For the first time in the history of Israel, the regular government budget shows a surplus–13, 000, 000 pounds–Pinchas Saphir, director of the Treasury, announced today. He revealed that half the receipts of the regular budget come from direct taxes.
Mr. Saphir said that the Treasury will use this and other surpluses to gradually repay debts incurred in past years, particularly these which resulted from the mass immigration. It will also invest future surpluses in development projects, Mr. Saphir said, particularly since no one knows how long aid from abroad will continue and Israel cannot halt its development and must mobilize all its natural resources to help receive more immigrants.
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