Israel's new finance minister Smotrich promises fiscal responsibility

As Israel's new finance minister, Bezalel Smotrich promised fiscal responsibility, increased competition, and a focus on reducing the country's high cost of living during a period of rising inflation and sluggish global economic growth, Azernews reports citing Reuters.

After a new government made up of right wing and religious parties was sworn in last Thursday, numerous ministries held changing of the guard ceremonies on Sunday.

“Israel will be an island of stability and responsibility,” the 42-year old Smotrich told Reuters after the ceremony at the finance ministry.

Although he acknowledged that the country was entering a "challenging period" and reiterated his belief in free markets that are driven by the business sector, he declined to provide specifics about his planned fiscal policy.