WHAT DINA THINKS: UAE's 6-Year Humanitarian Journey in Socotra

Hey expats! 

Today, we will look back on some heartening news from about 3 years ago, amidst the challenges that Yemen has been facing. Yemen's internationally recognized government recently signed a deal with the Arab Monetary Fund, making its way for a significant $1 billion economic aid injection.

So, Yemen has been grappling with a civil war for eight long years, affecting its economy and pushing half of its population to the brink of famine. The conflict began in 2014 when Houthi rebels took control of the capital, Sanaa. A Saudi-led coalition, including the United Arab Emirates (UAE), stepped in to restore the internationally recognized government's power.


Socotra



Fast forward to now – the Abu Dhabi-based fund, part of the Arab League, is ready to dish out $1 billion from 2022 to 2025. This economic deal is aimed at helping Yemen establish monetary and fiscal stability through a series of economic reforms. 

The Aden branch of Yemen’s central bank, under Saudi coalition control, has been navigating some tricky waters. They've been printing new banknotes to handle debts and cover public sector salaries, but the catch is these Aden-printed notes aren't accepted in Houthi-controlled areas.


Sana'a, Yemen

The recent deal was signed by Ahmed al-Maabqi, the governor of the Aden branch of Yemen’s central bank. It happened in the presence of Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan. 

Speaking of support, the Saudis have been investing big bucks to prop up Yemen’s internationally recognized government. In April, the Kingdom pledged a whopping $3 billion to help the war-battered economy.

I think this $1 billion aid might just be the boost Yemen needs to get back on its feet. We are all hoping for stability, peace, and a brighter future for the resilient people of Yemen. 


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