THE JEWISH WORLD
Financial Tidbits
Treasury officials presented an optimistic forecast this week, predicting that the economic slowdown will end in the coming year, with a growth rate of 4%, if the security situation in Israel and the U.S. economy improve. The officials also recommended that Israel cease to grant entry permits to foreign workers, in order to cut the rate of unemployment. In the meantime, the International Monetary Fund also forecasted that the Israeli economy would grow by 4-5% next year, provided that the security situation in Israel and worldwide demand for Israeli products would improve.
The prestigious American weekly Defense News announced this week that five Israeli of the leading 100 defense industries worldwide are Israeli. All five Israeli firms jumped in the world ratings thanks to increased sales. The companies are: Israel Aircraft Industries (ranked in 21st place worldwide, with revenues of $2.18 billion-up six places since 1999), Rafael (ranked 44th worldwide, with revenues of $675 million-up eleven places since 1999), Elbit Electronics (ranked 49th worldwide, with revenues of $555 million-up 14 places since 1999), Ta'as (ranked 55th worldwide, with revenues of $450 million-up four places since 1999), and Elisra Electronics (ranked 81st worldwide, with revenues of $281 million).
The police department of Zimbabwe will purchase scores of riot-busting vehicles from the "Beit Alfa Trailers" company of Kibbutz Beit Alfa, as part of its preparedness for presidential elections scheduled for April 2002. According to the newspaper Financial Gazette, the Interior Ministry of Zimbabwe asked the country's treasury to transfer $105 million to Beit Alfa as the first installment of the deal. "The vehicles will be equipped with riot-control equipment similar to that used by Israel in the territories, with water canons mounted on top," reported the newspaper. Senior officials of Zimbabwe's Police Department and Interior Ministry visited Israel to inspect the vehicles, which the Israeli Police Department has been using for the past 15 years, and preferred the Beit Alfa bid to others. The management of the Beit Alfa firm declined to comment.
Israel received a loan of $225 million from a group of 19 banks from around the world this week-roughly 50% more than was originally planned. The consortium of banks was organized by the German investment bank, Deutsche Bank, and included banks in Germany, France, Holland, USA, Switzerland, Japan, England, Austria, India, Taiwan and Israel. This is the first bank loan Israel has taken since 1996, and it represents part of the treasury's working plan for 2001. Treasury Minister Silvan Shalom said that the success in securing the loan strengthens Israel's standing in foreign markets and testifies to world investor faith in the Israeli economy.
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