In order to respond to the currently developing Coronavirus (COVID-19) outbreak, the UAE has elected to increase the size of the economic stimulus package.
Reducing the impact of the virus on economies will be critical in the coming months. The UAE aims to reduce the influence of the pandemic on its economy as much as possible with the economic stimulus package.
A virtual meeting held in order to come to the decision to increase the size of the package. With social distancing becoming the new normal for millions, nobody can be too careful.
How much additional stimulus is being delivered?
Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum announced that:
The cabinet has authorized an additional 16 billion dirhams. Which brings the overall stimulus package to 126 billion dirhams, or approximately $34 billion USD.
By increasing the size of the stimulus package the UAE will be better positioned to make a full economic recovery as soon as the pandemic has been contained.
Sheikh Mohammed went on record to say:
“Our message for everyone is that we are completely ready to deal with all circumstances”.
Comforting words for all of us in these uncertain times.
UAE central bank announcement
This follows news from earlier this month when the Central Bank of the United Arab Emirates announced that:
They would be providing a 100 billion dirham, or approximately $27 billion USD support package in aid of its lenders.
Banks in Dubai are offering their customers a temporary holiday on loan repayments, reduced charges and more. In order to help reduce the effect that the Coronavirus pandemic will have on their financial wellbeing.
The UAE is leading the world resistance against the Coronavirus. In addition, taking advantage of a decade of investment into electronic and smart devices for use in emergency and disaster situations. Educational services and key government functions remain unaffected by the pandemic, able to run as usual. Due to the foresight of the country.