Monday, March 4, 2024

Gaza war to cost Israel $48 billion: Report

Israel’s war on the besieged Gaza Strip is estimated to cost Tel Aviv about $48 billion, leaving it highly dependent on bond markets, a report has revealed.

Leader Capital Markets, a financial advisory firm in Israel, estimated that the war would cost the regime 180 billion shekels ($48 billion) in 2023-2024.

The firm noted that Israel will likely endure two-thirds of the total costs, while the US will pay for the rest.

The Israeli finance ministry has estimated that the war is costing the economy of the entity around $270 million every day.

“Israel’s fiscal math means the government will largely have to borrow its way through what’s already its worst armed conflict in half a century,” Bloomberg cited the report as saying on Friday.

Noting that Tel Aviv has issued international debt in yen, euros, and dollars through private placements via Wall Street banks, including Goldman Sachs Group Inc., the report said the Israeli government is still “counting on the domestic market to absorb the bulk of its financing needs.”

The Israeli regime has already “sold 18.7 billion shekels of local bonds” since the start of the war in October, compared with a monthly average of just over 5 billion shekels through September.

The occupying regime launched the war on Gaza on October 7 after the Palestinian resistance movement Hamas waged the surprise Operation Al-Aqsa Storm against the occupying entity in response to the Israeli regime’s decades-long campaign of bloodletting and devastation against Palestinians.

The Government Media Office in Gaza reported on Thursday that at least 14,850 Palestinians, including more than 6,150 children and 4,000 women, have been killed and over 36,000 others injured in the Israeli strikes.

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