Coronavirus: UAE's Ajman bank assures no job cuts despite slowdown

Bank says it wants to avoid additional 'emotional distress' in current environment

  
The Emirate of Ajman is one of the seven states constituting the United Arab Emirates.beautiful skyline of Ajman with clouds fading away .

The Emirate of Ajman is one of the seven states constituting the United Arab Emirates.beautiful skyline of Ajman with clouds fading away .

Getty Images/ fahadee.com

Ajman Bank assured on Sunday that it will not lay off any of its employees this year despite the current economic challenges posed by the coronavirus.

“Despite the challenges, there will be no reduction of workforce at Ajman Bank in 2020. We have an obligation to make responsible decisions and are committed to manage the economic effects of COVID-19 in a clear and compassionate way by creating value for our clients and avoiding addition of emotional distress,” Mohamed Amiri, CEO of Ajman Bank said.

The UAE confirmed 63 new cases of coronavirus infections on Saturday, taking the total number of cases in the country to 468.

Several countries have closed their borders to stop the spread of the virus, which has so far infected more than 600,000 people worldwide.

The UAE has implemented a series of precautionary measures to stem the spread of the virus, including shutting down schools, malls, cafes and restaurants, and suspending all inbound, outbound and transit flights.

The country’s Central Bank has recently rolled out a 100 billion UAE dirhams ($27.2 billion) economic stimulus to allow banks to delay principal and interest payments for up to six months on outstanding loans for private sector companies and retail customers affected by the pandemic.

The total value of stimulus packages introduced by the UAE since the coronavirus outbreak has now amounted to 126.5 billion UAE dirhams.

(Reporting by Gerard Aoun; editing by Cleofe Maceda)

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