Finance Minister Pinhas Sapir presented to the Knesset (Israel’s Parliament) today a budget for the fiscal year 1965-66, calling for expenditures totaling 4,000,000,000 Israeli pounds ($1,333,333,333). The budget is eight percent higher than this year’s and 26.7 percent higher than the budget for 1963-64.
He said the tax revenues, including the income taxes in the next fiscal year, are expected to go up. He reported to the Knesset also that the total of foreign currency reserves will reach $620,000,000 by the next fiscal year, and is “rising steadily.”
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