The Israel Cabinet today heard reports by Foreign Minister Moshe Sharett and Finance Minister Eliezer Kaplan on measures undertaken in the United States and Britain for improving the financial situation of the Jewish State.
A government spokesman also revealed tonight that the Cabinet considered telegraphed reports from Minister of Trade and Industry Dov Joseph and S.S. Hoofien, manager of the Israel National Bank, both of whom are now in the United States on economic missions. The spokesman expressed confidence that government efforts to improve the situation would be “fruitful” and that the food supply would continue without interruption. “The situation is not as bad as it is described by the papers,” the spokesman added.
The Cabinet also worked on the general outline of a development budget of from 80,000,000 to 90,000,000 pounds. The budget will be met with portions of the American grant-in-aid, with various loans and by government notes. The projects financed by the development budget will get under way as income becomes available.
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