Israel in budget deficit in another fallout post Moody’s downgrade

Israel posted a budget deficit in March, the Ministry of Finance said on Sunday. Meanwhile, the government’s reaction to Moody’s downgrading Israel’s credit outlook on Friday has attracted criticism. 

Israel reported an annual budget deficit of 300 million Israel shekels ($82.33 million) in March. The deficit refers to the previous 12 months from March of 2023, and followed nine months of surpluses. The deficit was the result of a decrease in tax revenue following "exceptional" revenue in 2022, the ministry said in a statement sent to Al-Monitor.