Reminder: Role and Function of Israel's Finance Department

Day 827, 10:30 • Published in Israel Israel • by Israel Ministry of Finance

Seeing the finely balanced vote on the latest donation to the IFD, it occurs to me that citizens may not be fully aware of the IFD and its function.

The IFD performs the function of central bank for Israel. Funds are no use in the country treasury because they are not easily accessible for funding the daily requirements of government, and if we were to be attacked or to region swap our territories then the gold and NIS in the country treasury could be lost to the attacking country.

In the past the country treasury has also been stolen or 'confiscated' by Israeli Presidents and former Presidents. However access to all government orgs, including the IFD, is governed by a contract which can be enforced by the admins. Only President Sadeh Badeh and I have access to the IFD and the Knesset Finance Committee keeps a tight supervisory eye over the blances int eh IFD and the activities of the IFD.

Donations of funds to the IFD is a routine activity, it is therefore not typically governed by the normal rules associated with other Knesset proposals - namely that they are to be proposed in forums first before on the erep system.

Franz Kafka
Minister of Finance