A national mobilization conference for economic development in Israel will meet at the Waldorf-Astoria Hotel here during the weekend of September 15, to launch a new $500,000,000 State of Israel Bond issue to speed Israel’s postwar economic recovery and to advance the country’s progress toward economic independence, it was announced today by Dr. Joseph J. Schwartz, vice-president of the Israel Bond Organization.
Finance Minister Pinhas Sapir will make a special trip to the United States to participate in the conference and to outline Israel’s increased economic needs resulting from the recent war. Mr. Sapir is expected to report on the short-term problems confronting Israel in restoring its war-dislocated economy to normal, and the long-term problems of development in its efforts to achieve greater economic stability.
“The economic problems, such as unemployment and the need to narrow the gap in the balance of trade, which confronted Israel before the outbreak of hostilities, must receive priority consideration in the days to come,” Dr. Schwartz said. “In addition to the increased tasks of rebuilding plants and equipment destroyed or damaged by war, Israel must now concentrate all available economic resources on the basic tasks of industrial expansion that will create more jobs and produce more goods for export — two indispensable factors to its goal of economic self-sufficiency.
“In the present circumstances, following the crisis and life-and-death struggle which drained its financial resources, Israel looks to the Israel Bond Organization to supply the bulk of the funds necessary to strengthen and expand her economy,” he asserted.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
