Israel Passes Last-Minute Spending for 2021 After Budget Failure

(Bloomberg) -- Israel’s parliament has averted steep cuts to government spending next year despite its failure to pass a 2021 budget.

Legislation approved late Monday with the Finance Ministry’s support will allow the government to maintain the same level of spending authorized this year in the throes of the coronavirus crisis. In all, the 2021 budget will total 419 billion shekels ($130.2 billion).

Read more: Israel Heads to Fourth Vote in Two Years Over Budget Crisis

The legislature automatically dissolved last week after missing a deadline to approve the budget, leaving the country with no updated spending plan for a second year in a row, and sending it to its fourth election in two years.

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