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July 23, 1993 - Image 95

Resource type:
Text
Publication:
The Detroit Jewish News, 1993-07-23

Disclaimer: Computer generated plain text may have errors. Read more about this.

MOTOR COACH TOURS - 13 YEARS EXPERIENCE!

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and taking flak, but we've
> changed our minds."
So the question now, as Bank
of Israel Governor Jacob Frenkel
has argued, is not whether or
not to mobilize $10 billion in cap-
ital over the next five years but
how best to use it.
"Arithmetically, Israel doesn't
need the money," Mr. Frenkel
admitted. But he believes that
it can be employed to draw an-
) other half a million immigrants
to Israel by refurbishing the
country's infrastructure (roads,
communications, and the like),
/ improving education and ex-
panding business and industry
by investing in research and de-
velopment.
Indeed, there seems to be gen-
eral agreement that the use of
the funds raised with the guar-
antees must be limited to as-
pects of development and that
every precaution must be taken
) to prevent the money from be-
ing sucked into the "black hole"
of Israel's national budget.
But though there's a broad
> consensus on what the money
must not be used for, there are
still clashing views on what con-
stitutes the valid disposal of
these special funds.
Finance Ministry Director-
General David Fogel has sug-
gested, for example, that a third
of the $10 billion be turned over
> to Israeli banks to provide long-
term credit to the business and
industrial communities.
But Prof. Bruno views the
government's import of capital
to finance the private sector as
a violation of its agreement with
> the U.S. to effect a far-reaching
reform of the Israeli economy.
Bank Leumi Managing Di-
rector David Friedman went so
far as to declare that his bank
would have no part of such a
plan because "it would push the
economy back ten years."
On another occasion Mr. Fo-
gel also spoke of using some of
the funds to improve the struc-
ture of Israel's foreign debt (cur-
rently $23.4 billion) by
translating short- and medium-
term loans (which comprise 26
percent of the external debt) into
lower-interest, long-term cred-
it.
Of all the suggestions made
during the current debate, how-
ever, perhaps the most revolu-
tionary though logical one came
from Prof. Fischer. Well versed
in the country's occasionally in-
scrutable ways, Prof. Fischer —
, whose counsel helped Israel
stabilize its economy after the
ravages of inflation in the ear-
ly 1980s — proposes that Jeru-
salem take full advantage of the
loan guarantees but forgo the
annual $1.2 billion in direct
American aid (which, he be-
lieves, is destined to be slash-
ed within the next few years
to accommodate American
strategic interests). ❑

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* "Gypsy" & "Mikado"
* Aug. 21-22
Fr. $225
* "Mikado" — Aug. 25
$72
* "Gypsy" — Aug. 29
$85
* (Also Thru October)

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* Baseball in Toronto —LAST CHANCE!
* July 30-Aug. 1 Fr. $189
* Hotel & 2 or 3 Games

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* - Montreal - Quebec City)
* Oct. 2-8
$589
* Hotels • Tours • Meals • Much
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$699
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$49
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Congratulations

CNJ

RICHARD L. ARDEN, M.D., F.A.C.S

Upon Receiving Your Dual Board Certification in:
FACIAL PLASTIC & RECONSTRUCTIVE SURGERY
OTOLARYNGOLOGY HEAD AND NECK SURGERY
Love, Mother & Dad, Shoshana, Jolee, Ron & Grandma

95

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