For the first time in the history of Israel, the regular government budget shows a surplus–13, 000, 000 pounds–Pinchas Saphir, director of the Treasury, announced today. He revealed that half the receipts of the regular budget come from direct taxes.
Mr. Saphir said that the Treasury will use this and other surpluses to gradually repay debts incurred in past years, particularly these which resulted from the mass immigration. It will also invest future surpluses in development projects, Mr. Saphir said, particularly since no one knows how long aid from abroad will continue and Israel cannot halt its development and must mobilize all its natural resources to help receive more immigrants.
Help ensure Jewish news remains accessible to all. Your donation to the Jewish Telegraphic Agency powers the trusted journalism that has connected Jewish communities worldwide for more than 100 years. With your help, JTA can continue to deliver vital news and insights. Donate today.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
