Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Afghanistan 02 02 - Credit creation AFN
Afghanistan 02A 02A - Financial sector lending/funding AFN
Afghanistan 02B 02B - Support policies for long-term lending AFN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 6 May 2020).

No estimate/amount: (i) The authorities increased the frequency of Financial Stability Committee meetings, enhanced the monitoring of early signs of liquidity stress, and reviewed banks’ business continuity plans; (ii) DAB has suspended administrative penalties and fees, postponed the IFRS-9 implementation to June 2021, and froze loan classifications at the pre-pandemic cutoff of end-February.

Afghanistan 02C 02C - Loan guarantees AFN
Afghanistan 07 07 - Central bank financing government AFN
Afghanistan 07A 07A - Direct lending and reserve drawdown AFN
Afghanistan 07B 07B - Secondary purchase: government securities AFN
Afghanistan 12 12 - Non-Economic Measures AFN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 6 May 2020)

(i) Screening at ports of entry, quarantine for infected people, and closure of public places for gathering; (ii) Quarantine for infected people; (iii) Closure of public places for gathering; (iv) Social distancing measures, including a three-week lockdown of Kabul (March 28) and Ghazni (April 1) and restricting daily movements to those deemed essentiall (v) Extended the border closures until April 9; (vi) Social distancing measures have included 20 provinces, including Kabul and some other cities, instituting lockdown measures, extended for two weeks on April 12; (vii) social distancing measures have been extended for 3 weeks on April 17; (viii) Both Houses of Afghanistan’s parliament were put on lockdown on April 29 until end of the national lockdown; (ix) The government also released over 5,300 prisoners to reduce the risk of mass infections in penitentiaries; (x) Schools and universities will remain closed until September. [update]

Arab Republic of Egypt 02 02 - Credit creation EGP 106,000,000,000 6,745,159,653
Arab Republic of Egypt 02A 02A - Financial sector lending/funding EGP
Arab Republic of Egypt 02B 02B - Support policies for long-term lending EGP IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 June 2020).

No amount/estimate: (i) March 20, The central bank has reduced the policy rate by 300 bps to 9.25%; (ii) March 24, preferential interest rate on loans to tourism has been reduced from 10% to 5%, for SMEs. As of June 24, this measure has already been reversed [update]; (iii) March 24, preferential interest rate on loans to industry and housing for low-income and middle-class families has been reduced from 10% to 8%. As of June 24, the new rate now applies to tourism, industry, agriculture and construction sectors as well. [update] (iv) regulations issued last year requiring banks to obtain detailed information of borrowers have been relaxed; (v) suspension of credit score blacklists for irregular clients and waiver of court cases for defaulted customers have been announced.

Arab Republic of Egypt 02C 02C - Loan guarantees EGP 106,000,000,000 6,745,159,653 Central Bank of Egypt. https://www.cbe.org.eg/_layouts/download.aspx?SourceUrl=%2FHighlights%2520Documents%2FCircular%2520dated%252016%2520June%25202020%2520regarding%2520tourism%2520sector%2520initiative%2520financing%2520payroll%2520guaranteed%2520by%2520the%2520Ministry%2520of%2520Finance.pdf (accessed 19 June 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 19 June 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 26 May 2020).

(i) EGP3 billion of loan guarantees by the government has been announced for the tourism industry soft loans; (ii) EGP100 billion of loan guarantees from the Central Bank to cover lending at preferential rates to the manufacturing, agriculture and contracting industries; (iii) June 16, EGP3 billion in loan guarantees to the Tourism sector. [update]

Arab Republic of Egypt 07 07 - Central bank financing government EGP
Arab Republic of Egypt 07A 07A - Direct lending and reserve drawdown EGP
Arab Republic of Egypt 07B 07B - Secondary purchase: government securities EGP
Arab Republic of Egypt 12 12 - Non-Economic Measures EGP IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 June 2020).

(i) April 28, A Presidential decree published in the Official Gazette declared the state of emergency across the country for three months; (ii) The authorities have taken a host of precautionary measures to improve testing as well as to limit the community spread of the virus, including (a) setting up testing centers, (b) imposing a nighttime curfew, (c) temporarily closing places of worship, (d) temporarily halting all air travel, (e) encouraging civil servants to work from home in non-essential sectors, (f) closing all malls, gyms, sporting clubs, in-dining restaurants and cafes; (iii) Authorities have also suspended the export of all types of legumes for a period of 3 months and plan to start increasing strategic food reserves to meet domestic deman; (iv) Starting May 4, 2020, hotels have been allowed to operate at 25% capacity until June 2020 and at 50% capacity thereafter; (v) Egypt’s Health Ministry released a 3-stage plan outlining required procedures in preparation for the gradual easing of restrictions within the country.

Argentina 02 02 - Credit creation ARS 31,000,000,000 494,023,904
Argentina 02A 02A - Financial sector lending/funding ARS
Argentina 02B 02B - Support policies for long-term lending ARS BCRA. https://www.bcra.gob.ar/Noticias/Coronavirus-BCRA-creditos-mipymes.asp (Accesed 27 April 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 15 May 2020).

No amount/estimate: (i) Provided new incentives for financial entitites to increase their loans to micro, small, and medium-sized enterprises (MiPyMEs) for the payment of salaries, as long as those entities are payment agents of the company that requests it; (ii) the Central Bank also temporarily added 60 days to each category of debtor in arrears; (iii) Developed the Conformed Invoice as a credit instrument to discount in financial entities or the capital market.

Argentina 02C 02C - Loan guarantees ARS 31,000,000,000 494,023,904 BCRA. https://www.argentina.gob.ar/coronavirus/medidas-gobierno (Accessed 27 April 2020).

No amount/estimate: (i) See (i) in Actions that increase liabilities in Measure 1; (ii) Created a Special Affectation Fund, which will transfer ARS30 billion to the Argentine Guarantee Fund. The guarantees have the objective of facilitiating the repayment of loans for working capital. Eligible parties include companies listed in the small and medium-sized enterprise registry (MiPyMES Registry); (iii) No amount/estimate: FOGAR provides a guarantee that covers 100% of the credit in (iv) of Measure 1A.

Argentina 07 07 - Central bank financing government ARS
Argentina 07A 07A - Direct lending and reserve drawdown ARS
Argentina 07B 07B - Secondary purchase: government securities ARS
Argentina 12 12 - Non-Economic Measures ARS IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 27 April 2020).

The country has adopted full closure of borders and a nation-wide quarantine, beginning on March 20 and lasting until at least April 26, including closed borders.

Armenia 02 02 - Credit creation AMD 25,000,000,000 51,123,841
Armenia 02A 02A - Financial sector lending/funding AMD 25,000,000,000 51,123,841 JAM News. https://jam-news.net/armenian-govt-offers-stimulus-package-to-help-mitigate-corona-crisis/(accessed 16 April 2020).

Allocate a total of AMD25 billion (over USD50 million) to co-finance loans for companies that borrow money from Armenian banks in the national currency to pay salaries, taxes, bills and purchase raw materials. This amount includes subsidy for the interests of these of loans.

Armenia 02B 02B - Support policies for long-term lending AMD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 05 May 2020).

No amount/estimate: The Central Bank of Armenia (CBA) reduced the policy rate by another 25 bps to 5% on April 28 [update]. The interbank market has been active, and the central bank has easily met liquidity needs so far.

Armenia 02C 02C - Loan guarantees AMD
Armenia 07 07 - Central bank financing government AMD
Armenia 07A 07A - Direct lending and reserve drawdown AMD
Armenia 07B 07B - Secondary purchase: government securities AMD
Armenia 12 12 - Non-Economic Measures AMD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 10 June 2020).

No amount/estimate: The government declared a national state of emergency on March 16, and imposed strict containment measures, including school closures, travel bans on foreign citizens from high risk countries, and imposed fines to those who violate isolation orders during the state of emergency. The state of emergency will be in place until June 14 and encompass movement restrictions. Effective May 4, the movement restrictions are removed and almost all business activities are allowed to operate. This decision is considered a test and stricter restrictions may be implemented again depending on the spread of the virus. Effective June 4, the government declared wearing a face mask in all open public spaces mandatory.

Australia 02 02 - Credit creation AUD 145,000,000,000 90,160,999,938
Australia 02A 02A - Financial sector lending/funding AUD 105,000,000,000 65,288,999,955 RBA. https://www.rba.gov.au/mkt-operations/term-funding-facility/ (accessed 16 April 2020); Department of Treasury. https://treasury.gov.au/sites/default/files/2020-05/Overview-Economic_Response_to_the_Coronavirus_3.pdf (accessed 3 June 2020); Department of Treasury. https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/government-invest-15b-support-sme-lending (accessed 3 June 2020); RBA. https://www.rba.gov.au/covid-19/ (accessed 03 June 2020).

(i) April, The government is allocating up to AUD15 billion to invest in residential mortgage-backed securities and asset-backed securities to help funding for small banks and non-bank financial institutions; (ii) April, To allow banks to lend more to small and medium enterprises (SMEs) during the period of disruption caused by COVID-19, RBA has established a Term Funding Facility (TFF) of at least AUD90 billion for SMEs lending (TFF will offer three-year funding to authorized deposit-taking institutions [ADIs]).

Australia 02B 02B - Support policies for long-term lending AUD RBA. https://www.rba.gov.au/speeches/2020/sp-gov-2020-03-19.html (accessed 11 April 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-13.html (accessed on 5 May 2020); Australian Prudential Regulation Authority (APRA). https://www.apra.gov.au/news-and-publications/apra-announces-deferral-of-capital-reform-implementation (accessed 3 June 2020).

No amount/estimate: (i) March 3 and 19, The policy rate was cut by 25 basis points twice to 0.25% and on May 5 and June 2, the RBA announced that it will maintain the current rates; (ii) April, The Australian Prudential Regulation Authority (APRA) has (a) provided temporary relief from its capital requirement, allowing banks to utilize some of their current large buffers to facilitate ongoing lending to the economy as long as minimum capital requirements are met, and (b) March 30, announced that it is deferring its scheduled implementation of the Basel III reforms in Australia by one year to January 2023.

Australia 02C 02C - Loan guarantees AUD 40,000,000,000 24,871,999,983 Department of Treasury. https://treasury.gov.au/coronavirus/sme-guarantee-scheme (accessed 16 April 2020); Department of Treasury. https://treasury.gov.au/sites/default/files/2020-05/Overview-Economic_Response_to_the_Coronavirus_3.pdf (accessed 3 June 2020).

April, Under a new Coronavirus SME Guarantee Scheme, the Government will guarantee 50% of new loans issued by eligible lenders to SMEs with total lending capacity of AUD40 billion.

Australia 07 07 - Central bank financing government AUD 50,000,000,000 31,089,999,979
Australia 07A 07A - Direct lending and reserve drawdown AUD
Australia 07B 07B - Secondary purchase: government securities AUD 50,000,000,000 31,089,999,979 RBA. https://www.rba.gov.au/media-releases/2020/mr-20-13.html (accessed on 14 May 2020); RBA. https://www.rba.gov.au/covid-19/ (accessed 3 June 2020).

April, The RBA has announced yield targeting on 3-year government bonds at 0.25% through purchases of government bonds in the secondary market. On May 5, RBA has purchased AUD50 billion of Australia Government securities (AGS) and semis in the secondary market. May 5 and June 2, the RBA announced that it will maintain the current policy setting.

Australia 12 12 - Non-Economic Measures AUD Department of Health, Australian Government. https://www.health.gov.au/news/health-alerts/novel-coronavirus-2019-ncov-health-alert/government-response-to-the-covid-19-outbreak (accessed on 05 May 2020); Government of Australia COVID19 official website. https://www.australia.gov.au/coronavirus-updates (accessed 3 June 2020).

March: (i) Travel restrictions, screening travelers who arrive in Australia and ensuring they self-isolate on arrival, continuing with border surveillance; (ii Enforcing social distancing measures, testing people suspected of the disease, and isolating people with the virus and their close contacts; (iii) Increasing of health system capacity; (iv) Delivering support to Australians experiencing domestic, family, and sexual violence due to the fallout of coronavirus; (v) Putting limits on some prescription and over the counter medications, to make sure those who need them can access them; (vi) April 26, The COVIDSafe app is available for voluntary download to speed up contacting people exposed to coronavirus ; (vii) May 8, The National Cabinet will consider the first phase of easing COVID-19 restrictions. Some states and territories have begun easing selected regional restrictions.

Austria 02 02 - Credit creation EUR 9,000,000,000 9,955,752,212
Austria 02A 02A - Financial sector lending/funding EUR