Israel’s Treasury presented to the Cabinet today its proposed budget for the next fiscal year, beginning April 1, 1967, believed to amount to 5,000,000,000 Israeli pounds ($1,667,000,000). The budget for the current fiscal year amounted to 4,600,000,000 pounds ($1,533,000,000).
The next budget, officials of the Treasury said, was based on the premise that Israel’s economic activity would continue unchanged next year, despite the new austerity programs freezing wages and prices. The Treasury has requested all Government departments to cut back on expenditures and economize in the use of all funds at their disposal.
At the same time, it was indicated that the Government’s income during the current fiscal period is expected to drop by about 200,000,000 pounds (about $67,000,000) below the expected income. Treasury circles, however, stressed their belief that taxes will not have to be raised to meet the new budget during the life of the Government’s new austerity program.
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