Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Tonga 05 05 - Health and income support TOP 60,000,000 26,119,636
Tonga 05A 05A - Health support TOP 20,000,000 8,706,545 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).

April 2, Based on an initial assessment of the overall impact of COVID-19 on the economy, the Government of Tonga announced an Economic and Social Stimulus Package of TOP60 million (5.3% of GDP) for FY 2020. This package is intended to provide short-term assistance to all affected sectors in response to the COVID-19 pandemic. Over a third of the funds will be directed to the health sector, while the rest will support the other sectors, including tourism, transport, agriculture, education and security.

Tonga 05B 05B - Income support TOP 40,000,000 17,413,091 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).

(i) This covers two-thirds of the TOP60 million Stimulus Package for other sectors in Measure 5 under Health; (ii) No amount/estimate: The Government of Tonga announced a deferral of retirement contributions and hardship allowances for laid-off employees (up to 3 months), needs-based financial assistance, tax and duty relief during the pandemic, and assistance with the payment of utility bills by public enterprises.

Tonga 09 09 - International Assistance Provided TOP
Tonga 09A 09A - Swaps TOP
Tonga 09B 09B - International loans/grants TOP
Tonga 11 11 - Other Economic Measures TOP IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).

Commercial banks are assisting their customers affected by the COVID-19 virus on a case by case basis and depending on individual customers’ circumstances by: (i) reducing or suspending the principal loan repayments to interest only loan repayments; (ii) restructuring loans to businesses that have reduced business hours, in affected sectors such as tourism and related industries like transportation and to individuals who have been laid off; (iii) extending the terms of loans to reduce repayments; (iv) reducing loan interest rates on a case by case basis; and (v) providing access to short-term funding, if required.