COVID-19 Stimulus Package Reaches AED395 Billion

  • Publish date: Sunday، 05 December 2021
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During the latest COVID-19 news briefing, Humaid Al Muhairi, official spokesperson of the Ministry of Economy said the UAE's economic support initiatives reached AED395 billion.

UAE Central Bank has forecast a 3.6 per cent growth rate for the country's GDP by the end of 2021, with the revenues in vital sectors showing quarter by quarter growth he said the

"The Cabinet adopted a general economic recovery plan in August 2020 to support economic sectors and activate business activities under the supervision of the Ministry of Economy,” Al Muhairi, said during the weekly media briefing on Tuesday.

The International Monetary Fund expects the country to register a growth of 3.1 per cent in 2021 and 2.6 per cent next year.

“We have achieved 80 per cent of the first phase, 25 per cent of the second one, and work is underway to achieve 100 per cent of the plan by the end of this year,” Al Muhairi said.

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UAE was ranked first in the Arab world in the COVID Economic Recovery Index Ranking issued by the Horizon Research Group said Al Muhairi.

"The growth rate of government revenues from economic activities have increased by 115 per cent in the last quarter of 2020, compared to the third quarter of the same year. The revenues continued to increase in the first quarter of 2021 by 13 per cent, compared to the fourth quarter of 2020," he added.

This article was previously published on UAE Moments.To see the original article, click here

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