|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Arab Republic of Egypt||05||05 - Health and income support||EGP||107,480,000,000||6,839,337,353||OECD. https://www.oecd.org/coronavirus/en/ (accessed 7 May 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).||
Multiple packages have been announced by the government to mitigate the economic impact of COVID-19, totalling over EGP102 billion: (i) March 22, EGP100 billion (1.8% of GDP) or USD6.13 billion was announced as the total of stimulus policies to be enacted by the government to mitigate the economic impact of COVID-19; (ii) March 24, EGP1 billion additional funding for health services; (iii) April 2, additional USD7.9 million disgnated for emergency respone activities related to the outbreak; (iv) EGP1 billion in arrears will be paid out to exporters. More data on the breakdown of these packages below.
|Arab Republic of Egypt||05A||05A - Health support||EGP||OECD. https://www.oecd.org/coronavirus/en/ (accessed 7 May 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).||
(i) March 22, EGP8 billion has been allocated to support the healthcare sector, targeted at providing urgent and necessary medical supplies, and disbursing bonuses for medical staff working in quarantine hospitals and labs; (ii) March 22, To support medical professionals, including doctors working in university hospitals, a 75% allowance over the wages has been announced; (iii) March 24, EGP1 billion (USD63.5 million) additional funding was announced, specifically for health services and various measures to increase the country’s capacity to absorb the sudden increase of critical patients that the outbreak might bring; (iv) April 2, additional USD7.9 million designated for emergency response activities related to the COVID-19 outbreak.
|Arab Republic of Egypt||05B||05B - Income support||EGP||Egyptian Customs Authority. https://customs.gov.eg/Media/News/Details/18aa02e5-3c2c-4686-ac2f-c020e8982926 (accessed 24 September 2020). Ministry of Social Solidarity. https://www.moss.gov.eg/ar-eg/Pages/news-details.aspx?nid=1917 (accessed 17 September 2020). Ministry of Petroleum. https://www.petroleum.gov.eg/ar-eg/media-center/news/news-pages/Pages/mop_02092020_02.aspx (accessed 17 September 2020). Central Bank of Egypt. https://www.cbe.org.eg/en/Pages/HighlightsPages/Circular-dated-21-June-2020-regarding-extending-the-period-of-exempting-local-transfers-in-EGP-from-all-fees-&-commissions-.aspx (accessed 24 September 2020); https://www.cbe.org.eg/en/Pages/HighlightsPages/Circular-dated-21-June-2020-regarding-extending-the-period-of-exempting-local-transfers-in-EGP-from-all-fees-&-commissions-.aspx (accessed 24 June 2020). Ministry of Petroleum and Mineral Resources. https://www.petroleum.gov.eg/ar-eg/media-center/news/news-pages/Pages/mop_17062020_01.aspx (accessed 19 June 2020). World Bank. https://datacatalog.worldbank.org/dataset/covid-19-finance-sector-related-policy-responses (accessed 7 May 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 7 May 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 23 July 2020).||
(i) No amount/estimate: March 22, Pension benefits have been increased by 14%; (ii) No amount/estimate: March 22, Expansion of the targeted cash transfer social programs, Takaful and Karama, are also being extended to reach more families; (iii) No amount/estimate: March 22, A targeted support initiative for irregular workers in most severely hit sectors has been announced, which will entail EGP500 in monthly grants for 3 months; (iv) No amount/estimate: March 22, Energy costs have been lowered for the entire industrial sector; (v) No amount/estimate: March 22, Real estate tax relief has been provided for industrial and tourism sectors, (vi) No amount/estimate: March 22, Subsidy pay-out for exporters has been stepped up, and discount on fuel price has been announced for the aviation sector; (vii) March 22, EGP50 billion of the EGP100 billion stimulus has been announced for the tourism sector, which contributes close to 12% of Egypt’s GDP, 10% of employment, and almost 4% of GDP in terms of receipts, as of 2019; (viii) No amount/estimate: The moratorium on the tax law on agricultural land has been extended for 2 years; (ix) No amount/estimate: The stamp duty on transactions and tax on dividends have been reduced; (x) No amount/estimate: Capital gains tax has been postponed until further notice; (xii) No amount/estimate: ATM withdrawal fees have been cancelled; (xiii) EGP1 billion in arrears will be paid out by The Export Subsidy Fund in March and April 2020, plus 10% in cash payments to exporters in June 2020; (xiv) No amount/estimate: Three months extension for the payment of property taxes for companies in the industrial and tourism sector; (xv) No amount/estimate: Extension of the individuals’ annual tax return filing deadline to 16 April instead of 31 March, and exemption of the tax returns online filing subscription fee for the use of the Egyptian Tax Authority online filing portal; (xvi) EGP50 million allocated by the Ministry of Workforce for irregular workers, including women, who lost their job due to the coronavirus; (xvii) June 17, EGP5.3 billion in exemptions to natural gas consumers from penalty fine for late payments; (xviii) No amount/estimate: June 21, Extended until September 15, 2020, the exemption from all fees & commissions for local transfers in EGP. On September 15, this was again extended until December 21, 2020. Further, contactless prepaid bank cards will continue to be issued to citizens free of charge; [update] (xix) No amount/estimate: A Corona tax of 1% on all public and private sector salaries and 0.5% on state pensions have been imposed, the proceeds of which are earmarked for sectors and SMEs most affected by the pandemic; (xx) No amount/estimate: July 23, the new consumer spending initiative will also include discounts on selected consumer goods, the details of which are yet to be announced; (xxi) Bonus for workers in the petroleum sector worth 12% of the basic wage for a worker on June 30, 2020, with a minimum of EGP75 added to the basic wage. Bonus for workers in the workers in "the shareholding corporate sector" side of the petroleum industry get a bonus worth 12% of their basic wages with a minimum of EGP75 and a maximum of EGP300; (xxii) EGP500 support total for tour guides. Disbursement begins with an EGP100 disbursement on September 8, 2020; (xxiii) September 18, Reduction in customs duties by rates exceeding 50% of their current levels on some components of the furniture, petrochemical and durable electrical appliances industries such as refrigerators and televisions, as well as for mass transit vehicles and vehicle supply stations with electric and gas power. [update]
|Arab Republic of Egypt||11||11 - Other Economic Measures||EGP||Central Bank of Egypt. https://www.cbe.org.eg/en/Pages/HighlightsPages/Circular-dated-6-August,-2020-regarding-allowing-banks-to-own-unlimited-shares-in-payment-service-providers-and-payment-sys.aspx (accessed 12 August 2020). World Bank. https://datacatalog.worldbank.org/dataset/covid-19-finance-sector-related-policy-responses (accessed 7 May 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 7 May 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).||
No amount/estimate: (i) March 20, The limit for electronic payments via mobile phones has been raised to EGP30,000/day and EGP100,000/month for individuals, and to EGP40,000/day and EGP200,000/per week for corporations; (ii) March 29, The central bank set a daily limit on all ATM disbursement per card to be EGP5,000, and limits to cash withdrawal and deposits at a bank branch to be EGP10,000 per individual, and EGP50,000 per corporate; (iii) The cost of transactions in the EGX will be reduced from 0.15% to 0.125% and from 0.15% to 0.05% for non-residents and Egyptian residents, respectively, and all spot transactions on EGX will be exempt from stamp duty; (iv) The National Bank of Egypt and Bank Misr announced a one-year deposit program with a 15% interest rate; (v) August 6, Allowed banks to own unlimited shares in payment service providers and payment systems operators.
|Argentina||05||05 - Health and income support||ARS||169,134,000,000||2,695,362,550|
|Argentina||05A||05A - Health support||ARS||6,000,000,000||95,617,530||Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 5 May 2020). Argentine Government. https://www.argentina.gob.ar/noticias/el-gobierno-extendio-el-subsidio-de-contencion-familiar-dispuesto-en-2006 (accessed 14 August 2020). Argentine Government. https://www.boletinoficial.gob.ar/detalleAviso/primera/227193/20200327 (accessed 25 September 2020).||
(i) Established Emergency Assistance Program for Work and Production for employers and workers affected by the health emergency; (ii) authorized ARS 6 billion to Argentine provinces to strengthen municipal health systems and finances; (iii) created an Emergency Family Income (IFE) to compensate the loss or serious decrease in the income of people linked to the informal sector; (iv) low-income monotributistas, and the workers and workers of private households affected by the health emergency; (v) implemented Universal Child Allowance (AUH) and Universal Pregnancy Allowance (AUE) payments, worth ARS3,103 per month for each child; (vi) increase in budget items for therapeutic communities, homes with coexistence and homes for care and community accompaniments; (vii) increased the monthly non-remunerative financial to temporary workers in the agricultural and agro-industrial sectors; (viii) No amount/estimate: August 8, Established a subsidy of ARS 15,000 for the relatives of people who died due to COVID-19, who at the time of their death, were unemployed, worked in the informal economy or were monotaxists; (ix) No amount/estimate: September 15, Extended the Stimulus Allowance for Healthcare workers by 90 days and expanded the scope of the allowance to reach 700,000 people when before it reached 500,000. This is a monthly 5,000 Peso allowance for healthcare workers. [update]
|Argentina||05B||05B - Income support||ARS||163,134,000,000||2,599,745,020||Argentine Government. https://www.argentina.gob.ar/noticias/guzman-y-de-pedro-firmaron-con-el-gobernador-de-mendoza-un-nuevo-acuerdo-del-fondo (accessed 03 Jul 2020). Argentine Government. https://www.argentina.gob.ar/noticias/mas-de-300-millones-de-pesos-para-poner-en-marcha-el-programa-potenciar-trabajo-en-cordoba (accessed 03 July 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 May 2020, 19 June 2020, 26, June). Official Bulletin of Argentina. https://www.boletinoficial.gob.ar/detalleAviso/primera/231883/20200708 (accessed 17 July 2020). Argentine Government. https://www.argentina.gob.ar/noticias/el-gobierno-nacional-firmo-acuerdos-de-asistencia-financiera-con-jujuy-la-rioja-tierra-0 (accessed 24 July 2020). Argentine Government. https://www.argentina.gob.ar/noticias/arroyo-y-capitanich-firmaron-la-implementacion-del-potenciar-trabajo-en-chaco (accessed 31 July 2020). Argentine Government. https://www.boletinoficial.gob.ar/detalleAviso/primera/233459/20200811 (accessed 14 August 2020). Argentine Government. https://www.argentina.gob.ar/noticias/el-presidente-anuncio-obras-para-chaco-misiones-cordoba-la-pampa-y-salta-por-20-mil (accessed 28 August 2020). Argentine Government. https://www.boletinoficial.gob.ar/detalleAviso/primera/234035/20200825 (accessed 28 August 2020). Argentine Government. https://www.boletinoficial.gob.ar/detalleAviso/primera/227120/20200325?busqueda=1 (accessed 25 September 2020).||
(i) Increased budget for public investment in road works, economic infrastructure, construction and renovation of houses, schools, kindergartens, and tourism by ARS100 billion; (ii) suspended fees and commissions for ATM operations (deposits, withdrawals, inquiries, etc.) through June 30, 2020; (iii) exempted the payment of employment contributions to sectors criticaly affected by the coronavirus pandemic; (iv) reinforced unemployment insurance; (v) ordered an extraordinary payment to the holders of the Food Card; (vi) May 1, established emergency economic assistance within the framework of the Self-Managed Work Program; (vii) May 1, declared that Emergency Family Income (IFE), Universal Child Allowance (AUH), and the Complementary Salary (SC) are not taxable as part of gross income; (viii) No amount/estimate: May 5, expanded the Emergency Assistance Program for Work and Production to cover more companies and activities; (ix) No amount/estimate: May 6, increased the benefits and number of beneficiaries; (x) No amount/estimate: May 11, updated the amounts of economic aid provided under the Job Insertion Program; (xi) No amount/estimate: May 12, required Banks to refund fees associated with the National Social Security Administration (ANSES) and Emergency Family Income (IFE) benefit; (x) May 14, ARS29 billion federal program which includes the construction of 5,500 new homes, the financing of 42,900 parts that include gas, electricity and sanitary infrastructure works, the granting of microcredits for the acquisition of construction materials and the carrying out of small-scale works, as well as the conditioning of community spaces in popular neighborhoods. Estimated to generate 750 thousand direct and indirect jobs between 2020 and 2021; (xi) No amount/estimate: May 18, announced an increase of 6.12% for all retirees and pensioners according to the scale of the pyramid, which brings the minimum retirement to 16,864 pesos and the maximum credit to 113,479 pesos, also includes increases in non-contributory pensions, the Universal Child Allowance, the Universal Pregnancy Allowance and the Family Allowances; (xii) May 22, ARS21 million for the acquisition of 70,000 new computers, within the framework of the federal connectivity program "Juana Manso" that carries out the educational portfolio; (xiii) No amount/estimate: June 5, ordered payment of 3 thousand pesos for those under the Empower Work Program and did not receive IFE; (xiv) No amount/estimate: June 9, national government extended the right to double compensation for individuals who are dismissed from their jobs without just cause; (xv) No amount/estimate: June 9, exempted temporarily from payment of income tax for overtime, guards and additional personnel of Health, Armed, and Security Forces and other activities related to the health emergency; (xvi) No amount/estimate: created assistance programs for individuals with disabilities affected by COVID-19; (xvii) June 12, ARS900 million, emergency measures to face the COVID-19 pandemic and its sanitary, economic and housing consequences; (xvii) No amount/estimate: June 18, extended until September 30 the suspension of the collection of all charges to operate in ATMs; (xix) No amount/estimate: June 22, increase of ARS3000 in the monthly non-contributory financial aid under Training and Employment Insurance; (xx) June 28, ARS1.9 billion grant to province of Mendoza under the the Trust Fund for Financial Development; (xxi) June 30, ARS313 million to launch the Program to Promote Work in the province of Cordova; (xxii) July 7, ARS4 billion budget for 2020 to support the reactivation and completion of National Housing Plan projects; (xxiii) July 15, extended until October 2020 loan benefits under the Emergency Assistance to Work and Production (ATP) program for the performing arts sector; (xxiv) July 16, ARS6.4 billion for the provinces of Jujuy, La Rioja, Tierra del Fuego, and Salta under the Trust Fund for Provincial Development (FFDP); (xxv) July 27, ARS500 million for the program "Empower Work" in Chaco; (xxvi) August 7, ARS100 million for Created the Program for the Promotion of Work, Rooting and Local Supply (PROTAAL); (xxvii) August 19, ARS20 billion to rehabilitate the infrastructure projects in the provinces of Chaco, Misiones, Córdoba, La Pampa and Salta; (xxviii) August 24, an increase of 7.50% for pension benefits as of September; (xxix) September 20, utilities with up to 7 months of past-due payments from March 1 2020 onwards cannot be discontinued. [update]
|Argentina||11||11 - Other Economic Measures||ARS||0||Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 9 May 2020, 26 June 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 27 April 2020). Official Bulletin of Argentina. https://www.boletinoficial.gob.ar/detalleAviso/primera/232522/20200724 (accesed 31 July 2020). Official Bulletin of Argentina. https://www.boletinoficial.gob.ar/detalleAviso/primera/230897/20200619 (accessed 2 October 2020).||
(i) Capital Flow Management Measures (CFMs) that were already in place since August 2019 have largely protected Argentina so far from the impact of capital outflows; (ii) Adopted anti-price gouging policies, including price controls for food and medical supplies and ringfencing of essential supplies, including certain export restrictions on medical supplies and equipment and centralization of the sale of essential medical supplies.; (iii) April 28, Ordered that the Common Investment Funds (FCI) in pesos must invest at least 75% of their assets in financial instruments and negotiable securities issued in the Argentine Republic; (iv) Extended deadline of filing financial statements for small and medium-sized corporations; (v) May 16, extended validity of Maximum Prices until June 20; (vi) May 18, suspended price increases mobile and fixed telephony, Internet and pay TV services until August 31; June 18, extended until end of the year ; (v) May 19, set the domestic price of a barrel of oil at USD45 with the objective of reactivating the national hydrocarbon industry, guaranteeing the continuity of jobs and promoting self-sufficiency; (vi) June 18, extended the suspension of the closure and disabling of bank accounts until December 31, 2020, inclusive; (vii) July 23, extension of 15 days for presentation and payment of tax returns on earnings and personal and identity assets.
|Brazil||05||05 - Health and income support||BRL||269,871,412,727||55,265,073,703|
|Brazil||05A||05A - Health support||BRL||28,788,040,000||5,895,300,789||OECD . Https://oecd.org/coronavirus/en/#country-tracker (accessed May 28)||
(i) An additional 0.4% of GDP have been assigned to the public healthcare system, in addition to transfers to state and municipal governments who bear the main responsibility for public healthcare; (ii) Taxes and import duties on goods used by hospitals have been zeroed and import procedures eased. (iii) Field hospitals are being built and efforts are underway to procure respirators and augment ICU capacity; (iv) The Health Ministry opened 5,800 vacancies for doctors; (v) Resident doctors will receive a 20% bonus, worth USD 130.
|Brazil||05B||05B - Income support||BRL||241,083,372,727||49,369,772,914||Institute of International Finance (IIF) https://www.iif.com/Portals/0/Files/Databases/COVID-19_responses.pdf?ver=2020-04-24-173749-083 (Accessed 29 April 2020). Ministry of Finance https://www.gov.br/economia/pt-br/assuntos/noticias/2020/junho/tesouro-atualiza-o-manual-para-instrucao-de-pleitos-e-inclui-orientacoes-relacionadas-a-ajuda-contra-a-covid-19 (accessed June 25). Ministry of Economy https://www.gov.br/economia/pt-br/assuntos/noticias/2020/junho/governo-federal-anuncia-prorrogacao-do-auxilio-emergencial-por-mais-dois-meses (accessed 1 July 2020). Ministry of Economy https://www.gov.br/economia/pt-br/assuntos/noticias/2020/julho/reducao-do-iof-sobre-operacoes-de-credito-e-prorrogada-por-mais-90-dias (accessed 12 July 2020). Ministry of Economy https://www.gov.br/economia/pt-br/assuntos/noticias/2020/julho/receita-e-pgfn-prorrogam-por-mais-30-dias-prazo-de-validade-de-certidoes-conjuntas (accessed 20 July 2020). Ministry of Economy https://www.gov.br/economia/pt-br/assuntos/noticias/2020/julho/governo-utilizara-plataforma-brasil-para-operacionalizar-os-recursos-da-lei-aldir-blanc (accessed 6 August 2020). Ministry of Infrastructure https://www.gov.br/infraestrutura/pt-br/assuntos/noticias/ultimas-noticias/presidente-sanciona-lei-com-medidas-para-beneficiar-transporte-aereo (accessed 7 August 2020)||
(i) Announced a comprehensive fiscal package worth USD30 billion, that includes expansion and front-loading of social assistance/benefit payments; (ii) expanding the Bolsa Familia program with the inclusion of over 1 million more beneficiaries, cash transfers to informal and unemployed workers, and advance payments of salary bonuses to low income workers; (iii) USD1.5 billion to finance two months of payroll for firms impacted by COVID-19; (iv) Announced several measures, which include bringing forward the 13th pension payment to retirees, expanding the Bolsa Familia program, providing an emergency cash transfer to households; and (v) Introducing temporary tax breaks and credit lines through the state-owned banks, lowering taxes and import levies on essential medical supplies, and assisting state and local governments; (vi) June 23, the Ministry of Economy suspends for up to 6 months payment to the Board of Trustees of the Severance Pay Fund (FGTS) from private urban public transport companies; the impact of suspended payments is approximately BRL51 million (see Category 3B for link); (vii) No amount/estimate; June 19, the National Treasury updated the Manual for Instruction of Claims (MIP) to include specific guidelines and procedures under the Complementary Law No. 173/2020 that established the Federative Program to Combat Coronoavirus and altered the Fiscal Responsiblity Law (LRF) by waiving limits placed on "the Union, the States, the Federal District and Municipalities" in the event of a "public calamity"; (viii) June 30, the Ministry of Economy announced extension of emergency aid for another 2 months to 64.3 million Brazilians, who receive an additional BRL600 per month (total = 64.3 million x BRL600 x 2 months = BRL77.16 billion; (ix) July 3, the Ministry of Economy announced a reduction in the IOF tax rate on credit operations had been extended 90 days; the estimated tax waiver for the 90 days is BRL7.051 billion; (x) July 14, the Ministry of Economy announced extension of the validity period of Negative Debt Certificates (CND) and Positive Certificates with Negative Effects (CNEND) for another 30 days, both relating to federal tax credits; (xi) July 29, Ministry of Economy announced the Aldir Blanc Law that provides amergency aid of BRL600 for people working in cultural establishments such as independent theaters, circuses, cinema clubs, cultural spaces in indigenous areas and popular festivals; total estimated expense is BRL3 billion; (xii) No amount/estimate; August 6, Ministry of Infrastructure announced cancellation of the USD18 per ticket International Boarding Fare, starting in 2021;
|Brazil||11||11 - Other Economic Measures||BRL||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#B (Accessed 29 April 2020). AGB. https://agenciabrasil.ebc.com.br/en/economia/noticia/2020-05/pandemic-brought-down-76-brazils-industrial-sector (accessed 14 May 2020). Reuters. https://www.reuters.com/article/us-brazil-gdp-fall/brazil-4-7-gdp-this-year-would-be-biggest-fall-since-1900-economy-ministry-idUSKBN22P2J3 (accessed 14 May 2020). Ministry of Economy https://www.gov.br/economia/pt-br/assuntos/noticias/2020/trabalho/julho/decreto-prorroga-por-ate-120-dias-prazos-dos-acordos-do-beneficio-emergencial (accessed 20 July 2020)||
(i) With congress declaring a state of “public calamity” on March 20, the government’s obligation to comply with the primary balance target in 2020 has been lifted. (ii) Proposed a bill creating a separate budget (“war-budget”) to expedite fiscal relief assistance and authorize the central bank to buy and sell government and corporate debt securities among other extraordinary measures. (iii) Pandemic leads 76% of Brazil’s industrial sector to cut production. (iv) Brazil’s government lowered its 2020 economic outlook on Wednesday, forecasting a gross domestic product contraction of 4.7%, which would signal the country’s biggest economic crash in more than a century. (v) July 14, the Ministry of Economy announced the extension of the proportional reduction of work and salary agreements and temporary suspension of the Benefit's employment contract via the Emergency Preservation of Employment and Income (BEm)
|Islamic Republic of Iran||05||05 - Health and income support||IRR||2,206,300,570,560,000||52,530,965,966|
|Islamic Republic of Iran||05A||05A - Health support||IRR||459,645,952,200,000||10,943,951,243||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020).||
Additional funding to health sector at 2% of GDP.
|Islamic Republic of Iran||05B||05B - Income support||IRR||1,746,654,618,360,000||41,587,014,723||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020).||
(i) Moratorium on tax payments at 7% of GDP; (ii) cash transfer to vulnerable householders at 0.3% of GDP; (iii) support to unemployment insurance fund at 0.3% of GDP.
|Islamic Republic of Iran||11||11 - Other Economic Measures||IRR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 May 2020).||
(i) Sukuk bonds and the National Development Fund used to partly fund recovery and relief measures; (ii) April 15, government announced its biggest-ever initial public offering, selling its residue shares in 18 companies (including 12 percent share of Social Welfare Fund (SHASTA), the largest public company); (iii) expanded contacless payments and increased the limits for bank transactions in order to reduce circulation of banknotes and exchange of debit cards; (iv) May 7, estimated privatization proceeds are at around IRR165 trillion (0.6% of GDP) from banks and insurance companies and IRR70 trillion (0.2% of GDP) from SHASTA.
|Mexico||05||05 - Health and income support||MXN||205,350,000,000||9,347,262,051||https://latam-investor.com/2020/09/amlo-fears-debt-more-than-coronavirus/# (accessed 30 September 2020).||
(i) No amount/estimate: September 10, President Andres Manuel Lopez Obrador's (AMLO) proposed budget for 2021 continues Mexico's austere fiscal path even during COVID-19, pushing for a primary deficit in the coming year after one of the smallest fiscal packages for countering COVID-19 at 1.2% of GDP
|Mexico||05A||05A - Health support||MXN||180,000,000,000||8,193,363,376||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed on 30 April 2020).||
(i) Ensure that the Ministry of Health has sufficient resources and does not face red-tape, and sufficient supply of medical equipment and materials;(ii) Advance pension payments to the elderly; (iii) Accelerate the tender processes for public spending to ensure full budget execution; (iv) Consider setting-up a Health Emergency Fund to request additional resources from Congress, that could reach up to MXN180 billion.
|Mexico||05B||05B - Income support||MXN||25,350,000,000||1,153,898,675||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed on 30 April 2020); AMLO. https://lopezobrador.org.mx/2020/04/05/presidente-anuncia-acciones-para-la-reactivacion-economica-ante-covid-19-en-primer-informe-del-ano-al-pueblo-de-mexico-2/ (accessed 30 April 2020).||
(i) Frontloading of social pension and disability payments by four months; (ii) Accelerating procurement processes and VAT refunds; (iv) MXN35 million - Some workers accessing loans against their social security accounts; (v) Public housing credit institute covering three months of workers’ debt (defer further six months for those let go); (vi) MXN25 billion - Introduction of drinking water, drainage, pavement, and the construction and improvement of 50,000 homes in marginalized areas of 50 municipalities in the country.
|Mexico||11||11 - Other Economic Measures||MXN||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (Assessed on 30 April 2020); https://www.gob.mx/cnsf/es/articulos/acuerdo-suspension-de-plazos-cnsf-244144?idiom=es (accessed June 8).||
(i) On April 5, President Lopez Obrador outlined his government’s policy priorities to combat the economic effects of COVID-19, including more health spending and strengthening of the social safety net; (ii) May 29, Secretariat of Finance and Public Credit suspended deadlines for institutions subject to supervision by the National Commission of Insurance and Bonds.
|Nigeria||05||05 - Health and income support||NGN||517,484,000,000||1,586,765,811||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 14 May 2020).||
(i) NGN500 billion of approved fiscal stimulus to support healthcare facilities, provide relief for taxpayers, and incentivize employers to retain and recruit staff during the downturn; (ii) NGN984 million released to Nigeria’s Center for Disease Control (NCDC); (iii) Additional NGN6.5 billion for purchasing more testing kits, opening isolation centers and training medical personnel; (iv) NGN10 billion grant to Lagos State to increase its capacity to contain the outbreak; (iv) No amount/estimate: Import duty waivers for pharmaceutical firms; (v) No amount/estimate: Regulated fuel prices have been reduced; (ii) No amount/estimate: April 1, Suspension of the payment of the new electricity tariffs scheduled to commence on April 2; (vi) April 3, No amount/estimate: Nigerian banks prohibited from retrenching or laying off any staff of any cadre (both full-time and part-time); (vii) No amount/estimate: May 14, The President also ordered an increase of the social register by 1 million households to 3.6 million to help cushion the effect of the lockdown.
|Nigeria||05A||05A - Health support||NGN|
|Nigeria||05B||05B - Income support||NGN|
|Nigeria||11||11 - Other Economic Measures||NGN||OECD. oecd.org/coronavirus/en/ (accessed 4 May 2020)||
(i) March 25, The Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) announced the grant of a 60-day extension to issuers and dealing members for filing of 2019 full year financial reports; (ii) March 27, Minister of Industry, Trade and Investment directed to work with the Manufacturers Association of Nigeria (MAN) to ensure that production of essential items such as food, medical and pharmaceutical products continues.
|Russian Federation||05||05 - Health and income support||RUB||5,507,416,500,000||75,116,532,980||Ministry of Economic Development Russian Federation. https://www.economy.gov.ru/material/news/ekonomika_bez_virusa/biznes_i_sonko_smogut_vospolzovatsya_subsidiyami_na_sredstva_dezinfekcii_s_15_iyulya.html (accessed 2 July 2020), https://www.economy.gov.ru/material/news/ekonomika_bez_virusa/utverzhdeny_pravila_specvyplat_dlya_vzyavshih_na_vremennoe_prozhivanie_pod_opeku_detey_pozhilyh_i_invalidov_na_period_borby_s_koronavirusom.html (accessed 04 June 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 3 July 2020).||
(i) The total cost of the fiscal package is currently estimated at 3.4% of GDP, with an additional support of RUB32.4 billion for health purposes, divided into the measures below. The government has announced that the package would eventually be increased to around 5% of GDP, to be spent in 2020-21; (ii) April 18, RUB32.4 billion allocated to equip and modernize hospital beds; (iii) June 1, additional RUB145 million allocated for individuals who participated in a mutual aid program for the vulnerable from April 1 to June 30, 2020. Individuals will receive RUB12130 per month for April 1 to June 30, 2020 for each person assisted; (iv) June 25, Allocated RUB20 billion from the reserve fund to carry out preventative disinfection measures for small and medium-sized enterprises (SMEs) and socially-oriented non-governmental organizations.
|Russian Federation||05A||05A - Health support||RUB||Ministry of Economic Development Russian Federation. https://www.economy.gov.ru/material/news/ekonomika_bez_virusa/biznes_i_sonko_smogut_vospolzovatsya_subsidiyami_na_sredstva_dezinfekcii_s_15_iyulya.html (accessed 2 July 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 6 May 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020).||
(i) April 18, RUB32.4 billion allocated to equip and modernize hospital beds; (ii) No amount/estimate: increased compensation for medical staff as well as health and safety inspectors; (iii) No amount/estimate: zero import duties for pharmaceuticals and medical supplies and equipment; (iv) No amount/estimate: April 2, Drafted a bill that allows organizations to reduce taxable profits on expenses associated with the purchase of personal protective equipment, test systems for diagnosis of coronavirus, and medical equipment for diagnosis and treatment; (v) June 25, Allocated RUB20 billion from the reserve fund to carry out preventative disinfection measures for small and medium-sized enterprises (SMEs) and socially-oriented non-governmental organizations.
|Russian Federation||05B||05B - Income support||RUB||President of the Russian Federation. https://www.minfin.ru/ru/press-center/?id_4=37097-na_obyavlennye_prezidentom_rf_dopolnitelnye_mery_podderzhki_semyam_s_detmi_budet_vydeleno_274_mlrd_rublei (accessed 25 June 2020). Ministry of Finance. https://www.minfin.ru/ru/press-center/?id_4=37095-srok_podachi_zayavlenii_na_predostavlenie_subsidii_msp_za_aprel_2020_goda_prodlen_do_1_iyulya (24 June 2020); Ministry of Economic Development. https://www.economy.gov.ru/material/news/ekonomika_bez_virusa/minekonomrazvitiya_i_fns_nachali_vydachu_subsidiy_postradavshemu_biznesu_i_sonko_na_profilaktiku_koronavirusnoy_infekcii.html (accessed 16 July 2020). https://www.economy.gov.ru/material/news/ekonomika_bez_virusa/minekonomrazvitiya_rasshirilo_reestr_sonko_dlya_okazaniya_mer_podderzhki_v_period_rasprostraneniya_koronavirusa_.html (accessed 17 June 2020), https://www.economy.gov.ru/material/news/rasshiren_perechen_avtomaticheski_prodlevaemyh_razresheniy_i_licenziy.html (accessed 17 June 2020), https://www.economy.gov.ru/material/news/ekonomika_bez_virusa/reshetnikov_popravki_v_zakonodatelstvo_v_sfere_arendy_pomogut_tysyacham_kompaniy_msp.html (accessed 28 May 2020), https://www.economy.gov.ru/material/news/ekonomika_bez_virusa/pravitelstvo_rf_utverdilo_otsrochku_po_imushchestvennym_nalogam_dlya_arendodateley.html (accessed 21 May 2020). CBR. https://cbr.ru/press/event/?id=6691 (accessed 6 May 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 15 May 2020).||
No amount/estimate: Key measures include: (i) individuals under quarantine to receive sick leave benefits and sick leave pay to equal at least the minimum wage until the end of 2020; (ii) unemployment benefits to equal at least the minimum wage for three months; (iii) all children up to 3 years of age in families eligible for maternity capital to receive an additional lumpsum benefit for 3 months, starting in April, and all families with children to get an additional lumpsum benefit for each child for 3 months if parents lose jobs; (iv) interest rate subsidies for SMEs and systemically important enterprises; (v) tax deferrals for most affected companies on most taxes; (vi) deferrals on social contributions for SMEs in affected sectors for 6 months; (vii) social contributions by SMEs on wages in excess of the minimum wage permanently reduced from 30 to 15%; (viii) deferrals on rent payments to all levels of government until the end of the year plus zero rent to the federal government for three months for SMEs in affected sectors; (ix) budget grants for SMEs in affected industries to cover salaries at the rate of one minimum salary per employee for two months; (x) allowed citizens to transfer free of charge up to 100 thousand rubles a month through the Quick Payment System (SBP); (xi) social welfare programs/benefits are automatically extended for six months, and current beneficiaries don't have to keep demonstrating eligiblity during the six months; (xii) May 7, No amount/estimate: Proposed to suspend customs checks and to expand the provision of tax deferrals; (xi) No amount/estimate: May 19, Approved a deferral of property taxes for lessors. Landlords can delay their payments of property and land taxes, provided that they meet eligibility condition; (xii) No amount/estimate: May 27, Allowed SMEs to terminate leases without penalties; (xiii) June 12, Updated the register of socially oriented non-profit organizations (SONCO), which will be provided with additional support measures such as subsidized loans, tax benefits, and extension of deadlines for contributions; (xiv) June 16, Automatically renewed selected permits and licenses across a broad range of industries for the coming year, to reduce the regulatory burden and costs during the pandemic.; (xv) June 22, Extended the deadline for SMEs to apply for federal subsidies to cover costs during the coronavirus pandemic which was originally set for June 1, to July 1, 2020; (xvi) June 24, Decided to extend and expand support measures for children and young people during the coronavirus outbreak. Parents and children under the age of 16 are entitled to regular payments by the Russian government; (xvii) July 15, The Ministry of Economic Development and the Federal Tax Service began to provide subsidies to socially-oriented non-profit organizations (SONCO) and small and medium-sized enterprises (SMEs) to prevent the coronavirus infection.
|Russian Federation||11||11 - Other Economic Measures||RUB||Ministry of Finance. https://www.minfin.ru/ru/press-center/?id_4=37121-kommentarii_ministra_finansov_a.g._siluanova_po_popravkam_v_nk_o_nalogovom_rezidentstve (accessed 23 July 2020). CBR. https://cbr.ru/press/pr/?file=10082020_163109pr_0.htm (accessed 12 August 2020). https://cbr.ru/press/pr/?file=20072020_203000pr.htm, https://cbr.ru/StaticHtml/File/108282/bod_decision_20200710.pdf (both accessed 23 July 2020). https://cbr.ru/eng/press/pr/?file=23032020_170800eng2020-03-23T17_07_10.htm (accessed 6 May 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 6 May 2020).||
(i) March 20, BOR regulated credit institutions and non-bank financial institutions are allowed to recognise equity and debt securities acquired before 1 March 2020 at fair value in the accounting records. They can also recognise debt securities, acquired from 1 March 2020 through 30 September 2020 at their fair value as of the acquisition date; (ii) June 2, Allowed non-state pension funds (NPFs) and management companies (UK) to temporarily re-evaluate securities within pension funds and assets of closed-end mutual funds; (iii) July 16, Preserved income tax conditions (e.g. to be recognized as Russia tax residents), including deductions, for Russian citizens who were unable to return to Russia due to the spread of the coronavirus. The Russian government approved amendments first proposed by the Ministry of Finance; (iv) July 20, Changed the terms for specialized depository institutions to draw up and submit reports during 2020, with the Bank of Russia (BoR) Board of Directors postponing the original deadlines set; (v) August 10, The Bank of Russia extended: the special treatment of real estate assets on the balance sheets of credit institutions, the treatment of insurance reserves for insurance companies, and exemptions on violations of cooperatives' reserve fund requirements.
|Saudi Arabia||05||05 - Health and income support||SAR||57,165,000,000||15,244,000,000|
|Saudi Arabia||05A||05A - Health support||SAR||47,265,000,000||12,604,000,000||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 14 May 2020).||
(i) Total of SAR47 billion in resource support to the health sector; (ii) April 26, The government signed a SAR265 million contract to import 9 million tests needed for COVID-19 diagnosis.
|Saudi Arabia||05B||05B - Income support||SAR||9,900,000,000||2,640,000,000||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 1 October 2020).||
(i) April 3, SAR9 billion to to cover 60% of the salaries of Saudi staff in companies under stress for the next three months. As of September 29, this initiative has been extended until January [update]; (ii) SAR0.9 billion in temporary electricity subsidies to commercial, industrial, and agricultural sectors; (iii) No amount/estimate: Expat fees cancelled for three months; (iv) No amount/estimate: Payment deferral for VAT, excise tax, income tax, government service fees and municipal fees; (v) No amount/estimate: Exemptions from various fees for electronic transactions, balances below the minimum, and refinancing operations and termination of existing agreements; (vi) No amount/estimate: May 14, 30% discount on electricity bills while offering the possibility of payment deferral.
|Saudi Arabia||11||11 - Other Economic Measures||SAR||Saudi Arabian government. http://sama.gov.sa/en-US/News/Pages/news-534 (accessed 6 May 2020). https://www.mof.gov.sa/mediacenter/news/Pages/News_11052020.aspx (accessed 14 May 2020). https://www.mof.gov.sa/mediacenter/news/Pages/News_11052020.aspx (accessed 14 May 2020). http://www.sama.gov.sa/ar-sa/News/Pages/news-571.aspx (accessed 14 May 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 9 July 2020).||
(i) No amount/estimate: April 25, Increase of the monthly ceiling limit for e-wallets up to SAR20,000, with the goal of boosting digital payment transactions; May 11: (ii) Decided to stop the cost of living allowance starting from June 2020; (iii) Raised the value-added tax rate from 5% to 15% starting July 1; (iv) May 13, Announced the extension of the program of support for fees of sales points and e-commerce for all stores and private sector establishments for an additional three months ending on September 14, 2020; (v) No amount/estimate: July 1, the Ministry of Environment, Water and Agriculture announced it will offer 94 agricultural investment opportunities to the private sector in the near term.
|South Africa||05||05 - Health and income support||ZAR||192,200,000,000||11,581,316,721|
|South Africa||05A||05A - Health support||ZAR||20,000,000,000||1,205,131,813||Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 7 May 2020).||
ZAR20 billion to health response through the provision of treatment, additional expenditure on personal protective equipment for health workers, community screening, an increase in testing capacity, additional beds in field hospitals, ventilators, medicine and staffing.
|South Africa||05B||05B - Income support||ZAR||172,200,000,000||10,376,184,908||Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 7 May 2020). OECD. https://oecd.github.io/OECD-covid-action-map/data/CoronavirusUpdate_AllCountries_Public.xlsx (accessed 7 May 2020).||
(i) ZAR20 billion allocated to municipalities for the provision of emergency water supply, increased sanitisation of public transport and facilities, and providing food and shelter for the homeless; (ii) ZAR100 billion for job protection and creation; (iii) ZAR50 billion to temporarily increase child support grant for six month; (iv) ZAR2 billion to support SMMEs and spaza shop owners; (v) No amount/estimate: introduced a four-month holiday for companies’ skills development levy contributions; (vi) No amount/estimate: fast-tracking VAT refund and three-month delay for filing and first payment of carbon tax; (vii) No amount/estimate: increased previous turnover threshold for tax deferrals to ZAR100 million a year; (viii) No amount/estimate: issued a list of essential goods for a full rebate of customs duty and import VAT exemption; (ix) No amount/estimate: a tax subsidy of up to ZAR500 per month for the next four months for those private sector employees earning below ZAR6,500; (x) ZAR200 million available to assist SMEs in the tourism and hospitality sector;
|South Africa||11||11 - Other Economic Measures||ZAR||Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 May 2020). OECD. https://oecd.github.io/OECD-covid-action-map/data/CoronavirusUpdate_AllCountries_Public.xlsx (accessed 12 June 2020).||
(i) Relaxed regulations for insurers; (ii) SARB extended prudential and related supervisory reporting requirements; (iii) commercial banks exempted from provisions of the Competition Act to enable them to develop common approaches to debt relief; (iv) SARB temporarily extended the submission for the quarterly returns for the 2020 financial year by one month; (v) June 10, Temporarily suspended the issuance of all new insurance licences for a period of six months.