JERUSALEM (Jul. 24)
Israel’s Cabinet gave approval Monday to a multimillion-dollar plan proposed by Finance Minister Shimon Peres to create new jobs and revitalize the economy.
It was approved 21-0, with the abstention of Moshe Nissim, the former finance minister, who is a persistent critic of his successor’s policy.
Most of the proposals had already been approved in principle, but were pushed forward early, in order to create immediate job openings.
The measures include the investment of about $140 million in the country’s infrastructure, as well as aid for some factories in distress.
The program includes construction of additional classrooms in development towns and roads throughout the country, as well as a plan for the desalination of water in Eilat.
But while the plan sounds ambitious, it is not expected to create more than 3,000 new jobs, while the number of unemployed is estimated at 140,000.
The Histadrut Economic and Social Research Institute said Monday that the plan did not focus on the areas where unemployment is worst.