Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Brunei Darussalam 02 02 - Credit creation BND
Brunei Darussalam 02A 02A - Financial sector lending/funding BND
Brunei Darussalam 02B 02B - Support policies for long-term lending BND
Brunei Darussalam 02C 02C - Loan guarantees BND
Brunei Darussalam 07 07 - Central bank financing government BND
Brunei Darussalam 07A 07A - Direct lending and reserve drawdown BND
Brunei Darussalam 07B 07B - Secondary purchase: government securities BND
Cambodia 02 02 - Credit creation KHR
Cambodia 02A 02A - Financial sector lending/funding KHR
Cambodia 02B 02B - Support policies for long-term lending KHR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 June 2020).

No amount/estimate: April, The NBC has implemented measures, such as (i) delaying additional increases in the capital conservation buffer, (ii) cutting the interest rate in its Liquidity Providing Collateralized Operations (LPCOs) that decreases banks’ funding costs in domestic currency, (iii) cutting the interest rate on negotiable certificates of deposit (the collateral for LPCOs) to encourage banks to disburse loans.

Cambodia 02C 02C - Loan guarantees KHR RGC. http://auschamcambodia.com/wp-content/uploads/2020/05/fourth-round-of-stimulus-measures.pdf (accessed 11 June 2020).

May 26, The Ministry of Economy and Finance will establish a “credit guarantee fund” of USD200 million. This fund may guarantee loans through banks and financial institutions using the market policy to assuage the pressure of cash flow and working capital of businesses in all sectors [update].

Cambodia 07 07 - Central bank financing government KHR
Cambodia 07A 07A - Direct lending and reserve drawdown KHR
Cambodia 07B 07B - Secondary purchase: government securities KHR
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 1,470,000,000,000 1,626,106,194,690 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, Adding a temporary envelope of additional net asset purchases of EUR120 billion until the end of the year; (ii) 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; (iii) expanding the range of eligible assets under the corporate sector purchase programme (CSPP) to non-financial commercial paper; (iv) 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 [update].

European Central Bank 02B 02B - Support policies for long-term lending EUR 3,000,000,000,000 3,318,584,070,796 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).

(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). The targeted longer-term refinancing operations (TLTROs) 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. It is estimated that the facility could provide up to around EUR3 trillion in at a negative rate, which can be as low as -0.75%, the lowest rate ECB ever offered. 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 pandemic emergency longer-term refinancing operations, 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.

European Central Bank 02C 02C - Loan guarantees EUR
European Central Bank 07 07 - Central bank financing government EUR
European Central Bank 07A 07A - Direct lending and reserve drawdown EUR
European Central Bank 07B 07B - Secondary purchase: government securities EUR OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 April 2020).

Purchases of government bonds are included in Measure 2 (Encourage Private Credit Creation). The amount could not be disaggregated from the EUR 750 billion PEPP program.

European Union 02 02 - Credit creation EUR 46,000,000,000 50,884,955,752
European Union 02A 02A - Financial sector lending/funding EUR
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).

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.

European Union 02C 02C - Loan guarantees EUR 46,000,000,000 50,884,955,752 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).

(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 .

European Union 07 07 - Central bank financing government EUR
European Union 07A 07A - Direct lending and reserve drawdown EUR
European Union 07B 07B - Secondary purchase: government securities EUR
Indonesia 02 02 - Credit creation IDR 150,000,000,000,000 9,871,945,201
Indonesia 02A 02A - Financial sector lending/funding IDR
Indonesia 02B 02B - Support policies for long-term lending IDR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 April 2020).

No amount/estimate: (i) BI reduced the policy rate by 50 bps cumulatively in February and March 2020, to 4.5 percent; (ii) Otoritas Jasa Keuangan (OJK) has relaxed loan classification and loan restructuring procedures for banks to encourage loan restructuring and extended the deadline, by 2 months, for publicly listed companies to release their annual financial reports and hold annual shareholders meetings.

Indonesia 02C 02C - Loan guarantees IDR 150,000,000,000,000 9,871,945,201 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 April 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/pemerintah-jamin-kredit-modal-kerja-yang-diberikan-perbankan-untuk-umkm/ (accessed 22 May 2020).

(i) The third stimulus package (see Measure 5) includes IDR150 trillion (0.9% of GDP) additional financing for a national economic program, including to support credit guarantees for the private sector. (ii) May 19, Guarantees for working capital loans provided by banks for debtors, especially MSMEs.

Indonesia 07 07 - Central bank financing government IDR 192,280,000,000,000 12,654,517,488
Indonesia 07A 07A - Direct lending and reserve drawdown IDR 26,070,000,000,000 1,715,744,076 The Jakarta Post. https://www.thejakartapost.com/news/2020/04/23/bank-indonesia-buys-108m-of-government-bonds-at-auction-first-time-since-rule-change.html (accessed 27 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020). BI. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-28-Mei-2020.aspx (accessed 2 June 2020). BI. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-5-Juni-2020.aspx (accessed 10 June 2020).

(i) April 21, BI directly purchased IDR1.7 trillion (USD108 million) worth of sharia sovereign bonds during an auction held by the government for the first time. As of May 28, BI has purchased IDR23.98 trillion in the primary market. In the first week of June, BI made an additional IDR2.09 trillion worth of purchases in the primary market. [update] (ii) No amount/estimate: In line with BI's expanded financial stability mandate as mentioned in (v) of Measure 1A, BI is authorized to finance the deposit insurance agency (LPS) for bank solvency problems.

Indonesia 07B 07B - Secondary purchase: government securities IDR 166,210,000,000,000 10,938,773,412 Bank Indonesia. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx; https://www.bi.go.id/id/ruang-media/info-terbaru/Pages/BI-Terbitkan-Ketentuan-Pelaksanaan-Lelang-SUN-dan-atau-SBSN-Jangka-Panjang-di-Pasar-Perdana.aspx (accessed 27 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020).

(i) From January to April, IDR166.21 trillion purchases of government securities (SBN) in the secondary market by BI.

Lao PDR 02 02 - Credit creation LAK
Lao PDR 02A 02A - Financial sector lending/funding LAK
Lao PDR 02B 02B - Support policies for long-term lending LAK Bank of the Lao P.D.R. https://www.bol.gov.la/en/fileupload/31-03-2020_1585627932.pdf (accessed 12 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020); Bank of the Lao P.D.R. https://www.bol.gov.la/en/interestRate (accessed 12 April 2020).

No amount/estimate: (i) March 26, BOL issued a new credit policy for those impacted, asking banks and financial institutions to restructure loans and provide new loans to businesses affected by the outbreak. Under this policy, banks and financial institutions that implement debt restructuring and new loan provisions will benefit from regulatory forbearance on loan classification and provisioning; and (ii) March 30, BOL cut its policy rate from 4% to 3% for 1-week loans; from 5% to 4% for 1–2 week loans; and from 10% to 9% for 2–3 week to 1-year loans.

Lao PDR 02C 02C - Loan guarantees LAK
Lao PDR 07 07 - Central bank financing government LAK
Lao PDR 07A 07A - Direct lending and reserve drawdown LAK
Lao PDR 07B 07B - Secondary purchase: government securities LAK