Coronavirus outbreak: UAE, Egypt, Saudi Arabia pledge $46 bn to tackle economic impacts

As the deadly coronavirus outbreak continues to force countries to take precautionary measures, UAE, Saudi Arabia and Egypt have poured more than $46 billion to fight the impact of the pandemic on the economy. According to reports, the UAE central bank said in a statement on March 15 that it has pledged $27 billion in bank measures to support the businesses in the Emirates during the outbreak. However, despite the stimulus package, the stock exchange was down by more than four per cent early in the session before deducting the losses by 50 per cent. 

Meanwhile, the Saudi Arabian Monetary Authority said that the kingdom has also announced $13 billion to ease the effects on the private sector as the fatal virus has now spread to more than 150 countries since it first originated in the Chinese province of Wuhan in December 2019.

Egypt's presidential spokesperson, Bassam Rady has said on his official Facebook page that the Egyptian President, Abdel Fattah el-Sisi has called for $6.7 billion funds in order to finance a state plan. However, the source of this fund has not been mentioned by Rady, while also announced that schools nad universities will be suspended for two weeks starting from March 15 (local time).

Read - PM Modi Leads SAARC Conference On Coronavirus, Shares 'Prepare, Don't Panic' Mantra

Read - Coronavirus: No Film, TV Shoots For 2 Weeks, Associations Announce, After Celeb Reactions

Global pandemic 

The World Health Organisation (WHO) has declared the coronavirus as a global pandemic after the virus spread to more than 152 countries, resulting in the deaths of more than 5,900 people worldwide. WHO chief Tedros Adhanom further even urged all nations to get very serious over the issue and take all necessary measures to contain the virus from spreading at this rate. Tedros said, that the word 'Pandemic' cannot be used lightly or carelessly due to its strong connotation. 

However, Tedros also said that the coronavirus outbreak is a "controllable pandemic". According to a statement released by the World Health Organisation, Tedros outlined two main reasons as to why the decision was taken to describe the epidemic as a pandemic. Tedros said that one reason was the speed and scale of transmission and the others was because 'countries are not approaching this threat with the level of political commitment needed to control it'.

First detected in the city of Wuhan, in Hubei Province of China, the coronavirus outbreak has disrupted many lives since December 2019. As per reports, the total number of confirmed cases within China has reportedly hit 80,849 and at least 161,028 cases worldwide. According to reports, the death toll in China has also surpassed 3,199 and the National Health Commission also confirmed more than 25 new cases on March 15. The death toll due to the deadly virus across the world also mounted to over 5,973. 

Read - Maharashtra Health Minister Reviews Preparedness At Hospital Treating Coronavirus Patients

Read - Coronavirus Scare: SC Suspends Guided Tours For Public, Closes Museum