A five-point plan to fight inflation in Israel, which has shown a tendency in recent weeks to spiral upwards again, was presented to the Cabinet Committee on Economic Affairs today by Levi Eshkol, Israel Finance Minister. The plan will be discussed by the committee, but final action on it will come from the full Cabinet.
The plan, drafted by Treasury experts with the close cooperation of David Horowitz, governor of the Israel State Bank, proposes: a weekly balance, on the basis of which the Treasury will know what its income is each week and will not spend any more in a given week than it receives; the freezing of all credit for six months; the suspension of all emergency public works in some districts and the slowing down of public works projects in the rest of the country; a drastic cut in government public building; and, severe administrative measures to halt an increase in prices, especially for foodstuffs.
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