The central bank of the United Arab Emirates said Monday that it had prolonged the era of applicability of key parts of a stimulus program until June 2021 for consumers of retail and corporate banks and that it had driven the recovery of the coronavirus pandemic.
For more information about coronaviruses, please visit our compromised page. In March, CBUAE introduced $70 billion in capital and liquidity measures as a component of a Specific Economic Support Program (TESS) to stimulate the economy in the wake of the coronavirus crisis.
For all newer titles, stay on our Google News online channel or cbUAE app will increase by six months, starting in January, the duration of a “Zero Cost Facility” of 50 billion dirhams ($13. 6 billion) to facilitate liquidity control for Banks via guaranteed financing at cost 0.
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The UAE has not recently intended to increase VAT to more than 5%: Ministry of Finance Since 1 January 2021, banks and monetary corporations participating in the TESS will be able to provide new loans and services to pandemic-affected consumers “in the UAE The economy is expected to decline by 6. 6% this year The International Monetary Fund (IMF) said, as important sectors such as maritime transport and tourism have been greatly affected by falling oil costs on the country’s finances. The government is expected to have a deficit of 9. 9% of GDP, up from 0. 8% in 2019, according to the IMF. “We believe this initiative will protect the economy from the effects of the pandemic and put us in an ideal position to recover once the pandemic is over,” said central bank governor Abdulhamid Saeed. The IMF expects the UAE economy to return to an expansion of 1. 3% next year.