|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||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.