The Minister of Economy, Engineer Sultan bin Saeed Al Mansoori, and the Governor of the Central Bank, Abdul Hamid Saeed, discussed strengthening cooperation and coordination regarding practical measures that will be applied during the next stage to confront the economic effects of the spread of the Corona epidemic and the protection and support of business sectors.
This came during a remote meeting in the framework of the efforts of the temporary committee to deal with the negative effects of the national economy as a result of the outbreak of the emerging Corona virus, in the presence of the Vice-Chairman of the Board of the Central Bank, Abdul Rahman Saleh Al Saleh, and the Undersecretary of the Ministry of Economy for Economic Affairs, Muhammad Ahmed bin Abdulaziz Al-Shehhi, the Undersecretary of the Ministry of Foreign Trade Affairs, Abdullah Al Saleh, and the CEO of the Securities and Commodities Authority, Obaid Saif Al-Zaabi, the Director General of the Insurance Authority, Ibrahim Obaid Al-Zaabi, and the undersecretary of the Ministry of Economy for the Foreign Trade Sector, Jumah Al-Kit.
The meeting discussed the mechanisms presented for the speedy transfer of support and incentive packages presented by the central bank, totaling 256 billion dirhams, and following up the implementation procedures with banks and banks in the country in a way that reflects directly and positively on the business sector, companies, small and medium enterprises and individuals.
Engineer Sultan bin Saeed Al Mansoori said, "The UAE is one of the fastest countries in the region in response to the economic challenges of the current crisis by taking supportive measures for the affected sectors, and launching a set of plans to support and stimulate the national economy, totaling at the national and federal levels 282.5 billion dirhams," adding that The temporary committee to deal with the negative effects on the national economy as a result of the spread of the new Corona virus works around the clock to protect the economic structure and support the affected sectors and reduce the impact on human resources.
For his part, Abdul Hamid Saeed said, "The support package launched by the Central Bank will have a direct and prominent impact on business continuity and the sustainability of the national economy, and it is one of the largest stimulus packages announced at the regional level, as it will contribute to providing greater structural flexibility for lending, which will be reflected positively on The business sector, especially small and medium-sized companies, reduces the effects of the slowdown in economic activity, and sets appropriate standards for overall precaution to support real estate sector activities.
The meeting discussed a set of other axes that are in support of the economic performance of some sectors and activities affected, the most prominent of which is the allocation of certain shares of the stimulus packages allocated by the bank to support the national insurance companies, and to facilitate financing by guaranteeing the shares and the related set of appropriate controls for recall, liquidation and other guarantees in This respect.
The meeting axes also included discussing cooperation between the Central Bank and the Securities and Commodities Authority in launching the RTGS Cash Clearing Initiative that would support efforts to upgrade the country's financial markets to advanced.