The Israel Cabinet approved last night a foreign currency expenditures budget totalling $480,000,000 for the current fiscal year. Of the total, $250,000,000 will be spent for consumer goods and foodstuffs, $119,000,000 for capital investments, more than $69,000,000 for materials and about $42,000,000 for the repayment of debts and for the building of a reserve.
Anticipated income, it was stated, would come from the following sources; tourism and other services, $37,500,000; contributions by various Jewish organizations including the United Jewish Appeal and Hadassah, $92,000,000, bond sales, $40,000,000; United States grants-in-aid, $30,000,000 German reparations, $83,000,000; other forms of German compensation, $42,000,000; special loans, $20,000,000; gifts. $10,000,000 and various other sources $3,500,000. The remainder of the budget would be made up from exports.
The Jewish Agency today adopted a departmental budget of 1,850,000 pounds for the absorption department. The funds will be made available by the Agency and the Israel Government. Leib Doltzin, immigration department head, and Levi Eshkol, chairman of the immigration department of the Agency, reported on prospects for middle class immigration from Western-countries.
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