The Israel Government submitted to Parliament today its over-all budget of 1,163,000,000 pounds for the 1958-59 fiscal year. It represents an increase of 90,000,000 pounds over last year’s expenditures.
The overall document includes a regular budget for 717,000,000 pounds and several lesser budgets for development and other matters, totalling 436,000,000 pounds. The largest two items are for defense and for education.
For defense purposes the government asks 195,000,000 pounds and the right to draw against a 69,000,000 pound reserve. The largest absolute and proportional increase is in the education budget which went from 62,000,000 pounds last year to 73,000,000.
Housing expenditures will drop from 98,000,000 pounds to 55,000,000, the most dramatic slash of all, while funds for the development of electric power and oil drilling will go up.
Income from German reparations is expected to remain unchanged at 72,000,000 pounds, while counterpart funds from the United States will drop from 92,000,000 to 74,000,000 pounds. Foreign loans are expected to rise from 86,000,000 pounds in the current budget to 128,000,000 in the next fiscal year.
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