LOC17:20
14:20 GMT
BEIRUT, July 3 (KUNA) -- Low to middle-income Arab countries need at least USD 50 billion dollars to bounce back from the economic and financial damage wrought by the coronavirus pandemic, a UN agency said on Friday.
Stimulus packages worth USD 102 billion offered by Arab governments are "inadequate" to respond to the coronavirus pandemic, according to a study from the United Nations Economic and Social Commission for Western Asia (ESCWA).
"The average Arab government fiscal stimulus is about one percent of the region's GDP, which is equivalent to one third of the world average," according to the study.
The region is in "dire need" of more financial incentive programs, with emphasis on "wise spending," said Rola Dashti, ECWA's executive secretary, pointing out that such measures were necessary to keep businesses and livelihoods afloat.
She urged high-income countries not to renege on their commitments to provide development aid to nations hardest bit by the pandemic, citing the healthcare sector as the primary recipient in this "critical juncture." (end)
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