An expanded program of mobilization to help Israel cope with its current financial crisis was initiated today by more than 150 national and community leaders of the Israel Bond Organization meeting here to strengthen Israel’s economy in the face of the recently intensified Arab boycott. The action to mobilize greater financial resources through the enrollment of the business, labor, and professional communities through the sale of State of Israel Bonds was taken at an all-day emergency conference at the Washington Hilton Hotel which was addressed by Deputy Premier and Foreign Minister Yigal Allon, Ambassador Simcha Dinitz and Economic Minister Zeev Sher.
At the same time, the conference stressed the central importance of the participation of every Jewish family on a maximum level in strengthening Israel’s economy through the purchase of Israel Bonds, Alton’s address to the conference participants was off-the-record.
Sam Rothberg, general chairman of the Israel Bond Organization, asserted that the thrust of the Arab economic boycott, added to Israel’s critical financial position as a result of the Yom Kippur War and the effects of a staggering rate of inflation, poses an extremely serious problem for Israel. “The intensity and scope of the assault on Israel’s economy (by the boycott) and those who support and do business with it have made the economic front a most vital sector in Israel’s struggle for survival and security, for freedom and independence.”
Sher, Israel’s Economic Minister to the United States and Canada, pointed out that the Israelis are now the highest taxed people in the world because they are required to carry the heaviest defense burden in the 27-year history of Israel. He and Michael Anion, president of the Israel Bond Organization called upon the Jewish communities in the U.S. and Canada to provide a major share of the new Israel Development Budget for this year, which amounts to $1,070,000. Arnon added: “The crisis in Israel is a challenge too immediate, too great, and too personal for any Jew to overlook or underestimate.”
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