Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Bangladesh 02 02 - Credit creation BDT 250,000,000,000 2,942,907,593
Bangladesh 02A 02A - Financial sector lending/funding BDT 250,000,000,000 2,942,907,593 Ministry of Finance. https://mof.portal.gov.bd/sites/default/files/files/mof.portal.gov.bd/page/ed9e8b19_ccba_4cca_94b1_c40013f7a760/MTMPS_2020-21_English.pdf (accessed 29 June 6)

The Ministry of Finance will subsidize interest payments on up to BDT500 billion in working capital loans by scheduled banks to businesses. Half of this amount (BDT 250 billion) will be refinanced by Bangladesh Bank and is included in Item 1 above. Remaining BDT250 billion will be financed by commercial banks from their own funds.

Bangladesh 02B 02B - Support policies for long-term lending BDT IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 1 May 2020). Bdnews24. https://bdnews24.com/economy/2020/06/15/bangladesh-gives-bank-loan-defaulters-until-september-to-repay-instalments (accessed 26 June 2020). Bangladesh Bank. https://www.bb.org.bd/mediaroom/circulars/dos/may112020dos03.pdf (accessed 29 June 2020). Bangladesh Bank. https://www.bb.org.bd/mediaroom/circulars/fepd/mar232020fepd15e.pdf (accessed 29 June 2020). Banglasdesh Bank. https://www.bb.org.bd/monetaryactivity/mps/mps.php (accessed 31 July 2020).

No amount/estimate: (i) The repo rate has been lowered from 6 percent to 5.75% (effective March 24th) and will be further reduced to 5.25% effective April 12th; and (ii) The Bangladesh Bank (BB) has also raised the advance-deposit ratio (ADR) and investment-deposit ratio (IDR) by 2% to facilitate credit to the private sector and improve liquidity in the banking system; (iii) BB took measures to delay non-performing loan classification; (iv) Banks with capital adequacy ratio (CAR) (in relation to their risk-weighted assets (RWA)) of 12.50% or above will be permitted to declare up to 30% dividend (of which cash dividend may be up to 15%); banks with CAR between 11.25% and 12.50% may declare dividend up to 15% (of which maximum cash dividend may be 7.5%); banks with CAR below 11.25% may declare dividend up to 10% (of which maximum cash dividend may be 5%). Cash dividend can be distributed before September 30 in favor of individual (local and foreign) investors; (v) June 15, loan defaulters given until September to repay loans before they are considered default; (vi) Banks may, without repayment guarantee, advance credit up to USD 500k for import of coronavirus related life-saving drugs, medical kits/equipment and other essential medical items; (vii) No amount/estimate: July 29, Bangladesh Bank in its monetary policy statement announced: (a) Overnight repo rate from 5.25% to 4.75%, (b) reverse repo rate from 4.75% to 4.00%, (c) Bank Rate which remained unchanged for the last 17 years (since 2003) to be reduced from 5.00% to 4.00%.

Bangladesh 02C 02C - Loan guarantees BDT
Bangladesh 04 04 - Equity support BDT
Bangladesh 12 12 - Non-Economic Measures BDT Ministry of Public Administration. https://mopa.gov.bd/sites/default/files/files/mopa.gov.bd/notices/8b82fa43_9c1a_4269_bc9f_dcf378e47fdf/admin1-2020-347-r1.PDF (accsessed 29 June 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 1 May 2020).

(i) March 23, The government declared a general holiday from March 26 to April 4, which has been extended until May 5: government offices, private offices, and courts will be closed, commercial banks will operate shorter hours; (ii) Individuals have been requested not to leave their homes except to collect daily necessities and emergency supplies, and to wear masks when outside; and (iii) A lockdown has been imposed on 75 hotspots in Dhaka where cases have been identified, and a curfew is in operation from 6pm to 6am.

Bhutan 02 02 - Credit creation BTN/INR
Bhutan 02A 02A - Financial sector lending/funding BTN/INR
Bhutan 02B 02B - Support policies for long-term lending BTN/INR
Bhutan 02C 02C - Loan guarantees BTN/INR
Bhutan 04 04 - Equity support BTN/INR
Bhutan 12 12 - Non-Economic Measures BTN/INR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); PMO. https://www.gov.bt/covid19/?p=1606 (accessed 20 July 2020); Royal Government of Bhutan. https://www.gov.bt/covid19/?p=1664 (accessed 11 August 2020); Royal Government of Bhutan. https://www.gov.bt/covid19/31-08-20-press-release-pmo/ (accessed 02 September 2020).

(i) Bhutan started imposing containment measures immediately after the first case was recorded on March 6, with restriction of entry of foreign tourists initially for two weeks but extended afterwards and closure of schools in three cities; (ii) March 22, Bhutan sealed off its land borders as a precautionary measure to prevent the spread of COVID-19. For non-Bhutanese, exits are allowed. Incoming non-Bhutanese are scrutinized and quarantined where applicable; (iii) March 27, More containment measures were imposed on public gatherings, travel (within and outside Bhutan), business and entertainment, games and sports and civil service, corporate, private, and other agencies. The quarantine period has been extended to April 21; (iv) Healthcare measures include setting up dedicated hospitals and quarantine centers; (v) June 19, Easing of restrictions, which will be done in phases, in schools, institutes, and colleges, except pre-primary levels, low risk businesses, sports, trainings and workshops, religious and social functions, parks and public spaces, and public transport; (vi) June 19, All government, corporate, and allied agencies are called to discontinue "work from home" starting June 22; (vii) August 11, Government announces nationwide lockdown. On September 1, The government announced a phased easing of lockdown restrictions between September 1 and 10 [update].

European Central Bank 02 02 - Credit creation EUR 4,470,000,000,000 4,944,690,265,487
European Central Bank 02A 02A - Financial sector lending/funding EUR 4,470,000,000,000 4,944,690,265,487 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020); ECB. https://www.ecb.europa.eu/press/accounts/2020/html/ecb.mg200522~f0355619ae.en.html (accessed 22 May 2020); ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp200604~a307d3429c.en.html ( accessed 9 June 2020).

(i) March 12, estimated EUR3 trillion for the targeted longer-term refinancing operations (TLTROs) which are Eurosystem operations that provide financing to credit institutions. By offering banks long-term funding at attractive conditions they preserve favourable borrowing conditions for banks and stimulate bank lending to the real economy; (ii) March 12, Adding a temporary envelope of additional net asset purchases of EUR120 billion until the end of the year; (iii) March 18, launched a new temporary asset purchase programme of private and public sector securities (Pandemic Emergency Purchase Programme, PEPP) with an overall envelope of EUR 750 billion until the end of 2020. Some self-imposed purchase limits will not apply to the PEPP. A waiver of the eligibility requirements for securities issued by the Greek government will be granted for purchases under PEPP. Based on The European Central Bank is “fully prepared” to provide even more stimulus as soon as June to support an economy that may shrink by a tenth this year due to the COVID-19 pandemic, the accounts of the bank’s April meeting showed on Friday; (iv) expanding the range of eligible assets under the corporate sector purchase programme (CSPP) to non-financial commercial paper; (v) June 4, The PEPP envelope will be increased by EUR600 billion to a total of EUR1,350 billion. The purchases will continue to be conducted in a flexible manner over time, across asset classes and among jurisdictions. This allows the Governing Council to effectively stave off risks to the smooth transmission of monetary policy. The horizon for net purchases under the PEPP will be extended to at least the end of June 2021. In any case, the Governing Council will conduct net asset purchases under the PEPP until it judges that the coronavirus crisis phase is over .

European Central Bank 02B 02B - Support policies for long-term lending EUR EC. https://www.ecb.europa.eu/mopo/implement/omt/html/cspp-qa.en.html (accessed 15 April 2020); EC. https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200409~3aa2815720.en.html (accessed 18 April 2020); EC. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430_1~477f400e39.en.html [accessed 3 May 2020]; EC. https://www.ecb.europa.eu/mopo/implement/omo/html/index.en.html (accessed 30 April 20202); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 9 May 2020); ECB. https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200728_1~42a74a0b86.en.html (accessed 30 July 2020).

(i) March 12, Lowering the interest rate applied in targeted longer-term refinancing operations (TLTRO III) during the period from June 2020 to June 2021 (25 basis points below the average rate applied in the Eurosystem's main refinancing operations). On April 30, ECB lowered the rate on the third round of targeted longer-term refinancing operations (TLTRO III) to -1% from -0.75%. On the same day, ECB decided to conduct a series of seven pandemic emergency longer-term refinancing operations (PELTROs) to provide liquidity support to the euro area financial system and ensure smooth money market conditions during the pandemic period. No amount/estimate: (ii) relaxation of countercyclical capital buffer (CCyB); (iii) March 20, Flexibility in treatment of non-performing loans (NPLs) to allow banks to fully benefit from public guarantees and moratoriums and of banks' implementation of NPL reduction strategies; (iv) March 27, requirement for banks not to pay dividends until at least 1 October 2020.; (v) see (ii) on CCB in Measure 1; (vi) April 28, the European Commission proposed a number of changes to the Capital Requirements Regulation (Regulation (EU) 575/2013) to provide temporary capital relief to banks. These changes include inter alia extending by 2 years the current transitional arrangements for mitigating the impact of IFRS 9 provisions on regulatory capital, a later date of application of the leverage ratio buffer for global systemically important institutions, a more favourable treatment of publicly guaranteed loans under the NPL prudential backstop (the minimum loss coverage requirement for non-performing loans), and advancing the date of application of capital reduction factors in respect of certain loans to SMEs or in support of infrastructure investments; (vii) No amount/estimate: April 30, New series of non-targeted PELTROs, conducted as fixed rate tender procedures with full allotment, rate fixed at 25bp below refi rate. Operations mature in staggered sequence between July-September 2021; (viii) No amount/estimate: ECB recommended for banks not to pay dividends until January 2021 and clarified that it will not require banks to start replenishing their capital buffers before the peak in capital depletion is reached .

European Central Bank 02C 02C - Loan guarantees EUR
European Central Bank 04 04 - Equity support EUR
European Central Bank 12 12 - Non-Economic Measures EUR
European Union 02 02 - Credit creation EUR 53,287,000,000 58,945,796,460
European Union 02A 02A - Financial sector lending/funding EUR 7,200,000,000 7,964,601,770 EIB. https://www.eib.org/en/press/all/2020-145-eib-joins-forces-with-dll-to-provide-up-to-eur400-million-to-finance-the-investments-of-smes-in-spain-and-italy (accessed 19 June 2020); EIB. https://www.eib.org/en/press/all/2020-182-credit-mutuel-alliance-federale-et-la-bei-s-engagent-a-hauteur-de-1-2-milliard-d-euros-pour-soutenir-les-pme-et-eti (accessed 9 July 2020); EIB. https://www.eib.org/en/press/all/2002-206-eib-group-and-banco-santander-consumer-portugal-provide-eur-587-million-for-portuguese-smes-and-mid-caps-affected-by-covid-19-crisis (accessed 27 July 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/qanda_20_946 (accessed 5 September 2020).

(i) June 15, The European Investment Bank (EIB) has provided EUR200 million in financing to DLL, a global asset finance company for equipment and technology, and wholly owned subsidiary of Rabobank, to support small and medium-sized enterprises (SMEs) and contribute to a greener economy; (ii) July 6, EIB granted two lines of credit totaling EUR600 million which will allow Crédit Mutuel Alliance Fédérale to lend more than EUR1.2 billion to French SMEs and mid-caps ; (iii) July 1, The EIB will grant EUR450 million to BBVA, which will in turn add a further EUR450 million, bringing the financing made available to the SMEs and mid-caps in question to EUR900 million; (iv) July 27, EIB joined with Banco Santander Consumer Portugal (BSCP) to support Portuguese small and medium-sized enterprises (SMEs) and mid-caps affected by the COVID-19 crisis with EUR587 million; (v) June, EUR5.3 billion for the Solvency Support Instrument that will work via an EU guarantee provided to the European Investment Bank (EIB) Group under the European Fund for Strategic Investments (EFSI). Solvency support will form a separate window under the EFSI to mobilise private capital. The EIB Group will use this guarantee to provide financing directly or invest, fund or guarantee equity funds, special purpose vehicles, investment platforms or national promotional banks. These intermediary funds or vehicles must be established and operate in the EU. The Solvency Support Instrument should predominantly channel solvency support through financial market intermediaries and only to a lesser degree facilitate direct support to companies by the EIB Group [update].

European Union 02B 02B - Support policies for long-term lending EUR Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_740 (accessedd 19 August 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/IP_20_1382 (accessed 19 August 2020).

(i) No amount/breakdown: April 22, Provided guidance on the use of flexibility in relation to COVID-19 and called for heightened attention to risks. The European Banking Authority (EBA) proposed to introduce the use of a 66% aggregation factor to be applied until December 31, 2020 under the "core approach." EBA intended to delay reporting for the first FRTB-SA figures until September 2021. EBA emphasized flexibility in the prudential requirements available to competent authorities for banks using VaR models. EBA also clarified the prudential application on the definitions of "default" and "forbearance," and how the EBA Guidelines on legislative and non-legislative moratoria on loan repayments apply to securitizations; (ii) No amount/breakdown: June 18, the European Parliament and the European Council adopted the “banking package,” which provides targeted and exceptional legislative changes to the capital requirements regulation (CRR 2), including greater flexibility in the application of the EU’s accounting and prudential rules, which are aimed at facilitating bank lending to support the economy ; (iii) July 24, the EC proposed a Capital Markets Recovery Package with targeted adjustments to capital market rules, which aim to encourage greater investments in the economy, allow for the rapid re-capitalization of companies, and increase banks' capacity to finance the recovery .

European Union 02C 02C - Loan guarantees EUR 46,087,000,000 50,981,194,690 EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_569 (accessed 16 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); EIB. https://www.eib.org/en/press/all/2020-086-eib-group-will-rapidly-mobilise-eur-40-billion-to-fight-crisis-caused-by-covid-19 (accessed 16 April 2020); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 April 2020); European Finance Network. https://www.european-microfinance.org/news/investeu-programme-questions-and-answers (accessed 19 April 2020); SP Global. https://www.spglobal.com/en/research-insights/articles/covid-19-daily-update-april-16-2020 (accessed 19 April 2020); EIB. https://www.eib.org/en/press/all/2020-126-eib-board-approves-eur-25-billion-pan-european-guarantee-fund-to-respond-to-covid-19-crisis.htm (accessed 1 June 2020); EIB. https://www.eib.org/en/press/all/2020-174-covid-19-eib-group-and-bbva-provide-eur1423-billion-for-smes-and-mid-caps-affected-by-the-crisis (accessed 9 July 2020).

(i) April 6, The EIB redirected EUR1 billion from the EU Budget as a guarantee to the European Investment Fund to incentivize banks to provide liquidity to affected SMEs and midcaps; (ii) The EIB's EUR20 billion in dedicated guarantee schemes to banks based on existing programmes for immediate deployment; (iii) 09 April, EIB proposal to create a EUR25 billion guarantee fund, which will support up to EUR200 billion of financing for companies (especially SMEs) throughout the EU. The scheme will be implemented by the EIB Group, in close partnership with national promotional banks and other financial intermediaries; (iv) No amount/estimate: European Green Deal investments will remain a priority as part of the EU's efforts to kickstart its economy post-crisis. The commission hopes to mobilize at least 1 trillion euros ($1.1 trillion) of sustainable investments in the next 10 years to help the bloc become climate-neutral by 2050. The InvestEU Fund will mobilise public and private investment through an EU budget guarantee; (v) 26 May, The Board of Directors of the EIB has agreed on the structure and business model of the new Pan-European Guarantee Fund (EGF). Member State contributions to the EGF will take the form of guarantees and may include an upfront payment. Such guarantees will cover losses incurred in the operations supported by the EGF. Any losses will be borne pro rata by the participating countries. At least 65% of the financing are earmarked for SMEs. A maximum of 23% will go to companies with 250 or more employees, with restrictions applying to larger companies with more than 3,000 staff. A maximum of 5% of the financing can go to public sector companies and entities active in the area of health. Another 7% of EGF-supported financing can be allocated to venture and growth capital and venture debt in support of SMEs and midcaps; (vi) July 1, EIB Group – via the European Investment Fund (EIF), its subsidiary specialising in venture capital for SMEs – has provided BBVA with an EUR87 million guarantee for an SME loan portfolio via synthetic securitisation.

European Union 04 04 - Equity support EUR 549,000,000 607,300,885 EIB. https://www.eib.org/en/press/all/2020-103-eib-backs-eur5-billion-investment-to-mitigate-economic-impact-of-coronavirus-and-support-medical-technology (accessed 29 April 2020); Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 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_1507 (accessed 27 August 2020).

(i) April 8, The Commission is launching ESCALAR, a new investment approach, developed together with the European Investment Fund (EIF), that will support venture capital and growth financing for promising companies. In its pilot phase, ESCALAR will provide up to EUR300 million backed by the European Fund for Strategic Investments (EFSI); (ii) April 24, EIB also approved an equity investment worth EUR75 million for the German company Curevac, through the EIB's Infectious Disease Financing Facility; (iii) June 8, EUR174 million equity investments from the European Innovation Council (EIC) Accelerator Pilot funding to innovative startups and SMEs; (iv) June, EUR5.3 billion for the Solvency Support Instrument that will work via an EU guarantee provided to the European Investment Bank (EIB) Group under the European Fund for Strategic Investments (EFSI). Solvency support will form a separate window under the EFSI to mobilise private capital. The EIB Group will use this guarantee to provide financing directly or invest, fund or guarantee equity funds, special purpose vehicles, investment platforms or national promotional banks. These intermediary funds or vehicles must be established and operate in the EU. The Solvency Support Instrument should predominantly channel solvency support through financial market intermediaries and only to a lesser degree facilitate direct support to companies by the EIB Group [update].

European Union 12 12 - Non-Economic Measures EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

Most European countries have taken several containment measures ranging from lockdowns and travel restrictions to school closures and bans on large gatherings. Measures that favor teleworking were also widely implemented. The European Commission presented guidelines for exit strategies and called for a common framework across member states. The criteria include: (i) sustained reduction and stabilization of new cases, (ii) sufficient health system capacity such as adequate hospital beds, pharmaceutical products, and equipment, and (iii) appropriate monitoring capacity to quickly detect and isolate infected individuals as well as to trace contacts. The Commission invited Schengen Member States and Schengen Associated States to extend the temporary restriction on non-essential travel to the EU until 15 June and presented further guidance on a gradual lifting of border restrictions .

India 02 02 - Credit creation INR 4,254,809,580,000 57,252,791,199
India 02A 02A - Financial sector lending/funding INR 1,254,809,580,000 16,884,739,382 Reserve Bank of India. https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50176 (accessed 12 August 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 5 May 2020).

(i) The RBI introduced long-term repo operations (0.4% of GDP for the first tranche and 0.2% of GDP for the second tranche; 1–3 years); (ii) August 6, Established special refinance facilities for a total amount of INR650 million for all India financial institutions (AIFIs); (iii) August 6, Extended INR250 million to the National Bank for Agriculture and Rural Development (NABARD) to back agricultural operations in the wake of challenges posed by COVID-19.

India 02B 02B - Support policies for long-term lending INR RBI. https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49844 (accessed 10 June 2020), https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49843, https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11893&Mode=0, https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11894&Mode=0 (both accessed 26 May 2020). Economic Times, India Times. https://economictimes.indiatimes.com/markets/stocks/news/no-extension-of-loan-moratorium-but-rbi-introduces-debt-resolution-plan-for-eligible-borrowers/articleshow/77392810.cms (accessed 21 August 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 21 August 2020).

No amount/estimate: (i) RBI provided regulatory forbearance on asset classification of loans to micro, small, and medium enterprises (MSMEs) and real estate developers and introduced regulatory measures to promote credit flows to the retail sector and MSMEs. (ii) The Securities and Exchange Board of India temporarily relaxed the norms related to debt default on rated instrument and delayed the implementation of the net stable funding ratio and the last stage of the phased-in implementation of the capital conservation buffers by 6 months. (iii) The limit for foreign portfolio investment (FPI) in corporate bonds has been increased to 15% of outstanding stock for FY 2020/21 and restriction on nonresident investment in specified securities issued by the Central Government was removed. (iv) March 27, The RBI reduced the repo and reverse repo rates by 75 and 90 basis points (bps) to 4.4% and 4.0%, respectively. April 17-20: (v) the RBI reduced the reverse repo by 25 bps to 3.75%; (vi) announced a standstill on asset classifications during the 3-month loan moratorium period with 10% provisioning requirement and an extension of the time period for resolution timeline of large accounts under default by 90 days; (vii) Restriction on banks from making dividend payouts; (viii) May 22, the RBI reduced the repo and reverse repo rates further by 40 bps each to 4.0% and 3.35% respectively, and reduced the marginal standing facility and bank rates from 4.65% to 4.25%; No amount/estimate: (ix) May 22, Authorities have also increased the large exposure limit from 25% to 30% of bank capital. Under the extant guidelines on the Large Exposures Framework, the exposure of a bank to a group of connected counterparties shall not be higher than 25% of the bank’s eligible capital base at all times; (x) June 21, the RBI directed banks to assign zero % risk weight on the credit facilities extended under the emergency credit line guarantee scheme; (xi) August 6, the RBI permitted banks to restructure existing loans to MSMEs classified as "standard” as of March 1, 2020 without a downgrade in the asset classification. Banks are required to maintain additional provision of 5% over and above the provision already held by them for accounts restructured; (xii) August 6, the RBI also permitted lenders to implement a resolution plan in respect of eligible corporate exposures as well as personal loans, keeping the ownership unchanged, and without classifying them as non-performing loans. 10% provisioning is required.

India 02C 02C - Loan guarantees INR 3,000,000,000,000 40,368,051,817 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.

May 13, INR3 trillion worth of loan guarantees for small and medium-sized companies.

India 04 04 - Equity support INR
India 12 12 - Non-Economic Measures INR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 10 June 2020).

(i) March 21, A temporary ban for a week on international flights landing in the country for a week; (ii) March 26, Extended ban on all international flights till April 15th, excluding approved all-cargo operations and flights; (iii) March 5, Schools closed in some of the municipalities and states, including Delhi until the end of March, which was eventually expanded to all educational insttitutions in the country; (iv) March 12, Partial shutdowns was imposed on educational institutions, stadiums, cinema halls, and sports clubs and gathering of people were banned in some of the states, including Delhi; (v) March 24, The entire country was placed under lockdown for 21 days which, on April 14, was further extended to May 17; (vi) April 15, the government announced several relaxation measures in geographical areas designated as non-hotspot, with effect from April 20, 2020; (vii) May 30, the government issued ‘Unlock 1’ guidelines for a phased re-opening of most activities across the country and limiting the lockdown only to containment zones for a month until June 30. However, states have been empowered to prohibit certain activities if they deem it necessary.

Maldives 02 02 - Credit creation MVR
Maldives 02A 02A - Financial sector lending/funding MVR
Maldives 02B 02B - Support policies for long-term lending MVR
Maldives 02C 02C - Loan guarantees MVR
Maldives 04 04 - Equity support MVR
Maldives 12 12 - Non-Economic Measures MVR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020, 14 May 2020, 4 June 2020, 22 July 2020); The Edition. https://edition.mv/news/16934 (accessed 29 May 2020). The Edition. https://edition.mv/news/18190 (accessed 31 July 2020). The Edition. https://edition.mv/news/18275 (accessed 7 August 2020). The Edition. https://edition.mv/news/18890 (accessed 4 September 2020).

(i) March 12, The government declared a Public Health Emergency. There are several adopted containment measures, including (a) temporary suspension of on-arrival visa for all passengers arriving to Maldives by air and sea, (b) quarantine for all passengers traveling to Maldives by air except for tourists checking-in to resorts, (c) screening at ports of entry, (d) restrictions on travel between resorts and inhabited islands, (e) ban on all cruise ships from entering and docking; requirement on all guest houses and city hotels operating in the Maldives to temporally suspend all tourist check-ins since March 17, and (f) school closures; (ii) April 15, The greater Malé region was placed on lockdown; (iii) May 13, The lockdown was extended to May 28 (third extension since its implementation); (iv) May 28: (a) The state of Public Health Emergency was extended until June 29; and (b) Phase one of lockdown easing started, with a relaxation in temporary permissions for leaving homes as well as allowing certain commercial businesses to open and operate; (v) Since July 1, the country is in phase three of the lockdown ease plan. This phase permits movement in the Greater Malé Region from 5am to 11pm, and only gatherings of less than 30 people are to be allowed in public spaces; (vi) International flights as well as tourism island resorts reopened; (vii) While guesthouses in inhabited islands are opened since July for locals/residents in COVID-19 free islands, guesthouses will be opened for tourists in August; (vii) July 30, Authorities mandated wearing face masks in public spaces of the capital city of Malé in response to a surge in COVID-19 cases in Maldives. Individuals in public spaces without masks would be fined by MVR1,000 starting from August 1; (viii) August 4, The Health Protection Agency (HPA) implemented a curfew over the Greater Malé Region; (ix) September 3, The Ministry of Education extended the closure of schools in the Greater Malé Region by an additional two weeks in connection to the surge of COVID-19 cases in the area [update].

Nepal 02 02 - Credit creation NPR 200,000,000,000 1,754,693,806
Nepal 02A 02A - Financial sector lending/funding NPR 200,000,000,000 1,754,693,806 NRB. https://archive.nrb.org.np/bfr/circular/2076-77/2076_77_(Notice)--18-Covid-19_Related-new.pdf (accessed 6 July 2020); NRB. https://www.nrb.org.np/contents/uploads/2020/07/Monetary_Policy_in_Nepali-2077-78_Full_Text-new-1.pdf (accessed 17 July 2020).

March 29: (i) NRB announced a refinancing fund of NPR60 billion to provide subsidized credit for banks willing to lend at a concessional rate to priority sectors including small and mid-size enterprises affected by the pandemic. Banks were instructed to approve loans within 5 days pertaining to import and distribution of medical supplies and equipment, food, and other essential items to combat COVID-19 pandemic; On July 17, NRB released the Monetary Policy for this fiscal year 2021 (ending 15 July 2021). The bank has increased the refinancing fund to NPR200 billion (USD1.7 billion); (ii) No amount/estimate: Banks were asked to provide subsidized credit to migrant workers to initiate their own enterprises, who could not depart for foreign employment due to this pandemic, within 7 days of their loan application; (iii) No amount/estimate: May 28, The budget speech for fiscal 2020/21 includes a provision for commercial banks to lend subsidized credit to at least 10 individuals per branch and development banks to at least 5 individuals per branch.

Nepal 02B 02B - Support policies for long-term lending NPR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 2 September 2020); NRB. https://www.nrb.org.np/cmfm_rates/policy_rates (accessed 25 June 2020); NRB.https://archive.nrb.org.np/bfr/circular/2076-77/2076_77_(Notice)--18-Covid-19_Related-new.pdf (accessed 6 July 2020); NRB. https://www.nrb.org.np/contents/uploads/2020/07/Monetary_Policy_in_Nepali-2077-78_Full_Text-new-1.pdf (accessed 17 July 2020).

No amount/estimate: March 29: (i) The NRB is no longer requiring banks to build up the 2% countercyclical capital buffer as provisioned under Capital Adequacy Framework 2015 that was due in July 2020; (ii) The NRB temporarily relaxed reporting norms and announced that bank and financial institutions will not be charged or penalized for their non-compliance with regulatory and supervisory requirements in April; (iii) NRB reduced interest rate on the standing liquidity facility from 6% to 5%; (iv) April 29, The NRB directed banks to apply lower interest rates (up to 2 percentage points) when calculating the interest due for the period of mid-April to mid-July, applicable to borrowers from affected sectors; (v) The policy rate or repo rate was cut by 100 basis points to 3.5%; On July 17, it was further cut by 50 basis points to 3%; (vi) July 17, The limit on the loan-to-value ratio for personal residential home loans was raised to 60%and margin natured loans to 70% from 65%. The limit on banks’ total loans was raised to 85% of the sum of core credit and deposits from 80%. The NRB requires banks to increase their loans to priority sectors, such as agriculture, energy, tourism, and micro, small and mid-size enterprises, to 40% from 25% by 2024.

Nepal 02C 02C - Loan guarantees NPR
Nepal 04 04 - Equity support NPR
Nepal 12 12 - Non-Economic Measures NPR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 2 September 2020). Business World. http://www.businessworld.in/article/Nepal-re-enforces-lockdown-as-COVID-19-cases-surge/05-08-2020-305469/ (accessed 6 August 2020); The Kathmandu Post. https://kathmandupost.com/politics/2020/08/12/nepal-braces-for-a-return-to-locked-down-life-as-rise-in-covid-19-cases-rings-alarm-bells (accessed 13 August 2020); Nepali Times. https://www.nepalitimes.com/latest/repatriation-regular-flights-to-nepal-to-resume/ (accessed 26 August 2020); Online Khabar. https://english.onlinekhabar.com/nepal-extends-suspension-on-long-route-transport-domestic-flights-until-sept-16.html (accessed 31 August 2020).

April: (i) Closure of cinema halls, stadiums, health clubs, museums, bars and other recreational places and public transportation until July 22; (ii) Closure of land-border crossings; June: (iii) Nationwide lockdown until July 22; (iv) Ban on domestic and international flights (except chartered flights) until July 22; (v) The government began easing the lockdown on June 12, allowing shops to open; (vi) Government, private offices, and banks have reopened from June 15, with government staff working in shifts; (vii) Private vehicles are allowed to operate on an alternating odd-even license-plate-number basis, corresponding to the calendar date; (viii) July 20, The government announced that the national lockdown will be lifted. Services, such as hotels and restaurants, will resume operations from July 30. All flights and transportation will be resumed from August 17. Tourism activities including travel, trekking, mountaineering will also resume operations from August 17. However, recreational activities including parties, seminars, and other public gatherings continue to be restricted. Educational institutions, recreational centers, religious centers, gyms, libraries, museums, and zoos will be closed until further notice; (ix) August 5, The Nepal government has enforced partial lockdown to full lockdown in various parts of the country as cases of coronavirus infection and fatalities continued to soar. The Home Ministry released a list of 14 districts: six districts will be facing a complete restriction in movement, while eight would remain under partial lockdown; (x) August 11, Other containment measures include restrictions on domestic and international passenger flights until August 31; long distance buses will now be allowed to ply from September 1; all educational institutions including schools, colleges, tuition centres and training centers will remain closed. No date for their opening has been announced; restaurants have been limited to takeaway services and all non-essential services like salons, shopping malls, theatres must remain closed; opening of hotels which was supposed to start on August 17, has been pushed back by 15 days; (xi) August 25, The government announced that it will resume flights to repatriate Nepali workers stranded abroad until August 31. After that, airlines will be allowed to operate limited regular international flights. The government has also reversed its earlier requirement that all passengers, even those with PCR reports, have to spend at least one week in a hotel quarantine in Kathmandu at their own expense. Passengers with PCR negative reports will now be allowed to go home for 14 day self-isolation [update]; (xii) August 31, The government has extended the suspension on long-route transportation and domestic flights until September 16. International flights will resume on September 1, but only for Nepalis and diplomats (no foreign tourists). The government also decided to continue the suspension on the operation of schools, colleges and academic institutions until September 16 [update].