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The IMF Consultation Mission to Israel Today Submitted its Preliminary Concluding Statement

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Tuesday, March 6th, 2012

The IMF Consultation Mission to Israel under mission chief, Mr. Peter Doyle, today presented its preliminary report on Israel’s economy to the Minister of Finance, Dr. Yuval Steinitz, and the Governor of the Bank of Israel, Prof. Stanley Fischer. The IMF is expected to publish its final report on the Israeli economy at the end of March 2012.

The Minister of Finance, Dr. Yuval Steinitz, thanked the mission, and said, “the probing review you performed is very important for us. I was pleased to learn that the IMF concurs with the view that the two-year budget framework has contributed to the stability and strength of the economy. We are acting and will continue to act towards the integration of Arabs and the ultra-orthodox in the labor market––we are creating opportunities for tertiary education and vocational training and call upon those sectors of the population to participate in the labor market for their own good and the good of the whole economy.”

The Governor of the Bank of Israel, Prof Stanley Fischer, said, “The annual visit with IMF economists in Israel is highly important for Israel’s economic decision makers and the economy. The members of the mission are experienced, professional economists, and every year we derive great benefit from the report they compile. In general, the mission members support the economic policy being implemented in Israel. That said, in certain areas, including the operation of the new Bank of Israel Law, the mission puts forward several issues for consideration and examination, and makes recommendations that we must discuss seriously.”

The Governor added, “Today, at the end of the two-week visit of the mission to Israel, we have received their preliminary report for 2011. In March, after their return to Washington and completion of the report, they will present it to the IMF Executive Board. I am confident that we will draw the necessary conclusions from their highly professional work.”

The mission chief, Mr. Peter Doyle, spoke of the focal point of the Concluding Statement, which speaks favorably of Israel’s economy, the fiscal discipline, and the responsible policy that enabled the economy to deal with the latest social protests. Mr. Doyle stated that the participation of Arabs and the ultra-orthodox in the labor market was showing a welcome upward trend, but this should be proceeding at a faster pace.

For the Concluding Statement of the 2012 Article IV Consultation Mission to Israel, please see: