Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Afghanistan 01A 01A - Short-term lending AFN
Arab Republic of Egypt 01A 01A - Short-term lending EGP IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 4 January 2020).

(i) 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; (ii) As of end December 2020, this initiative was extended, and with a focus on a tourism lending initiative as well as a retail loan initiative for workers in the tourism sector until end of 2021.

Argentina 01A 01A - Short-term lending ARS 343,000,000,000 5,466,135,458 Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed15 May 2020). Government of Argentina. https://www.argentina.gob.ar/noticias/el-gobierno-nacional-lanza-linea-de-credito-tasa-cero-para-el-sector-de-las-industrias (accessed 21 August 2020).

(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; (iv) 2 June 2020, No amount/estimate: launched a special line of credit for work cooperatives at a subsidized rate of 18%; (v) 11 June 2020, No amount/estimate: created the PyMEs Plus program to support microbusinesses and SMEs by providing new lines of credit to eligible applicants; (vi) 13 August 2020, launched a zero-rate credit line for the cultural industries sector.

Armenia 01A 01A - Short-term lending AMD
Australia 01A 01A - Short-term lending AUD Reserve Bank of Australia (RBA). https://www.rba.gov.au/speeches/2020/sp-gov-2020-03-19.html (accessed 6 May 2020); RBA. https://www.rba.gov.au/covid-19/ (accessed 03 June 2020).

No amount/estimate: April 2020, To support liquidity, the Reserve Bank of Australia (RBA) will conduct one-month and three-month repo operations daily until further notice.

Austria 01A 01A - Short-term lending EUR
Azerbaijan 01A 01A - Short-term lending AZN
Bangladesh 01A 01A - Short-term lending BDT 380,000,000,000 4,473,219,541 Bangladesh Bank. https://www.bb.org.bd/mediaroom/circulars/acd/apr132020acd01.pdf (accessed June 29). Banglashesh Bank. https://www.bb.org.bd/ (accessed 29 June 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 1 May 2020).

(i) Bangladesh Bank (BB) has created several refinancing schemes, including a BDT50 billion Pre-shipment Refinancing scheme to support exporters, a BDT50 billion Special Incentive Refinancing Scheme for the agriculture sector, a BDT30 billion Refinancing Scheme to support micro-finance, and a BDT250 billion refinance scheme to facilitate the implementation of the government stimulus packages.; (ii) No amount/estimate: Banks and financial institutions can borrow 360 days against additional treasury bills and bonds of statutory deposit rate (SLR) with Bangladesh Bank. The remaining amount of the face value will be paid as repo by applying margin of 15% and 5% face value of treasury bills and bonds respectively; (iii) 27 January 2021, continued the enhanced refinancing limit of USD30 million for disbursement until 30 June 2021 to member mills under the Export Development Fund.

Belgium 01A 01A - Short-term lending EUR
Bhutan 01A 01A - Short-term lending BTN/INR
Brazil 01A 01A - Short-term lending BRL 2,500,000,000 511,957,465 International Monetary Fund (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). BCB https://www.bcb.gov.br/ingles/infecon/mab/previous/mab202003comments.pdf (accessed 15 January 2021)

(i) No amount/estimate: The central bank also opened a facility to provide loans to financial institutions backed by private corporate bonds as collateral (iii) Maxmimum outstanding loans from the BCB's standing facility reached BRL2.5 billion in March 2020.

Brunei Darussalam 01A 01A - Short-term lending BND
Cambodia 01A 01A - Short-term lending KHR
Canada 01A 01A - Short-term lending CAD 261,201,000,000 187,207,310,518 Canada Mortgage ad Housing Corporation. https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/the-resource/covid19-understanding-mortgage-payment-deferral; Bank of Canada. https://www.bankofcanada.ca/2020/06/bank-canada-announces-changes-term-repo-operations-bankers-acceptance-purchase-facility (all accessed 10 June 2020). Bank of Canada https://www.bankofcanada.ca/2020/09/bank-canada-announces-changes-provincial-money-market-purchase-pmmp/ (accessed 18 September)

All amounts are peak value since 4 March 2020; BoC has not announced limits for any facility. (i) CAD38.766 billion (8 April 2020 peak) - Bankers' Acceptance Purchase Facility (BAPF); (ii) CAD7.629 billion (1 July 2020 peak): The Provincial Money Market Purchase (PMMP) program is an asset purchase facility that will acquire provincially-issued money market securities through the primary issuance market. This program will support a liquid and well-functioning market for short-term provincial borrowing. Under the PMMP, the Bank will purchase up to 40% of each offering of directly-issued provincial money market securities with terms to maturity of 12 months or less. This includes treasury bills and short-term promissory notes of all Canadian provinces. The 40% limit may be adjusted if market conditions warrant. The Bank will make its first purchases under the PMMP on Wednesday, 25 March 2020. This facility, combined with the Bank’s other recent actions, will provide a material amount of support to provincial funding markets; effective 21 September 2020, the Bank of Canada will reduce the amount it purchases to up to 10% of each accepted offering of directly issued provincial money market securities with maturity of 12-months or less; (iii) CAD2.993 billion (29 April 2020 peak): The Commercial Paper Purchase Program (“CPPP” or “the program”) will be structured as a direct purchase program into a separate account held by the Bank of Canada (“BoC” or “the Bank”). The program will purchase CP new issuance in the primary market via dealers and after issuance from eligible counterparties in the secondary market. The program will purchase from eligible issuers up to three-month CAD-denominated CP, including asset-backed CP (“ABCP”). Draws can be rolled during the operation of the program; (iv) CAD211.227 billion (10 June 2020 peak): (CTRF) Term Repo Facility and other term repos. Up to 1 month repos; Standing Liquidity Facility and Standing Term Liquidity Facility; 4 March 2020 level was CAD14.518 billion, so peak = 211.227 - 14.518 = CAD196.709 billion; (v) Advances = CAD9.904B (15 April 2020 peak); (vi) No amount/estimate; the Canada Emergency Business Account (CEBA) will provide interest-free loans of up to CAD40,000 to small businesses and not-for-profits; (vii) Farm Credit Canada will provide an additional CAD5 billion in lending to producers, agribusiness, and food processors; (viii) Canadian Dairy Commission's borrowing limit increased by CAD200 million; (viii) 3 June 2020, Effective 6 June 2020, the BoC will reduce the frequency of BAPF operations to bi-weekly; (ix) 3 June 2020, Effective 15 June 2020, the BoC will reduce the frequency of its Term Repo operations from twice to once per week, and the number of maturity points will be reduced from 4 to 2; (x) Farm Credit Canada was authorized by the government to provide an additional CAD5 billion in lending to producers, agribusiness, and food processors; (xi) 9 November 2020, Effective 16 November 2020, the BoC will discontinue the PMMP program, with the last operation scheduled for November 13.

Cook Islands 01A 01A - Short-term lending NZD
Denmark 01A 01A - Short-term lending DKK 2,211,659,372 327,433,628 European Commission. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_810 (accessed 14 May 2020).

5 May 2020, EUR296 million in investment or working capital loans to startups to be provided only until the end of the year.

European Central Bank 01A 01A - Short-term lending EUR OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020). ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr201210~8acfa5026f.en.html (accessed December 12 2020).

(i) No amount/estimate: 12 March 2020, Conducting additional longer-term refinancing operations (LTROs) temporarily (with an interest rate equal to the average rate on the deposit facility, -0.50% currently); (ii) No amount/estimate: 10 December 2020, ECB to offer four additional pandemic emergency longer-term refinancing operations (PELTROs) on a quarterly basis during 2021. Each operation will have a tenor of approximately one year. These operations will serve as a liquidity backstop to the euro area banking system and contribute to preserving the smooth functioning of money markets during the extended pandemic period.

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 2020, 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.

Federated States of Micronesia 01A 01A - Short-term lending USD
Fiji 01A 01A - Short-term lending FJD
Finland 01A 01A - Short-term lending EUR 2,000,000,000 2,212,389,381 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).

March 2020, (i) EUR1 billion of the Bank of Finland's liquidity support by investing in short-term Finnish corporate commercial paper; (ii) EUR1 billion for the State Pension Fund investments in commercial paper.

France 01A 01A - Short-term lending EUR OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).

No amount/estimate: Wider access to Banque de France refinancing for SMEs.

Georgia 01A 01A - Short-term lending GEL
Germany 01A 01A - Short-term lending EUR 457,000,000,000 505,530,973,451 Federal Ministry of Finance. https://www.bundesfinanzministerium.de/Web/EN/Meta/QuickAccess/quickaccess.html%20And%20other (accessed 17 April 2020); Federal Ministry of Finance. https://www.bundesfinanzministerium.de/Content/EN/Pressemitteilungen/2020/2020-03-23-supplementary-budget.html (accessed 17 April 2020); ; Bundesministerium der Finanzen. https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Corona-Schutzschild/2020-10-29-neue-corona-hilfen.html (accessed 12 November 2020).

23 March 2020: (i) EUR100 billion within the Economic Stabilisation Fund (WSF) for the refinancing of large Kreditanstalt für Wiederaufbau (KfW) loans; (ii) EUR357 billion increase of the KfW guarantee framework (roughly EUR465 billion) to around EUR822 billion available through guarantee loans and to set up new ones and expand liquidity assistance programs; (iii) No amount/estimate: 28 October 2020, Companies with up to 10 employees can apply for KfW Quick Loan (up to EUR300,000).

Hong Kong, China 01A 01A - Short-term lending HKD 7,800,000,000 1,004,494,469 News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200609/20200609_161908_002.html?type=category&name=covid19 (accessed 11 June 2020).

9 June 2020, See bridge loan component of the Cathay Pacific package in Measure 4.

India 01A 01A - Short-term lending INR 9,171,879,440,000 123,416,968,165 Reserve Bank of India (RBI). https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50281 (accessed 03 September 2020). Financial Times. https://www.ft.com/content/5734f333-e4d7-4ebf-9de2-220e537da3f0?accessToken=zwAAAXIRWB3Ykc9XNPMz5NdOv9Od4iIOU32j8A.MEQCIE1obkN05q4qkjoiBgF6riG66o6ocs0SQWfl2AsFIikHAiADu_DmNRDP9bo3QfxgYpytmLV8FGnEHOa8g66dgBdahQ&sharetype=gift?token=4a849e3f-c1b7-487d-ba1d-e73f283cd8c8 (accessed 14 May 2020). India Economics Update, Capital Economics. IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 03 June 2020).

The Reserve Bank of India (RBI) has introduced (i) open market operations (over 0.1% of gross domestic product [GDP]); (ii) variable term repos (0.5% of GDP) to ease any domestic liquidity pressures; (iii) special refinance facilities for rural banks, housing finance companies, small enterprises (0.2% of GDP); (iv) a special liquidity facility for mutual funds (INR500 billion); (v) 13 May 2020, INR6 trillion worth of RBI liquidity injections into the banking system; (vi) No amount/estimate: extension of the of the small business refinancing facilities; (vii) Term repo operations for an aggregate amount of INR1 trillion at floating rates (i.e., at the prevailing repo rate) in the middle of September to assuage pressures on the market on account of advance tax outflows. In order to reduce the cost of funds, banks that had availed of funds under long-term repo operations (LTROs) may reduce their interest liability by returning funds taken at the repo rate prevailing at that time (5.15%) and availing funds at the current repo rate of 4%.

Indonesia 01A 01A - Short-term lending IDR 56,000,000,000,000 3,685,526,208 Bank Indonesia. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx (accessed 16 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020). OJK. https://www.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Documents/Pages/Siaran-Pers-Bersama-BI-dan-OJK-Sepakati-KB-Penguatan-Proses-Pemberian-PLJP-dan-PLJPS/Siaran%20Pers%20Bersama%20BI-OJK%20KB%20PLJP%20PLJPS.pdf (accessed 29 October 2020).

Bank Indonesia (BI) has injected liquidity to the money market and banking industry through various policy measures including (i) more than IDR56 trillion through a term-repo mechanism with underlying SBN transactions held by the banking industry; No amount/estimate: (ii) increasing the maximum duration for repo and reverse repo operations (up to 12 months); (iii) increasing the size of of the main weekly refinancing operations as needed; and (iv) A Presidential decree has expanded BI’s authority to maintain the stability of the financial system including by facilitating BI liquidity assistance to banks. On 20 October 2020, BI and Otoritas Jasa Keuangan (Finacial Services Authority or OJK) agreed to provide Short-term Liquidity Loans and Sharia Short-Term Liquidity Financing to banks.

Ireland 01A 01A - Short-term lending EUR
Islamic Republic of Iran 01A 01A - Short-term lending IRR
Italy 01A 01A - Short-term lending EUR 2,000,000,000 2,212,389,381 Mipaaf. https://www.politicheagricole.it/flex/cm/pages/ServeBLOB.php/L/IT/IDPagina/15564 (accessed 12 June 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1478 (accessed 19 August 2020).

No amount/estimate: 9 June 2020, beneficiary farms can submit applications for advance payments to receive an equal amount 70% of the value of the company's securities portfolio. The measure corresponds to the need to provide immediate liquidity to farms taking into account the emergency period resulting from Covid-19; (ii) 13 August 2020, EUR2 billion to support trade credit insurance for all companies so that they can secure their commercial exchanges. This will help them address their liquidity needs and continue their activities during and after the crisis. Trade credit insurance protects companies supplying goods and services against the risk of nonpayment by their clients. Given the economic impact of the coronavirus outbreak, the risk of insurers not being willing to issue this insurance has become higher.

Japan 01A 01A - Short-term lending JPY 99,500,000,000,000 927,368,350,975 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 27 May 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020); BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200427a.pdf (accessed 1 May 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200522a.pdf (accessed 26 May 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200616b.pdf (accessed 16 June 2020).

(i) No amount/estimate: Targeted liquidity provision through special funds-supplying operation to provide loans to financial institutions to facilitate financing of corporates. On 22 May 2020, the BOJ stated it is providing ample yen and foreign currency funds without setting upper limits including the conduct of the U.S. dollar funds-supplying operations. As of 16 June 2020, JPY60 trillion has been provided under special funds-supplying operations; (ii) 16 March 2020, An increase in the annual pace of the Bank of Japan’s (BOJ) targeted purchases of commercial paper with an upper limit of JPY2 trillion. On 27 April 2020, the maximum amount of additional purchases of commercial paper was increased to JPY7.5 trillion; (iii) 22 May 2020, JPY30 trillion for a new fund-provisioning measure to support financing of SMEs.

Kazakhstan 01A 01A - Short-term lending KZT 1,750,000,000,000 4,244,996,968 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020). KPMG. https://home.kpmg/xx/en/home/insights/2020/04/kazakhstan-government-and-institution-measures-in-response-to-covid.html (accessed 14 May 2020). OECD. https://www.oecd.org/coronavirus/en/ (accessed 21 May 2020)

(i) KZT1 trillion in subsidized lending under the “Economy of Simple Things” program; (ii) KZT600 billion to help small and medium-sized enterprises (SMEs) finance their working capital; (iii) 14 May 2020, KZT50 billion in loans to farmers through National Holding Kazagro and KZT100 billion through the “Economy of Common Goods” program.

Kiribati 01A 01A - Short-term lending AUD
Kyrgyz Republic 01A 01A - Short-term lending KGS 1,000,000,000 13,403,811 Kabar. http://en.kabar.kg/news/kyrgyz-national-bank-to-allocate-kgs-5.2-billion-to-support-countrys-economy/ (accessed 17 May 2020).

10 May 2020, As part of the Kyrgyz Government’s anti-crisis plan, the National Bank of the Kyrgyz Republic (NBKR, the central bank) will allocate KGS1 billion for floating capital.

Lao PDR 01A 01A - Short-term lending LAK
Luxembourg 01A 01A - Short-term lending EUR KPMG. https://home.kpmg/xx/en/home/insights/2020/04/luxembourg-government-and-institution-measures-in-response-to-covid.html (accessed 21 May 2020)

No amount/estimate: 20 May 2020, The government will grant financial aid up to EUR500,000 in the form of a repayable advance to cover documented loss of income.

Malaysia 01A 01A - Short-term lending MYR 29,600,000,000 6,890,451,138 Ministry of Finance. https://penjana.treasury.gov.my/pdf/PENJANA-Booklet-En-v3.pdf (accessed 26 June 2020); BNM. https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5045&lang=en (accessed 17 May 2020); Prime Minister's Office of Malaysia. https://www.pmo.gov.my/2021/01/special-announcement-on-the-perlindungan-ekonomi-rakyat-malaysia-permai-assistance-package/ (accessed 21 January 2021).

(i) Since March 2020, Bank Negara Malaysia has provided additional liquidity of approximately MYR42 billion (as of 5 May 2020) into the domestic financial markets, via various tools including outright purchase of government securities, reverse repos and the reduction in Statutory Reserve Requirement [MYR16 billion in Measure 1B is subtracted from MYR42 billion]; (ii) 5 June 2020 in Short-term National Economic Recovery Plan or PENJANA: (a) To aid the tourism sector, a MYR1 billion PENJANA Tourism Financing (PTF) facility will be made available to finance transformation initiatives by SMEs in the tourism sector to enable them to remain viable and competitive in the new normal; (b) SME Go-Scheme for Liquidity Support amounting to MYR1.6 billion: SME Bank will provide financing support to contractors and vendors who were awarded with small government projects under the Pakej Rangsangan Ekonomi (PRE) 2020 and the PRIHATIN stimulus package; (c) No amount/estimate: To provide relief to SMEs’ cash flows, the Government is encouraging government-linked companies (GLCs) and large corporations to accelerate their vendors’ payment terms; (iii) 18 January 2021 in PERMAI, To assist the cash flow of microenterprises and SMEs, the government will expedite the implementation of microcredit schemes that had been announced previously. The implementation of MYR1 billion microcredit facilities include soft loans amounting to MYR390 million by Bank Simpanan Nasional, MYR350 million by Agrobank, and MYR295 million by TEKUN.

Maldives 01A 01A - Short-term lending MVR 76,844,828 5,000,000 Ministry of Finance. https://www.finance.gov.mv/media/news/mvr-25-million-economic-recovery-plan (accessed 13 April 2020); International Monetray Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020). International Islamic Trade Finance Corporation (ITFC). https://itfc.africa-newsroom.com/press/international-islamic-trade-finance-corporation-signs-us5-million-murabaha-financing-facility-to-support-smes-in-maldives?lang=en (accessed 25 September 2020).

(i) April 2020, The Government of Maldives will ensure, through banks, availability of working capital to businesses (Note that the amount is included in Measure 5.); (ii) 23 September 2020, The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, has approved a USD5 million Murabaha Financing Facility in favor of Bank of Maldives to support the Bank’s private sector businesses, particularly SMEs importing raw materials from the international markets.

Marshall Islands 01A 01A - Short-term lending USD
Mexico 01A 01A - Short-term lending MXN 200,000,000,000 9,103,737,084 Bank of Mexico.https://www.banxico.org.mx/publications-and-press/other-announcements/%7B6F7FECBA-44CB-6AA5-4E4B-269DDBD9B5A8%7D.pdf (accessed on 30 April 2020).

(i) No amount/estimate: Ordinary Additional Liquidity Facility (FLAO); (ii) MXN100 billion - Temporary security swap window; (iii) MXN100 billion- Banco de México has decided to implement a corporate securities repurchase facility (FRTC) through credit institutions in order to provide liquidity to short-term corporate securities and long-term corporate debt that, as a result of the conditions of uncertainty and volatility, have observed lower liquidity and impaired trading conditions in the secondary market.

Mongolia 01A 01A - Short-term lending MNT 250,000,000,000 90,694,102 Bank of Mongolia (BOM). https://www.mongolbank.mn/eng/news.aspx?tid=1&id=2600 (accessed 15 September 2020); BOM. https://www.mongolbank.mn/eng/news.aspx?tid=1&id=2706 (accessed 28 December 2020).

No amount/estimate: 14 September 2020, The Bank of Mongolia announced that it will be introducing a long-term repo financing instrument to alleviate the current economic downturn and support economic recovery of the country. On 18 December 2020, the BOM announced that it will issue up to MNT250 billion under the long-term repo financing to support small and medium enterprises (SMEs) and non-mining exports in the first quarter of 2021.

Myanmar 01A 01A - Short-term lending MMK Government of Myanmar. https://bit.ly/3dGxb5K (accessed on 26 June 2020).

No amount/estimate: 24 June 2020, The government announced a COVID-19 Special Credit Loan to provide loan to farmers to relieve the impact of the COVID-19 pandemic on the agricultural sector. Both paddy and crop farmers are eligible to apply for the special relief loan until September 2020 with an interest rate of 5% per annum.