The money will go towards supporting the country's banks, and the conditions for obtaining loans will be eased.
Middle Eastern countries have committed to boosting their economies to withstand the global pandemic that has led to mass school closures, cancellations of sports and other events, as well as the closure of hard-hit areas of the disease, BTA reports.
In most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older people and people with health problems, Covid-19 can cause more serious illness, including pneumonia.
Most people suffer only mild to moderate symptoms and recover after a few weeks, but the virus is highly contagious and can be spread by people with no visible symptoms.
The new coronavirus is registered in over 100 countries and has infected over 150,000 people worldwide, with more than 5700 deaths from the disease. Iran is the largest outbreak in the Middle East, with nearly 13,000 cases and over 600 deaths.
Over 70,000 people around the world have recovered after infection.
Middle Eastern countries are introducing sweeping travel restrictions, cancelling public events and, in some cases, calling on businesses that do not produce essential goods to close in the coming weeks.
Dubai Parks & Resorts has announced that it will be closed by the end of the month. The amusement park, built for $3 billion, has lost hundreds of millions of dollars since opening.
Abu Dhabi, the capital of the UAE, closed its amusement parks and museums by the end of the month, including its Louvre.
Meanwhile, oil-rich Kuwait has closed malls and hair salons to slow the spread of the virus. Authorities allowed cafes to remain open but said no more than five customers could wait at the same time and should be a metre apart.
Saudi Arabia separately announced its own $13 billion economic stimulus plan, the AP recalls.
Middle Eastern countries give billions of dollars to tackle economy with coronavirus
The United Arab Emirates (UAE) central bank announced a $27 billion incentive package to address the economic effects of the coronavirus pandemic, the Associated Press reported.tags:
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