In a speech to the International Monetary Fund, meeting in Istanbul, Finance Minister Yuval Steinitz said that Israel would lend the organization as much as $500 million, in an effort to assist emerging economies during the recession. The money would come from Israel's currently bulging foreign currency reserves, which have been bolstered over the past year by the Bank of Israel's purchases of dollars on the open market, in an attempt to keep the dollar-shekel exchange rate higher.
Steinitz added that it was possible to detect an improvement in the Israeli economy over the last three months. Exports have climbed 26% in annualized figures, state tax revenues have risen, and economic indicators have risen significantly, he said.