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Abdullah Al-Hassan, Imen Benmohamed, Aidyn Bibolov, Giovanni Ugazio, and Ms. Tian Zhang
The Gulf Cooperation Council region faced a significant economic toll from the COVID-19 pandemic and oil price shocks in 2020. Policymakers responded to the pandemic with decisive and broad measures to support households and businesses and mitigate the long-term impact on the economy. Financial vulnerabilities have been generally contained, reflecting ongoing policy support and the rebound in economic activity and oil prices, as well as banks entering the COVID-19 crisis with strong capital, liquidity, and profitability. The banking systems remained well-capitalized, but profitability and asset quality were adversely affected. Ongoing COVID-19 policy support could also obscure deterioration in asset quality. Policymakers need to continue to strike a balance between supporting recovery and mitigating risks to financial stability, including ensuring that banks’ buffers are adequate to withstand prolonged pandemic and withdrawal of COVID-related policy support measures. Addressing data gaps would help policymakers to further assess vulnerabilities and mitigate sectoral risks.
Cristian Alonso and Mr. Joey Kilpatrick

document a wide range of country-specific policies that could be implemented to compensate households, reduce inequality, and build support for adoption. JEL Classification Numbers: E62, H22, H23, Q43, Q54 Keywords: COVID-19, banking performance, frms performance, sovereign-banks-economy nexus, bank asset quality Author’s E-Mail Address: CAlonso@imf.org , DKilpatrick@imf.org Title Page WORKING PAPERS The Distributional Impact of a Carbon Tax in Asia and the Pacific Prepared by Cristian Alonso and Joey Kilpatrick 1

Abdullah Al-Hassan, Imen Benmohamed, Aidyn Bibolov, Giovanni Ugazio, and Ms. Tian Zhang

. ISBN 979-8-40-020049-6 JEL Classification Numbers: G21, G28, G32, G33 Keywords: COVID-19, banking performance, frms performance, sovereign-banks-economy nexus, bank asset quality Author’s E-Mail Address: AAlhassan@imf.org ; IBenmohamed@imf.org ; ABibolov@imf.org ; GUgazio@imf.org ; TZhang3@imf.org The Departmental Paper Series presents research by IMF staff on issues of broad regional or crosscountry interest. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF