Data Extraction

No estimate/amount: The Financial Stability Committee is meeting regularly to assess evolving risks to the financial and monetary stability. Da Afghanistan Bank or DAB (central bank) has intensified its monitoring of banks and indicated its readiness to provide liquidity as needed.

No amount/estimate: (i) DAB is in discussions with money-service providers, who play a systemic role in financial transactions, to ensure uninterrupted services, including transactions in foreign currency, and to encourage enhancement of their remote services given closures; (ii) DAB remains focused on price stability and is committed to exchange rate flexibility, limiting its foreign interventions to preventing excessive volatility.

(i) The government has so far allocated AFN1.9 billion (0.1% of GDP) in the budget for emergency health needs, such as (a) establishing testing labs, including at border crossings, (b) setting up special wards to boost hospitalization and care capacity, and (c) procuring the most critical medical supplies; (ii) As of April 22, the government has already allocated a total of AFN8 billion (0.5% of GDP) for emergency pandemic response. The authorities plan to spend about 2% of GDP for critical pandemic-related spending during the year, with about one-third directed to health.

No amount/estimate: To ease tax compliance, the government extended filing deadlines by 2 months, until May 20 for individual and business taxpayers. [update]

No amount/estimate: Short-term loans of up to a year were made available to allow small projects harmed by COVID-19 (especially in industrial and labor-intensive sectors) to pay for their operational expenses until the crisis is over.

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 arreas will be paid out to exporters. More data on the breakdown of these packages below.

(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.

(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.

(i) ARS1 billion working capital lines for SME through Bank of Investment and Foreign Trade (BICE) with a guarantee from the Reciprocal Guarantee Societies (SGR), and a term of up to 12 months; (ii) Mandatory credit lines through the Central Bank (ARS320 billion); (iii) Established a credit line for MSMEs, PyME Plus line, that do not have bank credit at a subsidized rate of 24%. The Central Bank authorized a special line for ARS22 billion with minimum requirements so that they can take their first credit and for the MSMEs that obtain the FOGAR guarantee, the banks cannot deny it. [update]

No amount/estimate: (i) Reduced reserve requirements for financial entities that offered special lines of credit to micro, small and medium-sized enterprises at maximum 24% interest; (ii) the combined divestiture of LELIQ holdings and release of reserve requirements could generate credit volumes more than 50% of current bank financing.

See (i) in Measure 11.

(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.

(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. [update]

No amount/estimate: Provided a few foreign exchange swap operations to assure sufficient liquidity in AMD and in foreign currency.

(i) No amount/estimate: Provided a few foreign exchange swap operations to assure sufficient liquidity in AMD and in foreign currency. The CBA has undertaken some foreign exchange sales to limit excessive dram volatility since; (ii) the exchange rate has been allowed to adjust flexibly and has depreciated around 3% against the USD since the end of February. No balance of payment or capital control measures have been adopted.

(i) No amount/estimate: Subsidize the interest rates of co-financed loans for companies that borrow money from Armenian banks in the national currency to pay salaries, taxes, bills and purchase raw materials; (ii) a package of AMD30 billion (over USD60 million) for urgent social assistance for the impoverished. See Measure 9: No breakdown.

No amount/estimate: April, To support liquidity, the Reserve Bank of Australia (RBA) will conduct one-month and three-month repo operations daily until further notice.

No amount/estimate: May, To assist with the smooth functioning of Australian capital markets, the RBA has broadened the range of eligible collateral for open market operations to include securities issued by non-bank corporations with an investment grade [updated].

No amount/estimate: The exchange rate has been allowed to adjust flexibly to absorb economic shocks.

April, The Commonwealth government has (i) committed to spend almost an extra AUD5 billion (0.3% of GDP) to strengthen the health system and protect the vulnerable people, including those in aged care, from the outbreak of COVID-19; and (ii) introduced temporary measures to ensure the continuity of aged care, amounting to an additional AUD544.6 million.

(i) AUD194 billion (9.7% of GDP) support on measures including (a) wage subsidies (6.7% of GDP), (b) income support to households, (c) cash flow support to businesses, (d) investment incentives, (e) targeted measures for affected regions and industries, and (f) an advance authorization of AUD40 billion for unforeseen events. (See Measure 9: No breakdown); (ii) State and territory governments announced stimulus packages of a total of AUD11.5 billion (0.6% of GDP) including payroll tax relief for businesses and relief for households, such as (a) discount utility bills, (b) cash payments to vulnerable households, and (c) support for health spending; (iii) No amount/estimate: The Commonwealth government has committed to provide free childcare to around one million families and announced targeted support to the education system.

No amount/estimate: The Oesterreichische Nationalbank (OeNB) has declared readiness to supply sufficient cash to banks, ATM operators, and the economy in response to increased withdrawals. Working hours were extended to meet the increased demand.

(i) Additional capacities for mobile and stationary care (EUR100 million); (ii) EUR60 million are granted to the health system; (iii) EUR 130 million are given to hospitals for equipment and to finance over-time payments; (iv) EUR36 million are disbursed to incentivize eligible research on COVID-19 by Austrian firms; (v) EUR13 million on medical supplies.

(i) April 13, Increased to EUR10 billion (from EUR5 billion) funds for short-time working, self-employed and funds to finance increased costs of caretaking, etc.; (ii) EUR15 billion emergency funds for hard-hit industries to provide direct liquidity provisions and subsidies for running costs. On April 27, expanded Phase 2 of the hardship fund, through which SMEs may request up to 6000 Euros from the government; (iii) EUR10 billion for payment deferrals of personal income and corporate income taxes; (iv) No amount/estimate: rent payment deferrals; (v) No amount/estimate: May 13, proposed a more simple calculation method to determine monetary subsidies by companies to their employees from their own accounts and from the government's funding. Under the new system, no employee should have any losses [update].