Two of Israel’s leading Cabinet members are scheduled to tour the United States next month to alert major Jewish communities to Israel’s difficult financial position resulting from the country’s spiraling defense burden, it was announced today by State of Israel Bonds. Joseph Saphir, Minister of Commerce and Industry, and Joseph Burg, Minister of Social Welfare, will address meetings in communities from coast to coast in behalf of the State of Israel Bond drive. The 1970 Israel Bond campaign seeks to raise $250 million. Mr. Saphir’s and Mr. Burg’s visit follows on the heels of the recent announcement that Israel’s dwindling foreign exchange reserves necessitated a cut of $57,000,000 in Israel’s current budget. It is feared that the budget cut, which will not affect the indispensable defense requirements of the country, will further limit Israel’s ability to maintain the pace of its economic development in the continuing struggle for peace unless there is an increase in the flow of cash from Israel bonds.
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