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Israel Foresees 400,000 Increase in Population over Five Years

February 17, 1960
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A 400,000 increase in the population of Israel over the next five years is envisaged in the outline of a five-year development plan for Israel submitted to the Knesset today by Finance Minister Levi Eshkol.

The outline was prepared by the Finance Ministry and the research division of the Bank of Israel. It indicates a decrease in capital imports from 350,000,000 pounds to 200,000,000 pounds annually ($200,000,000 to $110,000,000) presumably because of the completion of German reparations payments.

To make up for the decrease in capital imports, exports will have to be increased over the five-year period at the rate of 17 percent yearly. This will require the replacement of an increasing part of Israel’s imports by local production and an annual investment of about one billion pounds ($555,000,000).

Since the import of capital will fall off, Israel’s population will be required to tighten its belt, increase its savings and slow down the considerable rate of increased consumption and mounting standard of living, it is foreseen.

Meanwhile, the Israel Treasury today reported a 15 percent increase in foreign currency income during the last April to November period. The total foreign currency income was nearly $400,000,000 during that period. This total was $64,000,000 more than in the previous eight month period. The foreign currency income came from exports, revenue for services, tourism, investments and capital transfers, the Treasury said.

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