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Israel Cabinet Body Votes to Raise $42, 200, 000 in Compulsory Savings Loan

The Ministerial Economic Committee of Israel’s outgoing Government voted here today to raise a compulsory savings loan of 75, 000,000 Israeli pounds ($42,200, 000) to finance projects for absorption of immigrants. Israel’s Cabinet will hold a special meeting on the issue tomorrow, and is expected to approve the committee’s plan.

The loan will amount to 12 percent of an Israeli earner’s income above certain, minimum levels. It is expected to go into effect October 1, and will continue in force for 18 months, or until the end of the 1962-63 fiscal year. The compulsory loan plan at first envisaged the raising of only 45, 000, 000 pounds ($25, 200, 000), but revised figures have brought the total up to 75, 000, 000 pounds.