Israel has paid $15.5 billion to finance the country’s debt, the largest amount paid in any year since the state was established in 1948.
The amount is the largest payment in the history of Israel’s debt-financed financing, and is the first time the country has paid back any of its outstanding loans, the Israel National Bank said Tuesday.
Israel has been saddled with debt since 1948.
It has a large sovereign debt, with an estimated total of $3.3 trillion, with more than $2 trillion owed to international creditors.
The new payment to the International Monetary Fund (IMF), the International Finance Corporation (IFC), the European Union and the European Central Bank is the biggest ever for the Palestinian territories, the World Bank said in a statement.
In the past two decades, Israel has been paying back large amounts of its debt.
In 2019, Israel paid back $10 billion, in 2016, $6.4bn and in 2015, $2 billion, the IFC said.
The Palestinian Authority (PA) was not included in the calculation, although the Israeli government has been negotiating with the PA to settle the debt issue.
It is not clear how much money Israel will pay, as the amount of money in the amount will depend on the number of days remaining in the year.
Israel is not obligated to pay, according to the IMF.
The payments are the latest sign of Israeli confidence in the Palestinian Authority, which has been in turmoil since the start of the 2016 Israeli military offensive in the West Bank.