Israel Government to Present 1,500,000,000 Pounds Budget to Knesset; Largest Ever
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Israel Government to Present 1,500,000,000 Pounds Budget to Knesset; Largest Ever

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A record budget for the 1959-1960 budget year of 1,500,000,000 pounds, about 90,000,000 more than the current budget, will be sent to Knesset next month, it was disclosed today.

It was also revealed that the budget has been sharply criticized by both left-wing parties, Achdut Avodah and Mapam. Achdut Avodah was reported opposed to the drastic cuts made for the development budget and Mapam reportedly objected to the projected taxes.

Although the next budget provides for a slight increase in revenue from direct taxes, both left-wing parties have complained that indirect taxation provides too high a proportion of the budget. This position is in conflict with the repeated advice of foreign experts who have consistently urged the Israel Government to reduce the percentage of revenues derived from direct taxation.

The Israel Treasury announced today that the liberalization of currency regulations by which Israelis may obtain at virtually a free rate $100–announced and then and then suspended for a week–will go into effect this week. The privilege is available to Israelis traveling abroad or needing foreign currency for other personal reasons.

A further easing of currency controls also was announced. Owners of foreign securities will be permitted to sell the securities to banks and receive upwards of $100 in foreign currency for travel abroad.

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