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U.S. Aid to Israel in Surplus Farm Products Helped Country’s Economy

The State Bank of Israel reported today that the $152,000,000 worth of farm products which Israel received during the past six years from the United States under its agricultural surplus program had a deflationary effect on Israel’s economy.

The report said that the American products were sold for pounds of which 160,000,000 ($89,600,000) were invested in development programs. The bank said that Israel could close its foreign trade gap in ten years if certain conditions were achieved.