the uae govt hikes budget to shield citizens from inflation
Last updated on July 14th, 2022 at 09:29 pm
According to the latest media reports the Emiratis are the only people who get very well supported from their government after the hike of global oil prices.
Globally, governments must take rapid, large-scale measures to support their citizens in the midst of inflation, recession & this worldwide crisis.
However we can’t confirm this for all the countries around the world. But the situation in the Gulf countries is a little different.
The UAE government was fast to recognize the crisis and took excellent actions to deal with the global economic & political disasters.
The UAE has long cared for its residents, especially in education, housing, and health care. President Sheikh Mohamed has doubled social support money for low-income Emiratis to $7.6bn. Housing, food, and fuel are covered. Other incentives, such as a 50% discount on electricity and water use for usages beyond 4,000 kWh and 26,000 gallons, are also included. Support payments are available for both the unemployed and particular family members.
The Saudi government is investing 20bn riyals ($5.33bn) to combat inflation. Half of the money will go to social security recipients, the other to stockpiling vital products.
Also Read: The UAE Invests $2 Billion In Hi-Tech Indian Crop-Growing ‘Food Parks’ To Ease Shortages
Mohammed Ahmed, a 41-year-old resident of Fujairah who makes Dh6,000 a month, called it a “good choice that would help us all.” The UAE is also striving to help those in need in other countries.
Most recently, aid was sent to Afghanistan, where a field hospital including 75 beds plus two operating rooms was established to aid those hurt in last month’s earthquake.
In other places, the Kingdom is also offering assistance. Its neighbor, Yemen, is one of the most impoverished nations in the area and is already suffering from the aftereffects of years of war.
The economy is being driven ever-closer to collapse as prices climb across the board. Riyadh announced last week that it would provide the nation with a $600 billion aid package.
Energy, health, and education development programs account for the majority of such funding. The final $200 million will be used to purchase energy for power plants.
Although expensive, these regional actions are necessary to ensure everyone’s well-being. The current issue has numerous moving elements, which will take years to untangle.
The world’s headlines are depressing, especially in Europe. In terms of the US dollar, the euro has fallen to a 20-year low.
The UK automotive sector saw its lowest June for auto sales since 1996 due to a global lack of materials.
The pilot strike, in part, is to blame for the bankruptcy filing of the Scandinavian airline SAS. Numerous airlines on the continent are dealing with similar industrial action.
Investors around the world are preparing for a historically terrible start to 2022. The worst year-to-date start was revealed last week: $13 trillion had been wiped off global markets.
Gulf economies are part of the global economy, thus these tendencies will certainly have a negative impact on them.
Strong budgets and rising oil income are beneficial, but excessive costs can also be problematic.
For instance, the International Energy Agency has revised down its three-year growth prediction for the region’s key energy commodity, gas consumption.
The UAE and Saudi Arabia’s non-oil private sector business activity continued to rise in June, according to a media report on Monday.
Oman’s economy is predicted to increase by 4.5% this year by the IMF as a result of successful fiscal reforms and strong oil prices. The economy of Qatar expanded by 2.5% in the first quarter of 2022.
The past few years have undoubtedly been difficult economically, but meaningful action from governments throughout the world is not certain. As of now, it appears that the GCC economies have acted quickly to help their citizens.
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