Eisenhower Reports to Congress on Israel’s Economic Progress

President Eisenhower today sent to Congress a report on the mutual security program which emphasized the turn of Israel toward industry and reported “marked progress” in Israel’s management of its economic problems.

The report said “A good measure of economic stability has replaced the rampant inflation of earlier years, and the short-term external debt has been satisfactorily refunded Greater attention is now being paid to programs for orderly economic development especially in the industrial sector.”

United States assistance to Israel, the report said, is placing “greater emphasis on industrial development projects designed to make maximum use of local raw materials.” It was noted that agricultural production, an important feature of Israel’s development program, must continue to expand.

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