Commercial circles in Great Britain have been taking a brighter view of the economic situation in Israel recently, according to Mordechai Hazith, first secretary of the Israel Embassy in this country. “There is a feeling here.” he declared in an address today before a Joint Palestine Appeal reception, “that the Israel economic situation has eased somewhat.”
The brighter outlook, he said, has been brought about by these factors: 1. The government’s anti-inflation policy, which is now showing results; 2. The fact that some of the development projects initiated since the establishment of the State are now beginning to bear fruit; 3. The German reparations agreement has, to a certain extent, alleviated the problem of foreign currency; 4. The success with which the short-term indebtedness has been transformed into long-term loans, thanks to the generosity of many Jewish communities in the United States; and 5. The punctuality with which the Israel Treasury has repaid its various debts.
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