In less than one hour today the Israel Cabinet was able to come to a compromise agreement to raise a loan, not exceeding 15,000,000 pounds, to finance a special works project designed to solve Israel’s unemployment situation.
The bill provides that the government may raise the funds from income tax payers and repay it over a three-year period beginning about one year from now, during the 1954-55 fiscal year. The measure is designed to provide 600,000 working days within the next three months, after which the regular development budget will be able to take over and provide additional jobs.
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