Israel's Treasury: budget deficit to be lower than expected

Israel's 2009 budgetary deficit is expected to be around NIS 28 billion. The year's accumulated budget deficit so far stands on NIS 19.4 billion
 
Israel's Ministry of Finance amended last week its yearly budget deficit projections, noting that Israel's 2009 budgetary deficit is expected to be around NIS 28 billion (US$7.40 billion) – significantly lower than the Treasury's original projections of NIS 36-42 billion (US$9.5-11 billion).
 
The Treasury's new deficit assessment derives from its reports on the market's performance in August 09, which noted a NIS 2 billion (US$530 million).
 
The year's accumulated budget deficit so far stands on NIS 19.4 billion (US$5.15 billion(
Should Israel's revenues remain stable and the Government expenditure limit kept, the annual deficit may end up being 30% lower than originally predicted.
 
Such an outcome is likely to have a favorable effect on Israel's budgetary planning of the next several years, including curbing the national deficit faster than planned and upgrading Israel's international credit rating.