Turkish president says the move is also aimed at increasing the amount of humanitarian aid entering Gaza
The coronavirus crisis, with its associated business closures, travel and event cancellations, work from home advisories, has triggered a deep economic downturn of uncertain duration. Governments around the world have been injecting billions into the economies to avert a severe financial crisis. The European Central Bank in March announced a massive support programme that will expand its asset purchases by $880 billion over nine months. With near zero interest rates, the US Federal Reserve is extending up to $2.3 trillion in lending to support households, employers, financial markets and local governments. These superlative figures cannot be compared with the local economies in the region that are far smaller in size. But what is notable here is the $70 billion worth of economic stimulus by the UAE is helping businesses during this crisis. The ministry of economy too is geared to implement a flexible plan, which will be implemented in three phases and include 33 initiatives focusing on different sectors, including supporting labour market and stimulating trade. The UAE economy is likely to contract by 3.6 per cent this year, which means many sectors will need more assistance and handholding. The banks in the UAE are resilient and help from the central bank will allow them to support the needs of the economy during the crisis. There is pessimism and anxiety among people on what to expect in the near future. Measures such as these will ease pain and build more resilience into the system.
Turkish president says the move is also aimed at increasing the amount of humanitarian aid entering Gaza
In another case at the same airport, officials apprehended five foreign nationals who tried to smuggle gold worth Rs.24.4 million
More than 2,000 pro-Palestinian protesters arrested in the past two weeks across the US
Fireballs and Smash tied for the lead in the team event at the $25 million 54 hole tournament
The hosts strengthened their chances of securing a slot in the semifinals with a 70-run victory in Abu Dhabi
The group has a presence in five countries and eyes further geographic expansion, especially in India
The severity of the situation gradually eased from Thursday evening, when it receded in the north and east of the country
Cyclone Hidaya is predicted to cause torrential rain, strong winds and powerful and dangerous waves in the flood-ravaged country