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Eshkol Addresses Governors of Monetary Fund in Washington

Israel has achieved one of the world’s highest national growth rates, Israel Finance Minister Levi Eshkol said today in an address before the Governors of the International Monetary Fund. He is attending the Monetary Fund meeting in his capacity as Governor for Israel, representing his nation at the international meeting.

Mr. Eshkol reported that Israel increased its national product in 1958 by eight percent. The growth of Israel’s national product, he said, averaged at 10 percent annually for the last five years. Factors responsible for this high rate of growth included investments, foreign assistance, and the rapid increase in population, he explained.

Israel’s Finance Minister commended the Fund for having contributed to a deeper understanding of major events in the world’s economy in recent years. He urged “dynamic, far-sighted and concentrated efforts by all industrial nations to channel a wide stream of resources into the less developed countries” to provide real progress for the majority of the world’s population who live in less developed countries.

Mr. Eshkol said the increase of the Fund’s resources brings it nearer one of its major goals “to serve the community of nations as a store of secondary reserves.” He voiced confidence the Fund would assume an ever-growing role in the world economy, serving as a guide for the economic and financial policies of many nations.

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