National committee constituted to address the impact of coronavirus on national economy
The Federal Cabinet approved a resolution for setting up a committee to address the negative impact of the coronavirus, COVID-19, on the national economy, as part of precautionary and preventives measures taken by the government to contain the consequences of the virus on various sectors, particularly the economy.
The move is part of the proposed measures to support the economy in its various sectors. The resolution came in the wake of the recent AED16 billion economic stimulus package approved by the Cabinet as part of the Federal Government's additional measures to support the national economy, ensure businesses continuity, and mitigate the coronavirus impact.
The latest financial support complements those announced recently by the emirates of Abu Dhabi and Dubai, along with that of the Central Bank of the UAE, taking to AED126.5 billion the total value of stimulus packages introduced since the COVID-19 outbreak to survive the current challenging conditions.
To be chaired by Sultan bin Saeed Al Mansouri, Minister of Economy, and with representatives from different relevant bodies, the committee will propose necessary measures to limit the negative repercussions of the virus on human resources and the economy and submit them to the Cabinet.
The committee's mandate also includes implementation of these proposed measures in partnership with other relevant federal and local authorities.
The committee will also assess the real impact of these measures and their efficiency in responding to economic challenges arising from the COVID-19 crisis. The committee will also present to the Cabinet a weekly report on the latest economic developments under the current circumstances.