|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Afghanistan||08||08 - International Assistance Received||AFN||144,150,877,943||1,831,842,181|
|Afghanistan||08A||08A - Swaps||AFN|
|Afghanistan||08B||08B - International loans/grants||AFN||144,150,877,943||1,831,842,181|
|Afghanistan||08B1||08B1 - Asian Development Bank||AFN||3,427,025,974||43,550,000||ADB Table A1.2: Sovereign Lending and Asian Development Fund Grant Operations, Table A1.4: Asia Pacific Disaster Response Fund and Technical Assistance, Table A1.5: Country Support under TA 9550-REG. (all accessed 30 September 2020)||
(i) USD3 million - Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases; (ii) May 11, USD40 million Emergency Assistance for COVID-19 Pandemic Response grant to support the construction of 15 hospitals and medical facilities; (iii) June 3, Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region (Additional Financing) - USD0.07million; (iv) July 13, Addressing Health Threats in the Central, West, and East Asia Region - USD0.38 million; (v) July 24, Due Diligence and Capacity Development of Trade Finance Program Banks - USD0.10 million [update].
|Afghanistan||08B2||08B2 - Other||AFN||140,723,851,969||1,788,292,181||IMF. https://bit.ly/2Vk0uFb (accessed 19 April 2020); IMF. https://www.imf.org/en/News/Articles/2020/04/29/pr20193-afghanistan-imf-executive-board-approves-disbursement-to-address-the-covid-19; World Bank. https://www.worldbank.org/en/news/press-release/2020/04/02/world-bank-fast-tracks-100-million-covid-19-support-for-afghanistan (both accessed 1 May 2020). WB. https://www.worldbank.org/en/news/press-release/2020/05/07/world-bank-approves-400-million-to-sustain-afghanistans-reform-momentum-mitigate-covid-19-crisis (accessed 14 May 2020). USAID. https://www.usaid.gov/news-information/coronavirus/fact-sheets/update-united-states-continues-lead-global-response-covid-19 (accessed 1 June 2020). World Bank. https://www.worldbank.org/en/news/press-release/2020/07/09/world-bank-200-million-for-afghanistan-to-protect-people-support-businesses-amid-covid-19 (accessed 24 July 2020). Worl Bank. https://www.worldbank.org/en/news/press-release/2020/08/04/afghanistan-new-grants-to-cushion-impact-of-covid-19-on-poor-households-and-protect-food-security (accessed 7 August 2020). IMF. https://www.imf.org/en/News/Articles/2020/08/14/pr20282-islamic-republic-of-afghanistan-imf-eaches-a-staff-level-agreement-on-an-ecf-arrangement (accessed 21 August 2020). World Bank. https://www.worldbank.org/en/news/press-release/2020/09/28/world-bank-100-million-to-stabilize-afghanistans-financial-sector-and-spur-economic-recovery (accessed 2 October 2020)||
(i) April 14-Oct 13: IMF Catastrophe Containment And Relief Trust-Grant Assistance For Debt Service Relief, SDR2.4 million (SDR0.729/USD); (ii) April 2, The World Bank approved a USD100.4 million grant for the Afghanistan COVID-19 Emergency Response and Health Systems Preparedness Project to help Afghanistan take effective action to respond to the threat posed by COVID-19 and strengthen its public health preparedness; (iii) The IMF approved Afghanistan’s request for emergency assistance in the amount of SDR161.9 million (approximately USD220 million) under the Rapid Credit Facility; (iv) With the support of the World Bank, other development partners, and humanitarian agencies, the authorities are developing a social relief package-through cash transfers and, if impractical, in kind-to support food security among socially vulnerable households. On April 29, the government started providing free bread to about 2.5 million needy and poor people in Kabul [update]; (v) May 7, USD400 million grant from the World Bank to support the country in managing risks and uncertainties compounded by the COVID-19 crisis; (vi) As of May 26, USD20.6 million from USAID, broken down into: (a) USD7.1 million for health and IDA humanitarian assistance, (b) USD3.1 million in MRA humanitarian assistance for Afghan returnees, (c) USD10 million from redirecting existing resources to support Afghanistan's health response, (d) USD500,000 to procure COVID-19 prevention and control supplies for correctional facilities; (vii) July 9, USD200 million to help Afghanistan mitigate COVID-19 impacts and provide relief to vulnerable people and businesses. USD100 million comes from the International Development Association (IDA), the World Bank Group's fund for the poorest countries, and the balance from the Afghanistan Reconstruction Trust Fund (ARTF), managed by the World Bank on behalf of 34 donors; (viii) August 4, USD280 million for the COVID-19 Relief Effort for Afghan Communities and Households (REACH) Project, with USD155 million from the IDA, and the balance from the ARTF; (ix) August 4, USD100 million for the Emergency Agriculture and Food Supply Project (EATS), with USD55 million from the IDA, and the balance from the ARTF; (x) August 14, IMF staff and the Afghanistan authorities have reached a staff-level agreement on an economic reform program to be supported by a new three-and-half year USD364 million Extended Credit Facility (ECF); (xi) September 28, USD100 million from the World Bank to stabilize the financial sector and spur economic recovery. [update]
|Afghanistan||11||11 - Other Economic Measures||AFN||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 24 July 2020)||
(i) The government has taken steps to replace wheat imports lost due to border closures with purchases from Central Asia; (ii) On July 15, trade with India through Wagah border post in Pakistan resumed.
|Arab Republic of Egypt||08||08 - International Assistance Received||EGP||210,938,837,220||13,422,793,717|
|Arab Republic of Egypt||08A||08A - Swaps||EGP|
|Arab Republic of Egypt||08B||08B - International loans/grants||EGP||210,938,837,220||13,422,793,717|
|Arab Republic of Egypt||08B1||08B1 - Asian Development Bank||EGP|
|Arab Republic of Egypt||08B2||08B2 - Other||EGP||210,938,837,220||13,422,793,717||Daily News Egypt. https://dailynewsegypt.com/2020/09/04/eib-nbe-sign-e-800m-financing-agreement-to-ensure-resilient-post-covid-19-recovery-for-smes/ (accessed 17 September 2020). United Nations Development Programme. https://www.eg.undp.org/content/egypt/en/home/presscenter/pressreleases/2020/government-of-japan-and-undp-commit-to-addressing-socio-economic.html (accessed 27 August 2020). Arab Monetary Fund. https://www.amf.org.ae/en/content/arab-monetary-fund-extends-arab-republic-egypt-new-loan-within-framework-structural (accessed 30 July 2020). African Development Bank Group. https://www.afdb.org/en/news-and-events/press-releases/egypt-african-development-bank-approves-225-million-euros-budget-support-loan-electricity-sector-bolster-economic-resilience-and-sustainability-amid-covid-19-36237 (accessed 19 June 2020), https://www.afdb.org/en/news-and-events/press-releases/egypt-african-development-bank-approves-emergency-relief-aid-tackle-food-insecurity-vulnerable-workers-whose-livelihoods-are-impacted-covid-19-35832 (accessed 28 May 2020). World Bank. https://www.worldbank.org/en/news/press-release/2020/05/17/egypt-world-bank-provides-us-50-million-in-support-of-coronavirus-emergency-response-under-new-fast-track-facility (accessed 21 May 2020). World Bank. https://www.worldbank.org/en/news/press-release/2020/06/16/egypt-world-bank-provides-us-400-million-in-support-of-universal-health-insurance-system#:~:text=WASHINGTON%20DC%2C%20June%2016%2C%202020,health%20outcomes%20of%20its%20citizens. (accessed 18 June 2020) https://www.worldbank.org/en/news/press-release/2020/04/02/egypt-world-bank-provides-us79-million-in-support-of-coronavirus-covid-19-emergency-response (accessed 7 May 2020). IMF. https://www.imf.org/en/News/Articles/2020/06/05/pr20236-egypt-imf-reaches-staff-level-agreement-on-12-month-us-billion-stand-by-arrangement (accessed 11 June 2020), https://www.imf.org/en/News/Articles/2020/06/26/pr20248-egypt-imf-executive-board-approves-12-month-us-5-2billion-stand-by-arrangement (accessed 09 July 2020).||
(i) April 2, USD7.9 million funds from the World Bank through activating the Contingency Emergency Response Component (CERC) under the “Transforming Egypt’s Healthcare System Project”, designated for emergency response activities related to the COVID-19 outbreak in Egypt. This measure is reflected in 5A; (ii) May 11, USD2.772 billion in emergency support from the International Monetary Fund to address the COVID-19 Pandemic; (iii) May 17, USD50 million in World Bank aid for Egypt as an emergency response under the new Fast Track COVID-19 Facility; (iv) May 27, USD0.5 million emergency assistance grant from the African Development Bank Group to Egypt to provide food relief, and to contribute to restoring the livelihood of vulnerable populations severely affected by the pandemic; (v) June 5, USD5.2 billion Stand-By Arrangement were agreed upon by Egyptian Authorities and the International Monetary Fund, aiming to alleviate the economic impact of the COVID-19 pandemic, helping maintain macroeconomic stability, strengthen the social safety net, and support reforms to spur private-sector-led growth and job creation. On June 26, this was approved by IMF's Executive Board; (vi) June 16, USD400 million provided by the World Bank as support for the Universal Health Insurance System, to protect the most vulnerable from high health expenses due to the pandemic; (vii) June 17, the African Development Bank Group approved a EUR225 million loan to finance Egypt’s Electricity and Green Growth Support Program (EGGSP). The funding will help meet the Government of Egypt’s financing requirements in the light of the COVID-19 pandemic, and support a sound electricity infrastructure base; (viii) July 29, the Arab Monetary Fund extended a USD639 million credit facility to help the country reform its public finance sector amid the COVID-19 pandemic; (ix) August 25, USD2.73 million grant from the Government of Japan and UNDP to address the Socio-Economic Impact of COVID-19 in Egypt through human security approach; (x) September 3, the Finance Ministry announced that Egype signed a USD2 billion conventional and islamic loan with several international and regional banks. This is meant to close the gap in its 2020/2021 budget wrought by the COVID-19 pandemic. ; (xi) Egypt’s National Bank of Egypt (NBE) and the European Investment Bank (EIB) have signed an agreement worth EUR1.9 billion, where EUR1.1 billion will be provided for the transport sector and EUR800 million for SMEs.
|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||08||08 - International Assistance Received||ARS||37,650,000,000||600,000,000|
|Argentina||08A||08A - Swaps||ARS||Central Bank of the Republic of Argentina. https://www.bcra.gob.ar/Noticias/nuevo-acuerdo-swap-banco-republica-popular-china.asp (accessed 14 August 2020).||
No amount/estimate: August 6, Signed a currency swap agreements with the Bank of the People's Republic of CHINA (PBC). The new agreements will be valid for 3 years.
|Argentina||08B||08B - International loans/grants||ARS||37,650,000,000||600,000,000||Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 5 May 2020). Wall Street Journal. https://www.wsj.com/articles/argentina-moves-closer-to-sovereign-debt-default-amid-coronavirus-crisis-11590160035 (accessed 29 May 2020).||
(i) May 3, instead of defaulting to its creditors, the government proposed a three-year grace period on sovereign debt, a 5.5% reduction in bond principal, and a 62% reduction in interest payments; (ii) May 22, Argentina went into technical default when the 30-day grace period expired on $500 million interest due on $65 billion owed to private creditors.
|Argentina||08B1||08B1 - Asian Development Bank||ARS|
|Argentina||08B2||08B2 - Other||ARS||37,650,000,000||600,000,000||World Bank. https://www.worldbank.org/en/news/press-release/2020/03/25/banco-mundial-fortalece-apoyo-a-las-familias-mas-vulnerables-de-argentina (Accesed 27 April 2020). USAID. https://www.usaid.gov/news-information/coronavirus/fact-sheets/update-united-states-continues-lead-global-response-covid-19 (accessed 29 May 2020).||
(i) World Bank Group approved a USD300 million operation to support Argentina’s efforts to strengthen its social protection system and minimize the impact of the crisis on the most vulnerable families through the "Children and Youth Protection Project”; (ii) USD300 million from USAID in new MRA humanitarian assistance will support COVID-19 response efforts for refugees and host communities.
|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.
|Armenia||08||08 - International Assistance Received||AMD||161,856,968,550||330,990,000|
|Armenia||08A||08A - Swaps||AMD|
|Armenia||08B||08B - International loans/grants||AMD||161,856,968,550||330,990,000|
|Armenia||08B1||08B1 - Asian Development Bank||AMD||22,020,058,895||45,030,000||ADB Table A1.3: Nonsovereign Operations, Table A1.5: Country Support under TA 9550-REG. (both accessed 30 September 2020).||
(i) March 22, Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases (USD0.5 million); (ii) Nonsovereign Operations: Trade Finance Program (Additional Financing) - guarantee (USD13.91 million OCR, USD26.51 million co-financed); (iii) Nonsovereign Operations: Trade Finance Program (Additional Financing) - loan (USD7.58 million, with USD2.94 million co-financed) [update]; (iv) May 28, USD45 million from the COVID-19 Working Capital Support Project (USD20 million OCR, USD25 million co-financed); (v) July 1, Promoting Digital Finance Solutions for Inclusive Finance among Partner Financial Institutions - USD0.05 million; (vii) July 13, Addressing Health Threats in the Central, West, and East Asia Region - USD0.13 million; (viii) July 24, Due Diligence and Capacity Development of Trade Finance Program Banks - USD0.11 million [update]; (ix) August 3, COVID-19 Emergency Response - USD2 million; (x) August 6, Distance Education for Resilience Project in Armenia - USD0.75 million.
|Armenia||08B2||08B2 - Other||AMD||139,836,909,655||285,960,000||WB. https://www.worldbank.org/en/news/press-release/2020/04/03/world-bank-supports-armenia-to-combat-the-human-impact-of-the-covid19-pandemic (accessed 5 May 2020). IMF. https://www.imf.org/en/News/Articles/2020/05/18/pr20219-armenia-imf-execboard-concludes-2ndrev-under-sba-augments-access-address-impact-covid19 (accessed 21 May 2020). Public Radio of Armenia. https://en.armradio.am/2020/08/27/canada-to-provide-260000-in-covid-19-relief-to-armenia/ (accessed 28 July 2020)||
(i) April 3, The World Bank allocated USD3 million to address the country’s urgent needs for equipment and supplies needed for the intensive care of people with a confirmed COVID-19 diagnosis; (ii) May 18, USD280 million in total aid immediately available after an augmentation of its Stand-By Arrangement with the IMF; (iii) As of May 26, USD2.7 million to prepare laboratory systems, activate case-finding and event-based surveillance, support technical experts for response and preparedness, bolster risk-communications, and more; (iv) August 27, USD260,000 in COVID-19 relief from Canada.
|Armenia||11||11 - Other Economic Measures||AMD||KPMG. https://home.kpmg/xx/en/home/insights/2020/04/armenia-government-and-institution-measures-in-response-to-covid.html (accessed 14 May 2020)||
May 14, Temporary restrictions on the export of medical masks, gloves and goggles, biohazard suits, medical robes, antiviral medicines, gauze and other medical products.
|Australia||08||08 - International Assistance Received||AUD||96,494,049,600||60,000,000,000|
|Australia||08A||08A - Swaps||AUD||96,494,049,600||60,000,000,000||RBA. https://www.rba.gov.au/covid-19/ (accessed 3 June 2020); New York FED. https://apps.newyorkfed.org/markets/autorates/fxswap (accessed 9 July 2020).||
March 20, RBA has established a swap line with the United States (US) Federal Reserve for the provision of US dollar liquidity in amounts up to USD60 billion.
|Australia||08B||08B - International loans/grants||AUD|
|Australia||08B1||08B1 - Asian Development Bank||AUD|
|Australia||08B2||08B2 - Other||AUD|
|Australia||11||11 - Other Economic Measures||AUD|
|Austria||08||08 - International Assistance Received||EUR|
|Austria||08A||08A - Swaps||EUR|
|Austria||08B||08B - International loans/grants||EUR|
|Austria||08B1||08B1 - Asian Development Bank||EUR|
|Austria||08B2||08B2 - Other||EUR|
|Austria||11||11 - Other Economic Measures||EUR||BMF. https://www.bmf.gv.at/presse/pressemeldungen/2020/juni/regierungsklausur.html (accessed 17 June 2020). Austrian Financial Market Authority. https://www.fma.gv.at/fma-beendet-die-per-verordnung-erlassenen-einschraenkungen-fuer-leerverkaeufe-in-bestimmten-finanzinstrumenten-die-an-der-wiener-boerse-notieren/ (accessed 21 May 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#A (accessed 9 May 2020).||
(i) On March 18, the Financial Market Authority prohibited short sales for one month following the massive drop in prices on the Vienna Stock Exchange due to betting on covered share price losses and and extended the prohibition to May 18 on April 16; (ii) No amount/estimate: May 18: Ended the restrictions on short sales beginning midnight of the same day. (iii) June 16, To incentivize companies to buy capital goods, added a degressive depreciation option for an unlimited period, up to 30% of an investment good should be written off in the first year.
|Azerbaijan||08||08 - International Assistance Received||AZN||350,081,000||205,930,000|
|Azerbaijan||08A||08A - Swaps||AZN||340,000,000||200,000,000||Central Bank of Azerbaijan (CBA). https://www.cbar.az/press-release-2616/central-bank-and-ebrd-provide-joint-financial-support-to-businesses-affected-by-coronavirus-pandemic (accessed on 20 May 2020).||
May 19, The CBA and the EBRD have signed a USD200 million swap agreement to increase access to financial resources for the real sector during the coronavirus pandemic.
|Azerbaijan||08B||08B - International loans/grants||AZN||10,081,000||5,930,000|
|Azerbaijan||08B1||08B1 - Asian Development Bank||AZN||1,581,000||930,000||ADB||
(i) April, Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases (USD0.50 million); (ii) June 3, Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region (Additional Financing) (USD0.07 million); (iii) July 13, Addressing Health Threats in the Central, West and East Asia Region (USD0.13 million); (iv) July 24, Due Diligence and Capacity Development of Trade Finance Program Banks (Subproject 3) (USD0.23 million) [update].
|Azerbaijan||08B2||08B2 - Other||AZN||8,500,000||5,000,000||WHO. http://www.euro.who.int/en/countries/azerbaijan/news/news/2020/3/azerbaijan-steps-up-covid-19-preparedness-and-readiness-measures,-welcoming-who-mission (accessed 15 April 2020); USAID. https://www.usaid.gov/news-information/coronavirus/fact-sheets/may-29-2020-update-united-states-continues-lead-global-response-covid-19 (accessed 5 June 2020); European Union. https://www.euneighbours.eu/en/east/stay-informed/news/eu-ships-medical-equipment-help-azerbaijan-during-covid-19-pandemic (accessed 23 June 2020); USAID. https://www.state.gov/update-the-united-states-continues-to-lead-the-global-response-to-covid-19-6/ (accessed 26 August 2020).||
(i) No amount/estimate: Testing and personal protective equipment supplies from WHO; (ii) August 21, USAID provided more than USD5 million in total assistance for the country’s COVID-19 response includes (a) USD3 million in health assistance which is helping prepare laboratory systems, support technical experts for response and preparedness, bolster risk communications, and more; (b) USD1 million in Economic Support Fund (ESF) to support advisory services and technical assistance to small- and medium-sized enterprises; and (c) more than USD1 million in Migration and Refugee Assistance (MRA) humanitarian assistance that will help vulnerable migrants, displaced people and host communities during the pandemic.
|Azerbaijan||11||11 - Other Economic Measures||AZN||114,147,378||67,145,516||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); The Coronavirus Response Fund. http://covid19fund.gov.az/en/ (accessed 19 April 2020); Eurasianet. https://eurasianet.org/to-fight-coronavirus-azerbaijan-passes-the-hat (accessed 19 April 2020); Coronavirus Response Fund. http://covid19fund.gov.az/en/donation (accessed 23 July 2020).||
(i) March, Establishment of the Coronavirus Response Fund under the Decree of the President of the Republic of Azerbaijan of March 19, 2020. The government itself is asking for donations from citizens, organizations, and businesses to help it deal with the disease in Azerbaijan. According to President Ilham Aliyev, the basic goal of the fund is for the people of Azerbaijan to within the limits of their capability, demonstrate their civil solidarity and generosity which are foundations of their society. The fund has raised AZN114 million as of July 20; (ii) April, The CBA and commercial banks have shifted to a seven-day work week, including to allow individuals and businesses to convert their manat holdings into foreign currency; (iii) April 23, The CBA also announced that it will extend its guarantees on insurance premiums.