The President met with Israeli Minister of Defense Ezer Weizman on December 28, 1979. Subsequently, the President has decided to request the Congress to increase by $200 million the foreign military sales (FMS) credits previously authorized for Israel in the special legislation in support of the peace treaty.
The decision was based on consideration of such factors as inflation and Israel's balance of payments deficit and takes into account the fact that the Israeli Government has instituted since November extremely tough austerity measures designed to overcome these economic problems.
The decision, taken at a time when the President is determined to hold down Federal expenditures, reflects our sympathy and concern for Israel's security and well-being.
Presently, U.S. FMS credits for Israel total $2.2 billion, in addition to a grant of $800 million, to be disbursed over a period of approximately 3 years.