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United Arab Emirates doubles stimulus to counter coronavirus impact

The Central Bank of the UAE on Sunday said it has doubled to $70 billion a stimulus package to support the Gulf state’s economy amid the coronavirus pandemic.

“The aggregate value of all capital and liquidity measures adopted by the CB United Arab Emirates since 14 March 2020 has reached 256b dirhams ($70b),” the central bank said in a statement.

Last month, oil-rich United Arab Emirates announced stimulus worth $35b that included aid to the banking system, facilities for loans and injecting funds into the bourses.

The United Arab Emirates, where 1,505 coronavirus cases and 10 deaths have been reported, has introduced strict measures including halting travel and closing shopping malls and entertainment venues.

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