Leslie Cady

I MARK'S

of

SILVER STREAK

CLEANING

WISHES YOU A HAPPY AND
HEALTHY NEW YEAR

Crosswinds Mall
West Bloomfield

have doubled the price of
basic food products and public
transport.
At the same time no money
has been made available for
bankrupt companies, like
Alliance tires, and privatiza-
tion of government enter-
prises has further boosted the
treasury's coffers. The Paz Oil
Co. was sold to Australian
businessman Jack Liberman
for $95 million, and there are
plans to sell off shares in
Israel Chemicals and Bezeq
communications.
This rigorous restraint has
been felt necessary by the
Finance Ministry in order to
maintain stability. Inflation
which raged at a runaway
445 percent in 1984, now runs
at an annual rate of 15 per-
cent. And Israelis are not
resting on their laurels, for
there is a general air of disap-
pointment that inflation in
1988 will be a few points
above the target figure of 12
percent.
The fact that inflation has
not been brought down at the
expense of rising unemploy-
ment is a major achievement
— unemployment too has
fallen from 7.9 percent in
1986 to 5.9 percent today. In-
deed, a recent report on Israel
by the International
Monetary Fund, described
Israel's economic recovery as
"one of the most successful in
contemporary economic
history."
The major reason for the
decrease in unemployment
has been the country's export
boom, with exports climbing
from $6.9 billion in 1986, to
$8.2 billion last year and $4.8
billion in the first half of
1988. Israel exports 45 per-
cent of its production com-
pared to 30 percent in Bri-
tain, 16 percent in Japan and
8 percent in the United
States. Exports include more
than $2 billion per year in
polished diamonds, more than
$2.2 billion a year in elec-
tronics and machinery, and
more than $1 billion of
petrochemicals and minerals.
Further good news has been
the fact that exports have
been rising faster than im-
ports, with the trade gap nar-
rowing by 8 percent to $3
billion per year. Foreign cur-
rency reverses, helped by the
increase in exports and the
stability of the shekel, have
now risen above $5 billion.
But the national debt, at
more than $30 billion re-
mains high, and a staggering
48 percent of public expen-
diture must be utilized for
repayments.

The narrowing of the
balance of payments was also
helped by an increase in
philanthropic donations by

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NEW YEAR

MICHAEL, REA, MAI, VICKI,
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Manicures • VERA • JILL

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ample private parking

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ECCAIDWAY

SEPTEMBER 18, 1988

559-1570

7:30 P.M.

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Eirmingham, Michigan

525 Minimum Donation

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