Gulf countries pledge over $120bn stimulus to combat corona fallout – Saudi Gazette

Gulf countries pledge over $120bn stimulus to combat corona fallout – Saudi Gazette

Central banks and governments across the world have scrambled to put stimulus measures into place to prop up their economies and contain the fallout.. 's everything announced so far in the GCC:Saudi Arabia: $32 billionSaudi Arabia last week unveiled stimulus measures to the tune of SR120 billion to help the economy weather the challenges of the coronavirus pandemic and lower oil prices.. Sunday approved an additional 16 billion UAE dirhams to ease the impact of the coronavirus on the country, raising the country's total stimulus package to 126 billion dirhams.. The new package of measures aims to reduce the cost of doing business, support small businesses and accelerate the implementation of major government infrastructure projects.. Dubai announced on March 12 a 1.5 billion dirham package, which includes 15 focused initiatives aimed at reducing the cost of doing business and simplifying business procedures, especially in the commercial, retail, external trade, tourism, and energy sectors.. Oman: $20.8 billionThe Central Bank of Oman (CBO) on Wednesday announced a 8 billion Omani rial ($20.8 billion) stimulus package aimed at providing additional liquidity to the country's financial institutions.CBO increased the financing ratio for lenders from 87.5 percent to 92.5 percent, allowing banks to lend more