Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Brunei Darussalam 07 07 - Central bank financing government BND
Brunei Darussalam 07A 07A - Direct lending and reserve drawdown BND
Brunei Darussalam 07B 07B - Secondary purchase: government securities BND
Brunei Darussalam 11 11 - Other Economic Measures BND
Cambodia 07 07 - Central bank financing government KHR
Cambodia 07A 07A - Direct lending and reserve drawdown KHR
Cambodia 07B 07B - Secondary purchase: government securities KHR
Cambodia 11 11 - Other Economic Measures KHR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); RGC. http://auschamcambodia.com/wp-content/uploads/2020/05/fourth-round-of-stimulus-measures.pdf (accessed 11 June 2020).

(i) April 2020, The government has ordered the suspension of white rice exports, to secure domestic supplies; (ii) 20 May 2020, suspension of white rice exports has been lifted.

Indonesia 07 07 - Central bank financing government IDR 788,840,000,000,000 51,915,901,682
Indonesia 07A 07A - Direct lending and reserve drawdown IDR 622,630,000,000,000 40,977,128,270 The Jakarta Post. https://www.thejakartapost.com/news/2020/04/23/bank-indonesia-buys-108m-of-government-bonds-at-auction-first-time-since-rule-change.html (accessed 27 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020). BI. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-28-Mei-2020.aspx (accessed 2 June 2020). BI. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-5-Juni-2020.aspx (accessed 10 June 2020). Reuters. https://www.reuters.com/article/us-indonesia-economy/indonesia-unveils-40-billion-bond-scheme-to-fund-recovery-from-pandemic-idUSKBN2471AZ?il=0 (accessed 6 July 2020). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_225220.aspx (accessed 16 July 2020). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_226420.aspx (accessed 19 August 2020). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_227120.aspx (accessed 2 October 2020). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_227520.aspx (accessed 5 November 2020).

(i) 21 April 2020, BI directly purchased IDR1.7 trillion (USD108 million) worth of sharia sovereign bonds during an auction held by the government for the first time. As of 8 October 2020, BI has purchased IDR60.18 trillion in the primary market through auction schemes, greenshoe options and private placements under the April 16 Joint Decree with the Ministry of Finance.ii) No amount/estimate: In line with BI's expanded financial stability mandate as mentioned in (v) of Measure 1A, BI is authorized to finance the deposit insurance agency (LPS) for bank solvency problems. (vi) 6 July 2020, BI agreed to directly purchase IDR397.6 trillion worth of government bonds at 0% interest and be a standby buyer for IDR177 trillion in auctions at 1 percentage point below the benchmark rate to help finance the central government's pandemic response efforts under the July 7 Joint Decree with the Ministry of Finance. As of 8 October 2020, BI has made IDR229.68 trillion in primary market purchases through private placements under this agreement.

Indonesia 07B 07B - Secondary purchase: government securities IDR 166,210,000,000,000 10,938,773,412 Bank Indonesia. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx; https://www.bi.go.id/id/ruang-media/info-terbaru/Pages/BI-Terbitkan-Ketentuan-Pelaksanaan-Lelang-SUN-dan-atau-SBSN-Jangka-Panjang-di-Pasar-Perdana.aspx (accessed 27 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020).

(i) From January to April 2020, IDR166.21 trillion purchases of government securities (SBN) in the secondary market by BI.

Indonesia 11 11 - Other Economic Measures IDR WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 28 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020). The Jakarta Post. https://www.thejakartapost.com/news/2020/05/22/indonesia-may-lose-market-confidence-due-to-mounting-debts-world-bank.html (accessed 2 June 2020). Reuters. https://www.reuters.com/article/us-indonesia-tax-digital/indonesia-imposes-10-vat-on-amazon-google-netflix-and-spotify-idUSKBN2481A5?il=0 (accessed 7 July 2020).

(i) Effective 18 March 2020 to 31 May 2020, Temporary elimination of import certification requirements on imports of onions and garlic; (ii) Effective 18 March 2020 to 30 June 2020, Temporary export ban on antiseptic, raw materials to fabricate masks, personal protective equipment (PPE), ethyl alcohol and masks; (iii) Effective 23 March 2020 to 30 June 2020, Temporary elimination of import certification requirements on imports of certain products, e.g. masks and personal protective equipment; (iv) To ease stock market volatility, the regulator OJK has introduced a new share buyback policy (allowing listed companies to repurchase their shares without a prior shareholders’ meeting) and introduced limits on stock price declines. (iv) 22 May 2020, The government announced it willl start start charging 10 percent value-added tax (VAT) on imported digital goods and services, including video and music streaming subscriptions, starting July 1 in an attempt to boost state revenue. On 7 July 2020, authorities confirmed that it is imposing 10% value-added tax on sales by non-resident foreign firms which sell digital products and services in Indonesia worth at least IDR600 million rupiah (USD41,667) a year or which generate yearly traffic from at least 12,000 users.

Lao PDR 07 07 - Central bank financing government LAK
Lao PDR 07A 07A - Direct lending and reserve drawdown LAK
Lao PDR 07B 07B - Secondary purchase: government securities LAK
Lao PDR 11 11 - Other Economic Measures LAK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020, 11 June 2020); 9 July 2020, 3 September 2020).

(i) As of 20 August 2020, Cuts in administrative expenses by at least 30% of the annual budget for ministries and central organizations and 10% for local authorities have been approved and intentions to cut unnecessary spending in proportion to revenue shortfall have been signaled; (ii) The Taskforce Committee has launched a fundraising campaign from the public. As of 1 June 2020, about LAK17.5 billion in cash and LAK85.5 billion in kind have been raised.

Malaysia 07 07 - Central bank financing government MYR 9,166,472,355 2,133,821,955
Malaysia 07A 07A - Direct lending and reserve drawdown MYR
Malaysia 07B 07B - Secondary purchase: government securities MYR 9,166,472,355 2,133,821,955 Bank Negara Malaysia. https://www.bnm.gov.my/-/bnm-statement-of-assets-liabilities-31-december-2020 (accessed 8 January 2021).

31 December 2020, The Malaysian Government Papers purchased by the Bank Negara Malaysia amounted to MYR11.15 billion. This is equal to an increase of MYR9.17 billion from 31 December 2019 (total of MYR1.98 billion) [update].

Malaysia 11 11 - Other Economic Measures MYR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020, 3 May 2020, 8 January 2021); Prime Minister's Office of Malaysia. https://www.pmo.gov.my/2020/09/government-prepared-to-implement-additional-economic-stimulus-package-if-necessary-pm/ (16 September 2020); The Star. https://www.thestar.com.my/news/nation/2020/08/25/temporary-measures-bill-for-rm45bil-covid-19-fund-passed (accessed 16 September 2020); The Official Portal of Parliament of Malaysia. https://www.parlimen.gov.my/bills-dewan-rakyat.html?uweb=dr&lang=en (accessed 16 September 2020, 25 September 2020); Prime Minister's Office of Malaysia. https://www.pmo.gov.my/2020/08/rm500-million-sukuk-prihatin-launched/ (accessed 16 September 2020); Maybank2u. https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/wealth/sukuk_prihatin.page? (accessed 16 September 2020); Malay Mail. https://www.malaymail.com/news/malaysia/2020/09/21/bill-to-finance-govt-expenditure-for-covid-19-passed/1905349 (accessed 2 October 2020); The Official Portal of Parliament of Malaysia. https://www.parlimen.gov.my/bills-dewan-negara.html?uweb=dn&lang=en (accessed 2 October 2020); Channel News Asia. https://www.channelnewsasia.com/news/asia/malaysia-2021-budget-parliament-third-reading-passed-muhyiddin--13775518 (accessed 8 January 2021); Ministry of Finance. https://www.treasury.gov.my/index.php/en/budget.html (accessed 8 January 2021).

No amount/estimate: (i) 23 March 2020, The SC and Bursa Malaysia suspended short-selling until April 30. 28 April 2020, The suspension was extended through June 30; (ii) 5 June 2020 in Short-term National Economic Recovery Plan or PENJANA: (a) COVID-19 Temporary Measures Act is proposed to minimize disruption to social and economic well-being activities caused by contractual breaches and enforcement of insolvency actions on groups affected by COVID-19 and Movement Control Order (MCO). This is designed to provide sufficient runway for businesses to recover their operations and relief from certain contractual obligations and financial distress for the revival of the economy: (1) 24 August 2020, The Temporary Measures for Government Financing COVID-19 Bill 2020, to set up a MYR45 billion fund for COVID-19 was passed by Dewan Rakyat (Lower House). Apart from setting up the fund, the law will allow the government borrowings to raise the permissible statutory debt level ratio of 55% of GDP to 60%. 21 September 2020, The Bill was passed by Dewan Negara (Upper House); and (2) 25 August 2020, The Temporary Measures for Reducing the Impact of COVID-19 Bill 2020 was passed by the Lower House. 22 September 2020, The Bill was passed by the Upper House; (b) To enable the Rakyat (or people) to join the Government in supporting post recovery measures, the MOF will issue an Islamic debt instrument -- the Sukuk PRIHATIN. Proceeds from the sukuk issuance will be utilized for specific development programs such as connectivity of schools (especially in rural areas), funding for micro enterprises (focused on women entrepreneurs) and research grants for infectious diseases. 18 August 2020, The first digital sukuk was launched with a nominal value of MYR500 million. The profit rate is 2% per annum over two years, maturity date is 22 September 2022; (iii) 1 September 2020, The government is prepared to implement additional economic stimulus package or other initiatives to help the people in facing economic constraints if necessary and if the government’s financial situation allows it; (iv) 15 December 2020, the Supply Bill 2021 (Malaysia's Budget for 2021), has been approved by the Dewan Rakyat. The total amount of fiscal injection envisaged in five stimulus plans over 2020-2021 (MYR55 billion) remains unchanged. Of that, around MYR38 billion have been spent in 2020 and the remainder, MYR17billion, has been allocated to 2021. The Bill will now go to the Senate, before it will be submitted to the Malaysian king for royal assent [update].

Myanmar 07 07 - Central bank financing government MMK
Myanmar 07A 07A - Direct lending and reserve drawdown MMK
Myanmar 07B 07B - Secondary purchase: government securities MMK
Myanmar 11 11 - Other Economic Measures MMK
Philippines 07 07 - Central bank financing government PHP 1,622,000,000,000 31,864,151,062
Philippines 07A 07A - Direct lending and reserve drawdown PHP 1,560,000,000,000 30,646,162,550 BSP. http://www.bsp.gov.ph/publications/media.asp?id=5329 (accessed 7 April 2020). BSP. http://www.bsp.gov.ph/publications/media.asp?id=5336 (accessed 21 May 2020). PDI. https://business.inquirer.net/305953/ph-debt-to-breach-p10-trillion-in-2020-nearly-p12-trillion-in-2021 (accessed 26 August 2020). BusinessWorld. https://www.bworldonline.com/bsp-can-lend-more-to-govt-under-bayanihan-ii/ (accessed 15 September 2020). BusinessWorld. https://www.bworldonline.com/monetary-board-approves-p540-billion-advance-to-ng/ (accessed 2 October 2020). Reuters. https://www.reuters.com/article/health-coronavirus-philippines-cenbank/philippine-govt-seeks-another-11-bln-funding-support-from-c-bank-idUSL4N2J91GT (accessed 3 January 2021).

(i) 23 March 2020, To further support the Filipino people during the COVID-19 pandemic, the Monetary Board authorized the Bangko Sentral ng Pilipinas (BSP) to purchase government securities from the Bureau of Treasury (BTR) under a repurchase agreement in the amount of PHP300 billion with a maximum repayment period of 6 months. On 26 August 2020, The BTR stated programmed borrowings from the BSP total PHP500 trillion (out of a ceiling of PHP540 billion) in 2020 and PHP1 trillion in 2021. After the passage of the Bayanihan II Law on 11 September 2020, the cap on provisional advances by the BSP to the national government has effectively increased to 30% of the government's average revenue for fiscal years 2017-2019 or from PHP540 billion to PHP850 billion. On 30 September 2020, The BSP approved an additional PHP540 billion provisional advance to the national government following the Treasury's repayment of the initial PHP300 billion advance (this brings the total borrowing to PHP840 billion versus the PHP850 billion ceiling). 29 December 2020, The Treasury announced it is seeking another PHP540 billion loan from the BSP. [update] (ii) 26 March 2020, The BSP remitted PHP20 billion pesos in dividends to the national government despite no longer being required to do so under its newly amended charter.

Philippines 07B 07B - Secondary purchase: government securities PHP 62,000,000,000 1,217,988,512 BSP. http://www.bsp.gov.ph/publications/media.asp?id=5352 (accessed 1 May 2020). BIS. https://www.bis.org/review/r200427a.htm (accessed 28 April 2020).

(i) 24 March 2020, BSP opened a daily one-hour window to purchase selected highly traded and liquid government securities from banks at market prices; (ii) From 8 April 2020, all peso-denominated government securities issuances could be purchased by the BSP. Window will remain open between April and June 2020, or until market conditions return to normal; (iii) As of 22 April 2020, PHP62 billion in government securities (GS) have been purchased by the Bangko Sentral ng Pilipinas (BSP) as part of expanded GS purchases that began on 24 March 2020.

Philippines 11 11 - Other Economic Measures PHP Department of Finance. https://www.officialgazette.gov.ph/downloads/2020/05may/20200502-EO-113-RRD.pdf (accessed 5 May 2020). Philippine Daily Inquirer. https://business.inquirer.net/297882/bsp-proposed-fist-law-to-buttress-ph-banks-even-if-bad-loans-double (accessed 22 May 2020). BusinesswWorld. https://www.bworldonline.com/pagcor-remits-p5b-in-fresh-dividends-to-treasury/ (accessed 11 June 2020).

(i) PHP2.9 billion assistance from Philippine Amusement and Gaming Corporation (PAGCOR) and Philippine Charity Sweepstakes Office (PCSO) is intended for the purchase of medical equipment and supplies (See (i) in Measure 5A). On 5 June 2020, PAGCOR remitted an additional PHP5 billion in dividends (bringing the total to PHP17 billion); (ii) Banks are also expected to suspend all fees and charges imposed on online banking platforms during the period of regulatory relief. (iii) 2 May 2020, The government imposed a temporary additional 10% levy on imported crude and refined petroleum products to augment resources for COVID-19. (iv) 22 May 2020, The BSP is pushing for the enactment of the proposed Financial Institutions Strategic Transfer (FIST) law, an enhancement of the Special Purpose Vehicle Act that would allow financial institutions to clear up non-performing assets and have additional funds to lend to their clients.

Singapore 07 07 - Central bank financing government SGD 52,000,000,000 36,710,201,200
Singapore 07A 07A - Direct lending and reserve drawdown SGD 52,000,000,000 36,710,201,200 SingaporeBudget.gov. https://www.singaporebudget.gov.sg/budget_2020/fortitude-budget/fortitude-budget-statement (accessed 30 May 2020).

As of 26 May 2020, the President has given in-principle support to draw up to SGD52 billion from past reserves to fund COVID-19 measures.

Singapore 07B 07B - Secondary purchase: government securities SGD
Singapore 11 11 - Other Economic Measures SGD WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 21 May 2020). SingaporeBudget.gov. https://www.singaporebudget.gov.sg/budget_2020/budget-measures/budget-summary (accessed 30 May 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/enhancing-job-opportunities-for-singaporeans-and-staying-open-to-global-talent (accessed 28 August 2020).

(i) 24 April 2020, Temporary relaxation of import licensing requirements for hand sanitizers, masks, thermometers, and protective gear. (ii) 26 May 2020, SGD33 billion under supplementary "Fortitude" budget which includes SGD13 billion for contingencies to allow the government to respond quickly to any unforeseaable developments arising from COVID-19. (iii) 27 August 2020, The MAS increased the minimum qualifying salary for employment pass holders (i.e. foreign workers) in the financial services sector to SGD5,000 to support local hiring.

Thailand 07 07 - Central bank financing government THB 100,000,000,000 3,114,510,647
Thailand 07A 07A - Direct lending and reserve drawdown THB
Thailand 07B 07B - Secondary purchase: government securities THB 100,000,000,000 3,114,510,647 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

The BOT purchased government bonds in excess of THB100 billion in March 2020 to ensure the normal functioning of the government bond market.

Thailand 11 11 - Other Economic Measures THB BOT. https://www.bot.or.th/Thai/PressandSpeeches/Press/2020/Pages/n6063.aspx (accessed 17 September 2020).

11 September 2020, The BOT released new supervisory guidelines for financial service providers to enhance fair customer service and protect borowers affected by COVID-19.

Timor-Leste 07 07 - Central bank financing government USD
Timor-Leste 07A 07A - Direct lending and reserve drawdown USD
Timor-Leste 07B 07B - Secondary purchase: government securities USD
Timor-Leste 11 11 - Other Economic Measures USD
Viet Nam 07 07 - Central bank financing government VND
Viet Nam 07A 07A - Direct lending and reserve drawdown VND