Israel’s Parliament approved tonight, by a vote of 50 to 19, the Government’s new economic policy designed to stimulate Israel’s foreign trade by a wage and price freeze and incentives to increase production for export. The vote was taken at a special session during the current holiday recess.
The vote came after a seven-hour debate following speeches on behalf of the program by Prime Minister Levi Eshkol and Finance Minister Pinhas Sapir, author of the new plan. Replying to critics, Mr. Sapir said that industrial production in Israel had risen by 6 per cent in the first half of this year, and Israel’s chronic trade deficit had been reduced. He said Israel’s goal was to increase exports by $150,000,000 annually, and reduce imports as far as possible only to essential raw materials. The regular winter term of Parliament will open on October 17.
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