The temporary committee on dealing with the negative effects of the national economy as a result of the spread of the "Covid-19" virus, held its third meeting, headed by the Minister of Economy, Engineer Sultan bin Saeed Al-Mansoori.
The meeting discussed additional measures and recommendations, in light of developments regarding the current conditions and the implications of the spread of the Corona virus, in order to enhance the response of the various economic sectors in the country in facing the challenges posed by this epidemic and bypassing it.
The Ministry of Economy confirmed that the additional measures and measures being studied take into account the responsibility to maintain the security, safety and health of society, reduce pressure on the private sector, through rapid and bold decisions, and achieve recovery and restore growth during a record period.
Additional actions
The Minister of Economy, Engineer Sultan bin Saeed Al Mansoori, stressed the importance of joining all national efforts and coordinating at a high level on an ongoing basis to meet the economic and social challenges arising from the continuity of the pandemic of the newly created "Corona" virus.
He added that the additional measures and measures being studied take into account the responsibility to maintain the security, safety and health of society, while reducing pressure on the private sector, through quick and bold decisions to deal with the negative effects on business performance, to ensure business continuity, achieve recovery and restore growth During a record period.
He explained that the temporary committee to deal with the negative effects of the national economy as a result of the emergence of the new Corona virus, and under the supervision of the Council of Ministers, works around the clock for a set of main goals, which are to protect the economic structure, support the affected sectors, and reduce the impact on human resources And jobs.
He stressed that she is following all developments, and is studying a number of solutions and measures that will contribute to reducing the burdens on the various affected economic activities during the coming stages. The Minister of Economy gave a brief presentation on diagnosing the effects of the viral pandemic on the economic sectors affected by the epidemic, and the general framework of measures, measures, and incentives and sustainability frameworks to be taken, to ensure a rapid and continuous recovery of the priority sectors.
Measures and procedures
The agenda of the third meeting dealt with the approval of measures and measures taken by the local authorities to address the negative effects of the spread of the Corona virus on economic sectors, while presenting the proposed policy regarding the challenge related to the exemption of medical and preventive supplies from the new Corona virus emerging from customs duties and value-added tax, And a presentation on the non-oil foreign trade of the Emirates. The meeting dealt with recommendations for transferring the support package provided to banks, and the appropriate mechanism for monitoring the performance of banks in this regard, to establish a preliminary evaluation of the actual impact of the support package regarding the extent of its adequacy and effectiveness in serving the goals set for it.
The measures and measures taken to address the repercussions of the epidemic on human resources were also discussed, as well as future steps regarding the issuance of the cooperatives law and the project for the evaluation of the productive capacities of commodities.
The recommendations related to the financial support package focused on several points, the most prominent of which is focusing on the importance of the SME sector benefiting from the support package, and setting up a mechanism to communicate this initiative to the owners of small and medium enterprises.