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Ramallah Hosts Palestinian-US Economic Dialogue

Activists wave a Palestinian flag outside the White House during a memorial for Palestinians who have died during the past year of Israeli-Palestinian violence, in Washington, US, June 5, 2021. REUTERS/Erin Scott/File Photo
Activists wave a Palestinian flag outside the White House during a memorial for Palestinians who have died during the past year of Israeli-Palestinian violence, in Washington, US, June 5, 2021. REUTERS/Erin Scott/File Photo
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Ramallah Hosts Palestinian-US Economic Dialogue

Activists wave a Palestinian flag outside the White House during a memorial for Palestinians who have died during the past year of Israeli-Palestinian violence, in Washington, US, June 5, 2021. REUTERS/Erin Scott/File Photo
Activists wave a Palestinian flag outside the White House during a memorial for Palestinians who have died during the past year of Israeli-Palestinian violence, in Washington, US, June 5, 2021. REUTERS/Erin Scott/File Photo

The Palestinian and US governments on Sunday announced the start of the US-Palestinian Economic Dialogue (USPED) to discuss current and future areas of economic cooperation.

The dialogue is scheduled to kick off on Monday. It is the fourth organized by the two sides since 2004 and the second under the current US administration.

USPED was interrupted under the Trump administration and then resumed in 2021 for the first time in five years.

A joint statement by the Palestinian and US governments said the economic dialogue is launched in light of US President Joe Biden’s commitment to achieving a two-state solution, including the existence of an independent, sovereign, and geographically connected state of Palestine, with freedom, security and prosperity for all.

USPED sessions will be chaired by Minister of National Economy Khaled al-Osaily on the Palestinian side, and Principal Deputy Assistant Secretary for the Bureau of Economic and Business Affairs at the State Department, Whitney Baird on the US side.

This senior-level dialogue will also bring together a wide range of agencies and ministries from the two governments.

Participants will discuss several crucial issues to advance the economic prosperity of the Palestinian people, increase the dynamism of the productive sectors, especially trade, industry, renewable energy, and financial issues.

They will also review the implementation of previous discussed key topics, including infrastructure development, access to US markets, US regulations, free trade, financial issues, renewable energy and environmental initiatives, connecting Palestinian and American businesses, and addressing obstacles to Palestinian economic development.

This year, the Palestinian government is going through its worst financial crisis since the establishment of the Palestinian Authority due to precipitous decline in foreign aid, Israel’s ongoing deduction of tax revenues, and the repercussions of confronting the COVID-19 pandemic.

In April 2021, Washington announced the Biden Administration's plan to resume various forms of aid to the Palestinians.

The administration provided more than $890 million in aid to the Palestinian people, including humanitarian aid and through UNRWA support.

As for the volume of trade exchange between Palestine and the US, it amounts to about $100 million.

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Cash Crunch Leaves Syrians Queueing for Hours to Collect Salaries

Syrian civil servants must queue at one of two state banks or affiliated ATMs, and withdrawals are capped. LOUAI BESHARA / AFP
Syrian civil servants must queue at one of two state banks or affiliated ATMs, and withdrawals are capped. LOUAI BESHARA / AFP
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Cash Crunch Leaves Syrians Queueing for Hours to Collect Salaries

Syrian civil servants must queue at one of two state banks or affiliated ATMs, and withdrawals are capped. LOUAI BESHARA / AFP
Syrian civil servants must queue at one of two state banks or affiliated ATMs, and withdrawals are capped. LOUAI BESHARA / AFP

Seated on the pavement outside a bank in central Damascus, Abu Fares's face is worn with exhaustion as he waits to collect a small portion of his pension.
"I've been here for four hours and I haven't so much as touched my pension," said the 77-year-old, who did not wish to give his full name.

"The cash dispensers are under-stocked and the queues are long," he continued.

Since the overthrow of president Bashar al-Assad last December, Syria has been struggling to emerge from the wake of nearly 14 years of civil war, and its banking sector is no exception.

Decades of punishing sanctions imposed on the Assad dynasty -- which the new authorities are seeking to have lifted -- have left about 90 percent of Syrians under the poverty line, according to the United Nations.

The liquidity crisis has forced authorities to drastically limit cash withdrawals, leaving much of the population struggling to make ends meet.

Prior to his ousting, Assad's key ally Russia held a monopoly on printing banknotes. The new authorities have only announced once that they have received a shipment of banknotes from Moscow since Assad's overthrow.
In a country with about 1.25 million public sector employees, civil servants must queue at one of two state banks or affiliated ATMs to make withdrawals, capped at about 200,000 Syrian pounds, the equivalent on the black market of $20 per day.

In some cases, they have to take a day off just to wait for the cash.

"There are sick people, elderly... we can't continue like this," said Abu Fares.

'Meagre sums'
"There is a clear lack of cash, and for that reason we deactivate the ATMs at the end of the workday," an employee at a private bank told AFP, preferring not to give her name.

A haphazard queue of about 300 people stretches outside the Commercial Bank of Syria. Some are sitting on the ground.

Afraa Jumaa, a civil servant, said she spends most of the money she withdraws on the travel fare to get to and from the bank.

"The conditions are difficult and we need to withdraw our salaries as quickly as possible," said the 43-year-old.
"It's not acceptable that we have to spend days to withdraw meagre sums."

The local currency has plunged in value since the civil war erupted in 2011, prior to which the dollar was valued at 50 pounds.

Economist Georges Khouzam explained that foreign exchange vendors -- whose work was outlawed under Assad -- "deliberately reduced cash flows in Syrian pounds to provoke rapid fluctuations in the market and turn a profit".

Muntaha Abbas, a 37-year-old civil servant, had to return three times to withdraw her entire salary of 500,000 pounds.

"There are a lot of ATMs in Damascus, but very few of them work," she said.

After a five-hour wait, she was finally able to withdraw 200,000 pounds.

"Queues and more queues... our lives have become a series of queues," she lamented.