NEW YORK (Jan. 7)
A total of $505,030,000 in cash proceeds were mobilized in 1985 for Israel’s economic development by the State of Israel Bond Organization from sales of its various Israel securities, it has been announced by David Hermelin, national campaign chairman. The increase of more than $91 million over the Bond Organization’s results for the previous year, he said, represents the best Israel Bond campaign achievement in the 35-year history of Israel Bonds with the exception of the Yom Kippur War year of 1973.
In his statement, Hermelin declared that the outstanding response was an outcome of the “favorable atmosphere created by Israel’s austerity program which reduced inflation this past year and which restored the confidence of individual and institutional purchasers of our securities in Israel’s economic future.”
He continued: “These record results reflect the continuing unity of Jewish communities abroad with the people of Israel who have willingly accepted budget cuts and are making many sacrifices in order to help the government of Israel stabilize the economy and achieve a speedy economic recovery.”