses of Operation Protective Edge in the summer.

The budgetary sources of this sum are about $263 million from ministries budgets from 2013 and about $650 million from the general reserve for ministries in 2014 that has not yet been fully utilized.

The Ministry of Finance is supposed to compensate the Ministry of Defense with an overall sum of about $1.8 billion for the fighting as part of a compromise arrangement struck by Prime Minister Benjamin Netanyahu. The Defense Ministry had been demanding $2.33 billion and the Ministry of Finance agreed to pay $1.85 billion.

The Knesset Finance Committee headed by MK Nissan Slomiansky has so far approved $800 million for the Ministry of Defense, and approval of the latest amount will bring the total paid so far to $1.55 billion.

Published by Globes [online], Israel business news – www.globes-online.com

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