UAE allocates $7.19bln for social spending amid COVID-19 - IMF

UAE - The UAE has allocated more than AED 26.4 billion of stimulus packages, launched to alleviate the coronavirus (COVID-19) impact, for social spending, according to the International Monetary Fund (IMF).

In its report entitled 'Social Spending for Inclusive Growth in the Middle East and Central Asia', the IMF referred that the UAE was among the countries that have begun to take serious measures to create fiscal space for social spending before the current crisis.

Through the measures, those countries have sought to adopt fiscal reforms, boost targeted outlays on social safety nets, diversify revenues, and strengthen tax administration.

In the UAE, the government has so far announced around $7.2 billion, equivalent to 2% of GDP, in various fiscal measures, including the support to the private sector, reduction of government fees, and additional water and electricity subsidies, according to the report.

Source: https://www.zawya.com/mena/en/economy/story/UAE_allocates_719bln_for_social_spending_amid_COVID19__IMF-SNG_185942153/