|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Cook Islands||01||01 - Liquidity Support||NZD|
|Cook Islands||01A||01A - Short-term lending||NZD|
|Cook Islands||01B||01B - Support policies for short-term lending||NZD|
|Cook Islands||01C||01C - Forex operations||NZD|
|Cook Islands||05||05 - Health and income support||NZD||61,000,000||36,902,601||Ministry of Finance and Economic Management. http://www.mfem.gov.ck/images/MFEM_Documents/COVID-19/Cook_Islands_Economic_Response_to_COVID-19.pdf (accessed 13 April 2020).||
The Government’s COVID-19 Economic Response Plan with a total value of NZD61 million has three objectives. The first is to stimulate demand through support to local business to ensure that the economy is able to continue to operate, even at a reduced level, during this period of extreme uncertainty surrounding COVID-19. The second is to support the livelihoods of those that are likely to be most affected by the economic fallout, including those required to self-isolate, those that lose their jobs and the elderly and infirm. The third objective is to achieve the first two objectives in a fiscally responsible manner that does not undermine the Government’s ability to undertake further fiscal intervention over the longer-term, should that prove necessary. Breakdown as follows: (i) NZD5 million, Ministry of Health; (ii) NZD2.3 million support for self-isolation; (iii) NZD2 million small capital works program; (iv) NZD12 million major capital projects; (v) NZD0.97 million unemployment benefit; (vi) NZD22.51 million wage subsidy; (vii) NZD1 million child benefit payment; (vii) NZD0.87 million one-off welfare payment; (viii) NZD50 thousand redeployment program; (ix) NZD3.36 million business grants; (x) NZD2.32 million indirect costs (tax relief, TAU,etc).
|Cook Islands||05A||05A - Health support||NZD|
|Cook Islands||05B||05B - Income support||NZD|
|European Central Bank||01||01 - Liquidity Support||EUR|
|European Central Bank||01A||01A - Short-term lending||EUR||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020).||
No amount/estimate: 12 March, Conducting additional longer-term refinancing operations (LTROs) temporarily (with an interest rate equal to the average rate on the deposit facility, -0.50% currently).
|European Central Bank||01B||01B - Support policies for short-term lending||EUR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020).||
No amount/estimate: (i) The ECB also announced a broad package of collateral easing measures for Eurosytem credit operations in early April. These include a permanent collateral haircut reduction of 20 percent for non-marketable assets, and temporary measures for the duration of the PEPP (with a view to re-assess their effectiveness before the end of 2020) such as a reduction of collateral haircuts by 20 percent and expansion of collateral eligibility to include Greek sovereign bonds as well as an expansion of the scope of so-called additional credit claims framework so that it may also include public sector-guaranteed loans to SMEs, self-employed individuals, and households. In a move to mitigate the impact of possible rating downgrades on collateral availability , on April 22, the ECB also announced that it would grandfather until September 2021 the eligibility of marketable assets used as collateral in Eurosystem credit operations falling below current minimum credit quality requirements of “BBB-“ (“A-“ for asset-backed securities) as long as their rating remains at or above “BB” and “BB+”, respectively. Assets that fall below these minimum credit quality requirements will be subject to haircuts based on their actual ratings; (ii) Allow major banks (directly supervised by the ECB) to operate temporarily below the level of capital defined by the Pillar 2 Guidance (P2G), the capital conservation buffer (CCB) and the liquidity coverage ratio (LCR).
|European Central Bank||01C||01C - Forex operations||EUR|
|European Central Bank||05||05 - Health and income support||EUR|
|European Central Bank||05A||05A - Health support||EUR|
|European Central Bank||05B||05B - Income support||EUR|
|European Union||01||01 - Liquidity Support||EUR||10,000,000,000||11,061,946,903|
|European Union||01A||01A - Short-term lending||EUR||10,000,000,000||11,061,946,903||EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_569 (accessed 16 April 2020).||
March, The European Investment Bank (EIB) dedicated liquidity lines to banks to ensure additional working capital support for small and medium enterprises (SMEs) and mid-caps of EUR10 billion.
|European Union||01B||01B - Support policies for short-term lending||EUR|
|European Union||01C||01C - Forex operations||EUR|
|European Union||05||05 - Health and income support||EUR||216,199,000,000||239,158,185,841|
|European Union||05A||05A - Health support||EUR||3,880,000,000||4,292,035,398||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).||
(i) EUR800 million of the EU Solidarity Fund will be available by including a public health crisis within its scope, with a view of mobilizing it if needed for the hardest-hit EU member states; (ii) 19 March, the Commission decided to create a European civil protection stockpile of medical equipment (initial budget of EUR50 million, proposed to increase to EUR80 million) with a 90% Commission grant; (iii) 2 April, the Commission presented legislative proposals for an Emergency Support Instrument for the healthcare sector, (EUR3 billion) from the EU budget.
|European Union||05B||05B - Income support||EUR||212,319,000,000||234,866,150,442||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020); EC. https://ec.europa.eu/regional_policy/en/newsroom/news/2020/01/14-01-2020-financing-the-green-transition-the-european-green-deal-investment-plan-and-just-transition-mechanism (accessed 19 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 21 May 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1007 (accessed 12 June 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_997 (accessed 12 June 2020).||
(i) Mobilised European Globalisation Adjustment Fund to support dismissed workers and those self-employed (up to EUR179 million available in 2020); (ii) EUR100 billion to finance the short-term unemployment mechanisms through the loans provided by the EU Commision to EU member states (SURE mechanism) backed by EUR 25 billion of guarantees voluntarily committed by Member States to the EU budget. On May 20, a Regulation establishing SURE entered into force. Countries will be able to use loans also in support of some health-related measures, esp. in the workplace. SURE will become available once all Member States have provided the required guarantees proportionally to gross national income, and will remain available until end-2022 (with the possibility to adjust this deadline) ; (iii) no amount/estimate: March 19, EU Comission intends to allow State aid for struggling businesses and enable Member States to use the full flexibility foreseen under State aid rules. On May 8, the European Commission adopted a second amendment to extend the scope of the State aid Temporary Framework to recapitalization and subordinated debt measures to further support the economy in the context of the coronavirus outbreak. The amended Temporary Framework will be in place until the end of December 2020, except for recapitalization measures which has an extended period by the end of June 2021. The Commission will assess before these dates if they need to be extended; (iv) March, EUR37 billion unallocated funds of cohesion policy funding 2014-2020 will be eligible for Coronavirus crisis related expenditure within the Corona Response Investment Initiative. Member States can use them to support public investment for hospitals, SMEs, labor markets, and stressed regions. The Coronavirus Response Investment Initiative Plus (CRII+), proposed on 2 April, complements the CRII by further enhancing flexibility in the use of cohesion funds. This enhanced flexibility is inter alia provided through transfer possibilities across the three cohesion policy funds (the European Regional Development Fund, European Social Fund and Cohesion Fund), transfers between the different categories of regions (e.g. less vs more developed), flexibility regarding thematic concentration, the possibility for a 100% EU co-financing rate for the accounting year 2020-2021, and simplified procedural steps; (v) European Green Deal investments will remain a priority as part of the EU's efforts to kickstart its economy post-crisis. One of its three sources of funding is a grant, the A Just Transition Fund, which will receive EUR7.5 billion of fresh EU funds. In order to tap into their share of the Fund, Member States will, in dialogue with the Commission, have to identify the eligible territories through dedicated territorial just transition plans. They will also have to commit to match each euro from the Just Transition Fund with money from the European Regional Development Fund and the European Social Fund Plus and provide additional national resources. Taken together, this will provide between EUR30 and EUR50 billion of funding. It will, for example, support workers to develop skills and competences for the job market of the future and help SMEs, start-ups and incubators to create new economic opportunities in these regions. It will also support investments in the clean energy transition, for example in energy efficiency. Another source of funds for this initiative is a public sector loan facility with the European Investment Bank backed by the EU budget to mobilise between EUR25 and EUR30 billion of investments. It will be used for loans to the public sector, for instance for investments in district heating networks and renovation of buildings; (vi) June 8, European Innovation Council (EIC) Accelerator Pilot fund issued grants of EUR140 million to innovative companies [update]; (vii) Proposed modifications to its 2020 budget to make EUR 11.5 billion available for the hardest hit regions, and to support businesses, including those outside of EU borders. These modifications are stopgap measures to provide support while waiting for the European Commission to ratify a budget containing the "Next Generation EU" recovery instrument [update].
|Federated States of Micronesia||01||01 - Liquidity Support||USD|
|Federated States of Micronesia||01A||01A - Short-term lending||USD|
|Federated States of Micronesia||01B||01B - Support policies for short-term lending||USD|
|Federated States of Micronesia||01C||01C - Forex operations||USD|
|Federated States of Micronesia||05||05 - Health and income support||USD||35,000,000||35,000,000|
|Federated States of Micronesia||05A||05A - Health support||USD||20,000,000||20,000,000||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).||
To address the emergency caused by COVID-19, the national government has prepared a USD20 million (or about 5% of GDP) COVID-19 Response Framework, in order to develop quarantine and isolation facilities across the nation, provide mandatory infection control training for all first responders, and increase testing capacity and ventilators for each island state in the Federated States of Micronesia.
|Federated States of Micronesia||05B||05B - Income support||USD||15,000,000||15,000,000||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).||
April 22, The government approved the economic stimulus package of USD15 million (about 3.8% of GDP). The package includes measures to support affected businesses, including wage subsidies, debt relief, as well as social security tax and other tax rebates.
|Fiji||01||01 - Liquidity Support||FJD|
|Fiji||01A||01A - Short-term lending||FJD|
|Fiji||01B||01B - Support policies for short-term lending||FJD|
|Fiji||01C||01C - Forex operations||FJD||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 10 June 2020).||
The Reserve Bank of Fiji tightened exchange controls on April 3 to ensure that adequate foreign reserves can be maintained. It reported foreign exchange reserves stood at FJD2.212 billion (6.9 months of retained imports) as of May 28, 2020.
|Fiji||05||05 - Health and income support||FJD||1,000,000,000||453,802,868||WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 1 May 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 10 June 2020).||
(i) March 26, A supplementary budget (FJD1 billion) was announced in response to the COVID-19 pandemic. Supplemental expenditures on public health, lump sum payments through the Fiji National Provident Fund (FNPF), tax and tariff reductions, and loan repayment holidays aimed at protecting public health, supporting the economy, and ensuring food security. An Agricultural Response Package to ensure food security has also been announced. It includes the scaling up of the existing Home Gardening program and a new Farm Support Package which aims at boosting the production of short-term crops through seeds and materials distribution; and effective March 2020, No amount/estimate: (ii) Temporary elimination of import excise duty (from 15%) on ethanol for production of hand sanitizers; (iii) Temporary elimination of import fiscal duties on certain products like glove, masks, disposable hair nets, hospital beds, etc.; (iv) Temporary elimination of the VAT on imports of certain products like vaccines, pharmaceutical products, etc.; (v) Temporary increase of the import fiscal duties (by 0.2/L on fuel (diesel and petrol); (vi) June 4, Government expanded its unemployment assistance. Further details to follow. [update]
|Fiji||05A||05A - Health support||FJD|
|Fiji||05B||05B - Income support||FJD|
|Kiribati||01||01 - Liquidity Support||AUD|
|Kiribati||01A||01A - Short-term lending||AUD|
|Kiribati||01B||01B - Support policies for short-term lending||AUD|
|Kiribati||01C||01C - Forex operations||AUD|
|Kiribati||05||05 - Health and income support||AUD|
|Kiribati||05A||05A - Health support||AUD|
|Kiribati||05B||05B - Income support||AUD|