Reuters 10th December 2013

World first Liquidity Program - CULA injects cash at street level to release the burden from private sector companies, employees and domestic workers
Gill Wallace Hope, Economic Sustainability Advisor to HH Sheihk Khalifa, President of UAE and the Financial Stability Board (FSB) has developed a $5.4 bn Liquidity Program that is faster and cheaper than the Quantitative Easing programs used by developed countries. "UAE has no bankruptcy system, so the people least able to carry the burden are being driven into the ground by harassment, language barriers, legal systems they don't understand and excessive fines which plunge them into more poverty. The cost to the Human Capital is too high." states Gill Wallace Hope HH Shk Khalifa publicly acknowledged the immense value that the Construction sector including Contracting, Consulting, Architects, Engineers, workers and domestic staff has contributed to the Abu Dhabi economy and said he would pay but not when, so the banks refused to provide working capital for 2011-2013 creating gridlock and much suffering in the private sector.

The banks put their customers in jail; which is haram in an Islamic country where Shar'ia law states 'shared risk and shared reward'. So much suffering and misery has resulted after 6 years of the global crisis and 3 years of the Arab Spring which has cost the region $800bn of trade. The Liquidity Program CULA is a world first and will make it to the Guinness Book of Records as well as restore Liquidity within 8 weeks. Gill Wallace Hope says “it’s not the amount that is important, it's the process for injecting the cash directly to the companies, employees and domestic staff that haven't been paid for up to 2 years.” We are celebrating the end of the crisis, relief and debts paid so that companies can refocus on growth and new projects. HH Shk Saif, Minister of the Interior (MOI) has been a great supporter understanding the pressure on the Police, jails and handling suicides and fighting over payments. Judges from the Abu Dhabi Courts have welcomed the Liquidity Program. Their understanding of the knock-on effects in the system has been critical.

HE Judge Abdulrahman Ghamen says “The Liquidity Program will enable the Court Orders to be honored and payments from one company to another will increase satisfaction and cashflow.” Embassies have been overwhelmed with ex-pats stuck in jail, courts or hospitals. HE Ambassador Lokash of India says "The families of the 1,000+ Indians who have committed suicide in UAE over debts welcome the news that can hopefully prevent any more families losing their husbands, fathers and brothers. When a bread winner dies the families are thrown into crisis and more poverty." HE Grace, Ambassador of Philippines Embassy is very happy that Philipino nurses, administrators and maids will receive outstanding salaries and payments empowering them to honor their commitments in UAE and back home. Companies with Court judgments, invoices submitted to Abu Dhabi Municipality from January 2011 to June 2013 will qualify for part of full payment. Banks and Credit card companies are offering "Full and Final settlements" to customers who ask and get confirmation letters so that files can be closed. The Rulers have asked 132 Government Ministries and Departments, private sector, charities, non-profits, citizens and ex-pats to join hands and collaborate during December 2013 to March 2014 to ensure payments are processed fast and debt relief is swift.

As HH Shiekh Mohammed, Vice President of UAE commented “In the Knowledge Economy our Human Assets are the most important, the UAE Rulers want them to be healthy and happy. It is critical for their performance and the continued success of UAE.” Gill Wallace Hope concludes “Many other countries including France, Italy, Ireland, Cyprus, Greece etc. are watching this "Innovation in Financing” to see how it can be applied to end the gridlock in their own economies.

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