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UAE's mechanism to fight Covid-19 hailed
Dubai - The UAE has developed a number of mechanisms that are unprecedented not just at the regional level but also at the global level.
The International Monetary Fund (IMF) on Monday praised the UAE's efforts to fight Covid-19, saying it's one of the most serious, effective and fast in facing the pandemic to protect residents and mitigate its impact.
"The UAE has developed a number of mechanisms that are unprecedented not just at the regional level but also at the global level. It created mechanisms for protection against Covid-19 and also mechanism for follow-up. There is no doubt that the UAE economy is the most diversified and most open at the regional level," said Jihad Azour, director of the International Monetary Fund's Middle East and Central Asia Department.
Jihad Azour, director of the International Monetary Fund's Middle East and Central Asia Department. - Reuters
Thanks to a high level of reserves, he said the UAE managed to mitigate the effects of the crisis on residents and economic sectors as the Central Bank of the UAE lowered interest rates and provided liquidity to the banking sector.
On the impact of a second wave on the UAE and the region, he said countries have already learned from their previous experiences and have increased investments in their medical infrastructure.
"In addition, we have seen several programmes that have been put in place that can be scaled up. Of course, a second wave will have a negative impact on the overall economic activity so that we are recommending them various programmes that had been introduced in order to alleviate pressure on the livelihood and provide a floor to the economy," he added. - waheedabbas@khaleejtimes.com
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