Government subsidies to transport cooperatives will be cancelled at the beginning of next year, making inevitable a country-wide increase in bus fares, it was learned here today. The decision to cancel the subsidies, made by the Ministerial Economic Committee, will mean an increase in fares ranging from 12 to 15 percent.
Three encouraging achievements in the economic field recorded this year may prove 1959 to be the best economic year for Israel since the country’s establishment, David Horowitz, Governor of the Bank of Israel, told the Tel Aviv Industrial and Commercial Club today.
He listed the achievements as: 1. The improved balance of payments and narrowing trade gap with a 10 percent increase in exports and only a negligible rise in imports; 2. Stability of prices; and 3. An increase of foreign currency reserves–$162,000,000 this year against $99,000,000 last year.
Pointing out that the Government fiscal policy, providing for $6,000,000,000 in investments already bearing fruit, was responsible for the situation, Mr. Horowitz said, however, that even with this rate of progress, it would still take 10 years for Israel to reach economic independence.
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