HomeEconomyMoody's downgrade sparks Israel divide Economy Moody's downgrade sparks Israel divide By farahat April 16, 2023 0 62 views Share FacebookTwitterPinterestWhatsApp Movement Control Order -0.% Add to/Remove from Watchlist Add to watch list Add location Location added successfully: Please name your portfolio type: purchase Sell date: quantity: price point value: Leverage: 1:1 1: 1: 1: 1: Steven Shell JERUSALEM (Reuters) – ISRAEL The Treasury secretary said Sunday that Moody’s (NYSE: 200 Movement Control Order ) The decision to downgrade Israel’s sovereign credit rating outlook is “not a big deal” and reiterated His position that the government’s plan to reform the judiciary will help the economy. But the head of Israel’s securities agency weighed in on the issue at the end of her five-year term on Sunday, saying the downgrade was a warning that needed to be taken seriously, And should prompt the government to rethink its plans. Moody’s Investors Service downgraded Israel’s outlook to stable from positive on Friday, while affirming its sovereign credit rating at “A1”. focuses much of its report on the government’s plans to reform Israel’s court system in a way that would give politicians more leverage in choosing judges , and limit the Supreme Court’s power to strike down legislation. legislative push sparked weeks of massive protests, which Moody’s said reflected institutional weakness. Prime Minister Benjamin Netanyahu, under domestic and foreign pressure, agreed to delay the reforms in an attempt to reach a middle ground, but the demonstrations continued. Finance Minister Bezalel Smotrich on – Israel’s Credit Outlook Previously downgraded state budget 24 and in 52. “I take this opinion seriously, but it’s not a big deal,” he said, noting that despite the political turmoil, Moody’s Point to a strong economy. Smotridge said he did not “think economists are great experts on judicial matters” and that any damage to the economy would be From the “Campaign of Lies” against reform. Anat Guetta, chairman of the Israel Securities Authority, took a different view and joined a growing number of top economists, including from the central bank and Treasury economists, who have warned the government’s move would spark an economic backlash. ” Moody’s announcement is not only a warning sign, but also an opportunity to recalculate our path and take seriously what has driven capital markets over the past decade Growing investor concerns…” Guetta said on the final day of her term. She called on the government to take steps to restore confidence in the country’s economy. Israel Business Forum, on behalf of Israel’s largest company has called on the government to halt the legislation until a broad consensus is found. it said it would “stop the deterioration of the Israeli economy”. “As long as such announcements are not issued, the harm to the public will intensify and cause irreversible damage.” it added that stop the program would calm financial markets and help the economy grow. Data released on Sunday showed that economic growth was in line with the top three On a month-to-month basis, the annualized growth rate in the fourth quarter was 5.3%, compared with the previous estimate of 5.6%. The Israeli economy has grown by 6.5 percent but the Bank of Israel’s government expects growth of 2.5 percent this year. Israeli government bond prices fell 1.1% after Moody’s action, while the Tel Aviv stock index fell 0.2%. The shekel was not traded on Sunday, but was down 0.7 percent against the dollar in New York on Friday. 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