Tel aviv: Israeli Prime Minister Benjamin Netanyahu has expressed his intent to phase out US financial assistance to Israel over the next decade, describing the aid as akin to 'welfare'. This announcement comes amid escalating disagreements between Tel Aviv and Washington, particularly concerning policies related to Iran.

According to Anadolu Agency, Netanyahu articulated his position during an interview with Israel's Channel 14, broadcast on Tuesday evening. He emphasized that Israel's economy, now robust and expansive, no longer necessitates US financial support. Netanyahu asserted that the US funding constitutes a minor segment of Israel's gross domestic product and that the nation possesses the financial strength to independently manage the amount from its own resources.

In the interview, Netanyahu was questioned about whether Israel should cease accepting US aid, to which he affirmed, "Yes." He proposed a decade-long phase-out plan to gradually diminish Israel's reliance on the US. He further stated that Israel's economy is nearing the $1 trillion mark, suggesting its ability to self-finance starting next year.

In a prior conversation with CBS' '60 Minutes' on May 11, Netanyahu indicated that Israel should reassess its financial ties with the United States. He mentioned having discussed this notion with former President Trump and Israeli officials, advocating for an immediate commencement of the process over the next decade.

The US has been a major ally of Israel, highlighted by a 10-year agreement signed in 2016, covering 2019-2028, which outlines US aid to Israel amounting to approximately $38 billion. Nonetheless, recent disagreements have surfaced between Tel Aviv and Washington over ongoing negotiations with Iran and a memorandum of understanding. Israeli officials have expressed concerns about being sidelined by the Trump administration during discussions with Washington, claiming that Israel's interests were not fully considered.