UAE constitutes committee to address impact of coronavirus on national economy

The Cabinet has also approved a slew of measures to support services suppliers to federal government entities

The UAE Minister of Economy Sultan bin Saeed Al Mansouri will chair the committee that will work to offset the negative impacts of coronavirus on the national economy. Pawan Singh / The National 

The UAE Federal Cabinet has passed a resolution to set up a committee to address the negative impacts of the coronavirus outbreak on the national economy, according to state news agency Wam.

Sultan bin Saeed Al Mansouri, the Minister of Economy, will chair this committee along with representatives from different relevant bodies.

“The committee will propose necessary measures to limit the negative repercussions of the virus on human resources and the economy and submit them to the Cabinet,” the statement said.

“Its mandate also includes implementation of proposed measures in partnership with other relevant federal and local authorities.”

The committee will assess the real impact of these measures and their efficiency in responding to economic challenges arising from the coronavirus crisis. It will present to the Cabinet a weekly report on the latest economic developments under the current circumstances.

This move is part of the preventives measures taken by the government to contain the consequences of the virus on various sectors, particularly the economy.

It came in the wake of the recent additional Dh16 billion economic stimulus package approved by the Cabinet as part of the government's additional measures to support the national economy, ensure businesses continuity and mitigate the coronavirus impact.

The latest financial support complemented those announced by Abu Dhabi and Dubai, along with that of the Central Bank of the UAE, taking to Dh126.5bn the total value of stimulus packages introduced since the coronavirus outbreak to survive the current challenging conditions.

Besides, the Cabinet has also approved a slew of measures to support services suppliers to the federal government entities. All ministries and bodies have been directed to fast track payments owed to suppliers within 15 days from the date of issuance of the resolution, reported Wam on late Thursday.

Suppliers affected by the coronavirus crisis have been exempted from fines for delays in regards to the execution of government contracts for a renewable three months.

The Cabinet also directed that small and medium suppliers be awarded 90 per cent of the federal government purchases.