WE ORE

4*-I

fli.ways

Let's All
Be Rational

AMOTZ ASA-EL AND DAVID HARRIS
SPECIAL TO THE JEWISH NEWS

Israel Finance Minister Dan
Meridor has major issues facing
the Israeli economy. He recently
discussed those issues in an in-
terview:
Your budget cuts fell short
of the mark, considering Jan-
uary's un-planned fiscal
deficit.
Trimming the '97 Israeli bud-
get was itself significant and dif-
ficult, and we knew it would not
be easy to implement. Surely, the
problem is on the revenue col-
umn.
Expenditures we can control
far better, by simply not spend-
ing more than we budget. With
revenues we can only estimate;
it is impossible to do so with pre-
cision, particularly in a time of
transition.
But let's be honest, your in-
/-1 ternal-revenue estimates, not
unlike the previous govern-
ment's, weren't even close to
the mark.
Look, for January alone there
was no estimate and, though I'm
looking into what happened that
month, one shouldn't gauge an-
nual trends on the basis of single
months. Rather, I decided to
monitor the economy's perfor-
mance on a quarterly basis.
If, come April, it transpires
that over the year's first three
months we failed to meet our rev-
enue targets, we will indeed cor-
rect the budget. I have asked my
staff to produce income and ex-
penditure forecasts over the com-
ing months. After three months,
I'll already be able to feel in which
direction we are headed.
So can we expect an an-
nouncement of further cuts
at the end of March?
No, at the beginning of April.
If we are more or less on course
then, we won't need to make
changes. If expenditure is not on
the right course, we will take im-
mediate and ongoing steps to
undo the deficit.
Budget Director Ran Kroll
has reportedly said the bud-
get cut could reach $4.5 bil-
lion.
I really don't want to say
whether we should make a cor-
rection or not. It would make a
very good headline, but it would
also be very irresponsible.
There are all sorts of things
still to be taken into considera-
tion, such as whether the slow-
down in the market will reduce
the amount of collected taxes.
But all this is theoretical for the
time being.

RATIONAL page 70

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THE JEigii NEWS

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