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June 17, 1994 - Image 51

Resource type:
Text
Publication:
The Detroit Jewish News, 1994-06-17

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

WElE
filLWEI s
Bay! G

Israel Records
May Deficit

The Israel budget registered a
NIS 270 million deficit in May,
the Treasury reported. Expen-
ditures reached NIS 6.377 bil-
lion, while revenues were NIS
6.107 billion.
Since the beginning of the
year, budget expenditures have
totaled NIS 32 billion and rev-
enues have reached NIS 33.8 bil-
lion, leaving the government
with a surplus of NIS 1.797 bil-
lion.

Government
Action Urged

Federation of Israeli Chambers
of Commerce President Danny
Gillerman called on the gov-
ernment to help restore
confidence in the economy and
avoid a spillover of the stock mar-
ket's sustained losses to other
sectors.
Mr. Gillerman made the ap-
peal despite a positive chamber
survey which showed that the
stock market crisis has not af-
fected economic activity.
According to Mr. Gillerman,
the government should take ur-
gent action to lower interest
rates, speed up privatization,
bring down housing prices and
expand foreign exchange and in-
vestment liberalization.
The survey showed that
imports increased significantly
in May. Car imports went up 25
percent to 9,780 from 7,595 in
April. Refrigerator imports
registered a similar increase. Re-
tail food sales rose 10 percent in
real terms.
Chamber economists attrib-
uted the positive trend to the ex-
traordinary wage hikes in the
public sector, which have trans-
lated into more consumer spend-
ing.

Bezek Signs
With ITI

Israeli company Bezek signed an
agreement with the United
States company International
Technologies Inc. (ITI) to estab-
lish telecommunication arrange-
ments with the autonomous
areas.
ITI, based in Washington,
received the exclusive franchise
to develop communication ser-
vices for the autonomy authori-
ty. This will ensure continuity of
services between the au-
tonomous regions and Israel, be-
tween the regions and foreign
countries and between Gaza and
Jericho. ❑

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BOWLS fi TRAYS
COIN WATCHES
RINGS
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CHAINS

CADILLAC®

CREATING

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1994
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Based on GMAC SMARTLEASE
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51

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