The House Foreign Affairs Committee today published a report on the Mutual Security Bill in which it advocated $79,000,000 in economic and technical assistance for Israel and said that in the Jewish State “the United States has reason to expect a convincing demonstration of constructive accomplishments this year.”
The Committee commented, in its report to the House, on the economic difficulties in Israel. “Israel’s critical financial situation, “it said, “arises from its efforts to remove the refugees from relief and make them into productive citizens. Foreign-exchange reserves have been exhausted and it is living from day to day on its receipts and short term borrowings from abroad. Prices are soaring and its industry is crippled by the inability of the government to supply foreign currency for the purchase of raw materials for processing.”
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