|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Bangladesh||03||03 - Direct long-term lending||BDT||50,000,000,000||588,581,519|
|Bangladesh||03A||03A - Long-term lending||BDT||50,000,000,000||588,581,519||Ministry of Finance. https://mof.portal.gov.bd/sites/default/files/files/mof.portal.gov.bd/page/ed9e8b19_ccba_4cca_94b1_c40013f7a760/MTMPS_2020-21_English.pdf (accessed 29 June 6).||
BDT50 billion for Special Fund for Salary support to export oriented manufacturing industry workers.
|Bangladesh||03B||03B - Forbearance||BDT||Banglashesh Bank. https://www.bb.org.bd/ (accessed 29 June 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 15 May 2020).||
BB took measures to waive credit card fees and interests, suspend loan interest payments.
|Bhutan||03||03 - Direct long-term lending||BTN/INR|
|Bhutan||03A||03A - Long-term lending||BTN/INR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 2 July 2020); PMO. https://bit.ly/3ggtGo2 (accessed 24 July 2020).||
No amount/estimate: April 2020, Loans to cottage and small industries through the National Cottage and Small Industries (CSI) Development Bank (microloans at 2% concessional interest for agriculture and rural activities and working capital loans at 4% concessional interest rate for 3 months). On 26 June 2020, the government announced that the CSI loan will be extended for another 12 months.
|Bhutan||03B||03B - Forbearance||BTN/INR||Official Statement from the Office of the Prime Minister of Bhutan. https://bit.ly/2yrZXYx (accessed 29 April 2020); Royal Monetary Authority of Bhutan. https://www.rma.org.bt/pressrelease/Press%20Release%20on%20Interest%20Waiver%20on%20NPLs.pdf (accessed 12 May 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); PMO. https://bit.ly/3ggtGo2 (accessed 1 July 2020).||
No amount/estimate: April 2020, Deferment of loans for 3 months (April–June 2020) (i) for all borrowers who had maintained their loan accounts in good standing, i.e., loans that were not non-performing loans (NPL) as of 29 February 2020; (ii) May 2020, The RMA announced that the interest waiver facility would also be extended to non-performing loan accounts. The government will finance 50% of the total interest payment and the financial institutions offered to support the other 50%. On 26 June 2020, the government announced to further extend interest waiver for another nine months for loans availed as of 10 April 2020 (see Measure 5B); (iii) 26 June 2020, the government announced a new monetary measure, i.e., deferment of loans for one year without penal interest. For borrowers willing and able to service their loans during this period, financial institutions offered to reduce the interest rate by one percentage point as an added incentive.
|India||03||03 - Direct long-term lending||INR|
|India||03A||03A - Long-term lending||INR|
|India||03B||03B - Forbearance||INR||Press Information Bureau. https://pib.gov.in/PressReleseDetail.aspx?PRID=1633891 (accessed 2 July 2020). RBI. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11909&Mode=0 (accessed 5 June 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 4 June 2020); RBI. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11877&Mode=0 (accessed 30 April 2020).||
No amount/estimate: (i) The RBI provided relief to both borrowers and lenders, allowing companies a 3-month moratorium on loan repayments. This moratorium was extended to end August 2020; (ii) Provided subsidies to banks to reduce interest rates for short-term loans to farmers. On 4 June 2020, decided to continue the availability of 2% Interest Subvention (IS) and 3% Prompt Repayment Incentive (PRI) to farmers for the extended period of repayment up to 31 August 2020 or date of repayment, whichever is earlier, to prevent increases in interest rate during the extended moratorium period; (iii) 24 June 2020, Approved a scheme for interest subvention of 2% for a period of 12 months to all Shishu loan accounts under the Pradhan Mantri Mudra Yojana (PMMY). This scheme will only apply to certain loans that meet the criteria (e.g. outstanding as of 31 March 2020, not in Non-Performing Asset category).
|Maldives||03||03 - Direct long-term lending||MVR|
|Maldives||03A||03A - Long-term lending||MVR||Ministry of Finance. https://www.finance.gov.mv/covid-19/businesses/covid19-recovery-loan-scheme/sme (accessed 16 September 2020, 2 October 2020, 8 October 2020, 29 October 2020, 13 & 27 November 2020, 22 January 2021, 5 February 2021); Ministry of Finance. https://www.finance.gov.mv/covid-19/individuals/covid-recovery-loan-scheme (accessed 16 September 2020, 2 October 2020, 8 October 2020, 29 October 2020, 13 & 27 November 2020, 22 January 2021, 5 February 2021); Ministry of Finance. https://www.finance.gov.mv/covid-19/businesses/covid19-recovery-loan-scheme/large-businesses (accessed 16 September 2020, 2 October 2020, 12 October 2020, 29 October 2020, 13 & 27 November 2020, 22 January 2021, 5 February 2021).||
20 March 2020, The Economic Recovery Plan was announced. The Plan includes: (i) COVID-19 Recovery Loan Scheme for SMEs wherein eligible SMEs may apply for loans up to 10% of its annual sales turnover for the past year (capped up to MVR500,000) at 6% interest per annum for a 3-year period. The repayment period excludes the grace period up to 6 months in which no interest is charged. Funding is contingent on SMEs not laying off local employees due to the COVID-19 outbreak and during the funding period. As of 28 January 2021, total disbursed amount was MVR333.2 million [update]; (ii) COVID-19 Recovery Loan Scheme for Self-employed and Freelance Individuals wherein eligible individuals may apply for loans up to MVR 30,000 at 6% interest per annum for a 3-year period. A grace period of up to 6 months is offered during which no interest is charged, and no payment of principal or interest is required Funding is conditional on the individual having worked in 6 of the last 12 months and earned a verifiable income during this period. As of 28 January 2021, total disbursed amount was MVR19.6 million [update]; and (iii) COVID-19 Recovery Loan Scheme for Large Businesses wherein funding is contingent on no layoffs of local employees due to COVID-19 outbreak at the time of application. For eligible businesses, this is an unsecured facility provided at 6% interest per annum for a 3-year period, including a maximum 6-month grace period in which no interest and principal payment will be made. As of 28 January 2021, total disbursed amount was MVR585.9 million [update].
|Maldives||03B||03B - Forbearance||MVR||Maldives Monetary Authority. http://www.mma.gov.mv/#/news/PR-MCS-2020-3(english).html (accessed 13 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020); Ministry of Finance. https://www.finance.gov.mv/covid-19/individuals/debt-moratorium/bml (accessed 28 August 2020). Ministry of Finance. https://www.finance.gov.mv/covid-19/individuals/debt-moratorium/student-loan (accessed 28 August 2020). Ministry of Finance https://www.finance.gov.mv/covid-19/individuals/debt-moratorium/hdfc (accessed 28 August 2020). Ministry of Finance. https://www.finance.gov.mv/covid-19/businesses/debt-moratorium/bml (accessed 28 August 2020). Ministry of Finance. https://www.finance.gov.mv/covid-19/businesses/debt-moratorium/sdfc (accessed 28 August 2020). The Edition. https://edition.mv/news/18588 (accessed 28 August 2020). The edition. https://edition.mv/business/19009 (accessed 11 September 2020).||
No amount/estimate: April 2020, The Maldives Monetary Authority announced introducing regulatory measures to enable a moratorium of 6 months on loan repayments for those impacted by the current situation. Customers have to submit their requests to the banks in order to avail themselves of this moratorium. Debt moratoriums have been included in the Plan to support individuals, households, and businesses facing difficulties in meeting monthly debt repayment: (i) All loans from the Bank of Maldives are eligible for the debt moratorium from 1 March 2020 until end of September 2020. The debt moratorium will allow BML customers to defer monthly principal and interest repayments for 6 months. At the same time the tenor of the loan will also be extended by 6 months allowing more time to repay the accrued interest and principal repayments. Compound interest will not be charged during the moratorium period. Following the moratorium period, the repayment amount would be reduced by 20% for a further 6 months; (ii) Those liable to repay student loans by the National Student Loan Scheme and Educational Assistance Loan Scheme entered a 6-month period of debt deferment on 1 March 2020; (iii) Individuals with Housing Finance loans issued by Housing Development Finance Corporation (HDFC) had the option of applying for a 6-month debt moratorium, which started on 1st March 2020, under the condition that regular payments have been made. The debt moratorium allows HDFC customers to defer monthly principal and interest repayments for 6 months. Consequentially the initial loan periods would be extended by an additional 6 months; (iv) Bank of Maldives customers with business loans are eligible for the debt moratorium from 1 March 2020 until end of September 2020. The debt moratorium will allow customers to defer monthly principal and interest repayments for 6 months. At the same time the tenor of the loan will also be extended by 6 months allowing more time to repay the accrued interest and principal repayments. Following the moratorium period, the repayment amount would be reduced by 20% for a further 6 months; and (v) SME Development Financing Corporation (SDFC) customers will be eligible for a 6 months debt moratorium starting from 1st March 2020. The debt moratorium will allow customers to defer monthly principal and interest repayments for 6 months. Moreover, in the course of the moratorium period, interest rates for all loans are reduced to 4%. 26 August 2020, SDFC extended the repayment period for loans until the end of 2020. 9 September 2020, The Bank of Maldives opened its application for its second moratorium, for customers with personal, housing and business loan moratoriums with repayments due to start this September. The deadline of the repayments has been extended to December 2020. The Bank will also issue a separate announcement once the second moratorium application process is open for customers of BML's Islamic banking branch.
|Nepal||03||03 - Direct long-term lending||NPR|
|Nepal||03A||03A - Long-term lending||NPR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 26 November 2020).||
No amount/estimate: 28 May 2020, The budget speech for fiscal year 2020/21 includes additional measures in the area of business support (a lending program for cottage, small and medium-sized enterprises and those in the tourism sector).
|Nepal||03B||03B - Forbearance||NPR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 26 November 2020); NRB. https://archive.nrb.org.np/bfr/circular/2076-77/2076_77_(Notice)--18-Covid-19_Related-new.pdf (accessed 6 July 2020).||
No amount/estimate: (i) 29 April 2020, The NRB announced that banks will defer loan repayments due in April and May until mid-July. For working capital loans, banks will extend the repayment schedule of the amount due during the lockdown up to 60 days; (ii) Banks were instructed to provide a 10% discount on interest payments if paid timely, i.e. by mid-April.
|Sri Lanka||03||03 - Direct long-term lending||LKR|
|Sri Lanka||03A||03A - Long-term lending||LKR||DGI. https://www.dgi.gov.lk/news/cabinet-decisions on 30 April 2020 and 11 June 2020 (accessed 10 July 2020); Ministry of Mass Media. https://www.media.gov.lk/media-gallery/latest-news/2604-cabinet-nod-to-provide-rs-1-mn-loan-for-small-and-medium-scale-projects (accessed 13 November 2020).||
No amount/estimate: (i) 30 April 2020, A new concessionary loan scheme titled ‘Aswenna’ will be introduced in May 2020 which will provide farmers with loans of up to LKR3 million; 11 June 2020: (ii) Under the post COVID-19 relief budget of the government, a 4% interest 5-year loan with a two-year grace period will be available for accommodation providers and destination management companies registered under Sri Lanka Tourism Development Association (SLTDA) to pay salaries of staff; (iii) A similar loan facility will also be available for establishments providing facilities to tourists registered under SLTDA including, restaurants, tourist friendly eating places, spa and wellness centers, spice gardens, tourist shops, and water sports centers, where state-owned Bank of Ceylon will directly remit a maximum of LKR15,000 per employee for up to 6 months; (iv) 7 November 2020, The Cabinet has approved a loan scheme, under the Ministry of Youth and Sports, aimed at empowering young entrepreneurs between the ages of 18 and 40 to further their business ventures. Those engaged in information technology, agriculture, dairy, animal husbandry, tourism promotion-related projects, and innovative and machinery design projects can apply for this loan up to a maximum of LKR1 million.
|Sri Lanka||03B||03B - Forbearance||LKR||CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/mb_circular_no_4_of_2020_e.pdf (accessed 10 July 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200331_central_bank_of_sri_lanka_decides_to-establish_a_rupees_50_billion_six_month_refinancing_facility_e.pdf (accessed 10 July 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/bsd_circular_No_8_of_2020_e.pdf (accessed 3 September 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/snbfi_circular_no_9_of_2020_e.pdf (accessed 2 October 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/bsd_circular_No_10_of_2020_e.pdf; https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/snbfi_circular_no_11_of_2020_e.pdf (both accessed 13 November 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/snbfi_circular_no_12_of_2020_e.pdf (accessed 6 January 2021); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/bsd_circular_no_1_of_2021_e.pdf (accessed 5 February 2021)||
No amount/estimate: (i) March 2020, Wide-ranging debt moratoriums have been introduced by licensed banks, finance and leasing companies based on a directive by the Central Bank of Sri Lanka (CBSL) on 24 and 31 March 2020. These include (a) six-month moratorium (until end-September 2020) on both rupee and foreign currency term loans for affected businesses in SMEs, tourism, apparel, plantation, IT and related logistical services; and a three-month moratorium (until end-June 2020) on small-value personal banking loans and leasing for amounts less than LKR1 million; (b) licensed banks, finance and leasing companies have been requested to reschedule non-performing loans until end-September 2020; (c) licensed banks, finance, and leasing companies have been permitted, if required, to reclassify NPLs under the debt moratorium scheme above as performing loans; (d) temporary suspension of recovery actions under the debt moratorium scheme; (e) interest rate on credit cards capped at 15% for up to LKR50,000; the minimum monthly payment on the cards reduced by 50%; and repayment of all credit cards below the limit of LKR50,000 was extended until 30 April 2020; (ii) 26 August 2020, CBSL requested licensed commercial and licensed specialized banks to extend the debt moratorium to COVID-19 affected businesses and individuals in the tourism sector for another six months from 1 October 2020 to 31 March 2021; (iii) 30 September 2020, CBSL also directed licensed finance companies and specialized leasing companies (referred to as nonbank financial institutions) to provide a six-month debt moratorium extension to COVID-19 affected businesses and individuals in the tourism sector. Employees of eligible businesses also qualify for this extension; (iv) 9 November 2020, In order to meet the challenges brought about by the second wave of COVID-19, the CBSL has required licensed banks as well as nonbank financial institutions (NBFI) to extend a debt moratorium to COVID-19 affected businesses and individuals for a further six-month period from 1 October 2020 to 31 March 2021. For the NBFI, borrowers may submit applications until 25 November 2020; On 27 November 2020, the deadline was extended to 10 December 2020; (v) 13 January 2021, CBSL has required banks to suspend loan recoveries from small and medium scale paddy millers for a period of 6 months from 1 January, to support their continued operation during the upcoming harvest season [update].