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44
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Friday, May 10, 1985
THE DETROIT JEWISH NEWS
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Reagan OKs $1.5 Billion
Emergency Aid Package
Jerusalem (JTA) — Israel was
they will be used to increase Is-
officially notified last Thursday
rael's foreign currency reserves
that it will get $1.5 billion emer-
which is essential to a stable
gency aid from the U.S.
economy, he said.
The $1.5 billion emergency
Secretary of State George
Shultz sent a message to Premier
package is being provided in addi-
Shimon Peres, saying President tion to $3 billion in economic and
Ronald Reagan would ask Con-
military assistance already ap-
proved for fiscal 1986, all of it
gress to approve the supplemen-
tary aid which Israel had re-
grants.
Meanwhile, newly released fig-
quested. The aid package was ap-
proved last week by the House ures showed that Israel suffered a
Appropriations Subcommittee on
severe setback in its fight against
inflation last month along with a
Foreign Operations.
Shultz said the Administration further diminution of its scarce
appreciated the Israeli govern- foreign currency reserves. The
ment's efforts at economic reform, government, it was disclosed, was
and praised Peres personally for forced to print 148 billion shekels
in April. This was a sharp con-
the way he has handled the
trast to March, when no new cur-
economy. The message also
praised the government's decision rency was printed.
to withdraw from Lebanon and to
At the same time, foreign cur-
advance the cause of peace in the
rency reserves were reduced by
Mideast.
another $44 million and stand at
In a direct reference to reports
$2.86 billion, far below what
that the Administration was not
economists consider the danger
satisfied with the extent of eco-
point.
nomic reforms initiated by the
The injection of relatively large
government, Shultz wrote Peres
amounts of currency into the
that the Administration was sure
economy was required because
that Israel was undertaking steps
the public withdrew some 50 mil-
toward an economic recovery.
lion more shekels from its savings
In Jerusalem, Peres, stressing
accounts than it put in and be-
that the U.S. has made no condi-
cause of a rise in government
tions for providing the additional
spending. Treasury sources in-
economic aid to Israel, disclosed
last week that Israel had in fact sisted however that government
spending actually shrank by 15
rejected certain recommendations
by the Reagan Administration to percent compared to the average
of the previous three months.
improe its economy.
Another reason to print more
He said the suggestions turned
money
was the steady drop in tax
down called for a large scale de-
valuation of the shekel and aboli- revenues. In the past few years,
tion of linkage to the consumer tax revenue has fallen by 14 per-
cent, laying an increasingly
price index and to the dollar. Ad-
dressing students at Tel Aviv heavy burden on wage-earners.
In his address at Tel Aviv Uni-
University, Peres said that while
versity,
Peres also assailed oppo-
Israel acknowledged that such
measures might help cure its nents of Israel's participation in
research for the U.S. Strategic De-
economy, they could not be taken
fense
Initiative (SDI), popularly
because they would result in mas-
sive unemployment. Earlier in known as "Star Wars." Israel was
the week, Peres estimated that one of only three non-NATO coun-
tries invited by the U.S. to par-
150,000 Israelis would be made
jobless if the American plan was ticipate.
Peres said the project has tre-
adopted.
The Premier also stressed that mendous political and technologi-
most of the economic aid Israel cal significance. He also stressed
will receive from the U.S. will be the very strong contacts between
- spent to service Israel's huge debt Israel and the U.S. in general and
to the U.S. for arms purchases. specifically, the personal contacts
Not one dollar will be used to raise with President Reagan. He said
the living standards of Israelis, the U.S. is giving economic aid in
Peres declared. If any funds are order to have a strong democratic
left over after debt repayment, ally in the Middle East.
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CoMedian Danny Kaye was cited last month at the Jerusalem
International Conference on Voluntarism for his 32 years of service to
UNICEF. Mayor Teddy Kollek is at left at the awards presentation.