Under the terms of the law, which passed its final reading in the Knesset plenum by a vote of 37-0, the government will lead an accelerated seven-year recovery plan, reinforcing the Takuma Directorate's role in regional restoration.
Addressing the Knesset plenum before the voting, Finance Minister Bezalel Smotrich said the budget "will support growth and allow the Israeli economy to maintain its strength and continue to prosper."
The reform will allow the State of Israel to align with the environmental standards of the European Union and reduce pollution and environmental risks from industrial activity in Israel.
The final vote passed 64-56, with lawmakers voting along coalition lines. The state budget for 2023 will be 484 billion shekels (USD 130 billion) while the budget for 2024 will be 514 billion shekels (USD 138 billion).