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DEPARTMENT OF STATE
WASHINGTON
August 11, 1948
MEMORANDUM FOR THE PRESIDENT
Subject: Request of Israel for $100 million loan.
Mr. Epstein, the Representative in Washington of
the Provisional Government of Israel, is pressing for a
decision on his Government's application for a loan of
$100 million, now pending before the Export-Import Bank,
for economic development in connection with the resettle-
ment of immigrants.
Although Israel will probably need substantial
financial assistance if it is to maintain economic stabil-
ity during a period of large-scale immigration, there are
difficulties in the way of extending a loan at this time.
The United Nations Mediator, Count Bernadotte, is now en-
gaged in difficult and delicate negotiations, in which he
is seeking the terms of a settlement which might be ac-
ceptable both to the Provisional Government of Israel and
to the Arab Governments. The Government and people of
Israel have a vital interest in the success of these ne-
gotiations. The immediate effect of a large United States
loan to Israel both on the Arabs and on the Jews might be
such as materially to prejudice Count Bernadotte's medie-
tion efforts. In any event, it would be necessary to con-
sult with Count Bernadotte beforehand in order to ensure
that serious consequences would not follow for which this
Government would be blamed.
Information from Palestine shows clearly that the
present truce in Palestine is being subjected to great
pressures by all parties concerned. Our principal concern
is to find a basis of agreement before the truce itself
breaks down. The Arabs are restive under the truce because
they believe that the Jewish military position is being
steadily strengthened despite the conditions of the truce,
a. belief which is given greater currency by the public
statements of high officials of Israel itself. The Depart-
ment of State believes that we must take into account that
CHATIONAL
is RECORDS SERVICE"
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"ocrText": "DEPARTMENT OF STATE\nWASHINGTON\nAugust 11, 1948\nMEMORANDUM FOR THE PRESIDENT\nSubject: Request of Israel for $100 million loan.\nMr. Epstein, the Representative in Washington of\nthe Provisional Government of Israel, is pressing for a\ndecision on his Government's application for a loan of\n$100 million, now pending before the Export-Import Bank,\nfor economic development in connection with the resettle-\nment of immigrants.\nAlthough Israel will probably need substantial\nfinancial assistance if it is to maintain economic stabil-\nity during a period of large-scale immigration, there are\ndifficulties in the way of extending a loan at this time.\nThe United Nations Mediator, Count Bernadotte, is now en-\ngaged in difficult and delicate negotiations, in which he\nis seeking the terms of a settlement which might be ac-\nceptable both to the Provisional Government of Israel and\nto the Arab Governments. The Government and people of\nIsrael have a vital interest in the success of these ne-\ngotiations. The immediate effect of a large United States\nloan to Israel both on the Arabs and on the Jews might be\nsuch as materially to prejudice Count Bernadotte's medie-\ntion efforts. In any event, it would be necessary to con-\nsult with Count Bernadotte beforehand in order to ensure\nthat serious consequences would not follow for which this\nGovernment would be blamed.\nInformation from Palestine shows clearly that the\npresent truce in Palestine is being subjected to great\npressures by all parties concerned. Our principal concern\nis to find a basis of agreement before the truce itself\nbreaks down. The Arabs are restive under the truce because\nthey believe that the Jewish military position is being\nsteadily strengthened despite the conditions of the truce,\na. belief which is given greater currency by the public\nstatements of high officials of Israel itself. The Depart-\nment of State believes that we must take into account that\nCHATIONAL\nis RECORDS SERVICE\""
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