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
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 24 July 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.

Indonesia 02 02 - Credit creation IDR 250,000,000,000,000 16,453,242,002
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). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_224620.aspx (accessed 18 June 2020). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_225220.aspx (accessed 16 July 2020).

No amount/estimate: (i) BI reduced the policy rate by 100 bps cumulatively in February, March, June, and July 2020, to 4.0%; (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 250,000,000,000,000 16,453,242,002 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). MOF. https://www.kemenkeu.go.id/publikasi/berita/lpei-bersinergi-dengan-bank-mandiri-untuk-penjaminan-kredit-pembiayaan-ekspor/ (accessed 3 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/penjaminan-kredit-modal-kerja-umkm-resmi-diluncurkan/ (accessed 9 July 2020). Reuters. https://www.reuters.com/article/us-indonesia-economy-loans/indonesia-launches-7-billion-loan-guarantee-scheme-for-priority-companies-idUSKCN24U0EP?il=0 (accessed 29 July 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. As of June 26, the Indonesian Exports Financing Agency (LPEI) announced it will provide credit guarantees for PT Bank Mandiri Tbk to increase export financing to support the National Economic Recovery program. On July 7, IRD123.46 trillion UMKM credit guarantee program for working capital loans under the National Economic Recovery plan. (ii) May 19, Guarantees for working capital loans provided by banks for debtors, especially MSMEs. (iii) July 29, INR100 trillion loan guarantee scheme for targeted businesses in priority sectors such as tourism, automotive, textile and garment, and electronics.

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-week to 1-year loans.

Lao PDR 02C 02C - Loan guarantees LAK
Malaysia 02 02 - Credit creation MYR 50,000,000,000 11,639,275,571
Malaysia 02A 02A - Financial sector lending/funding MYR
Malaysia 02B 02B - Support policies for long-term lending MYR Bank Negara Malaysia. https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5022&lang=en (accessed 19 April 2020); BNM. https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5007&lang=en (accessed 19 April 2020); Bank Negara Malaysia . https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5018 (accessed 19 April 2020); Securities Commission Malaysia (SC). https://www.sc.com.my/resources/media-releases-and-announcements/sc-announces-further-relief-measures-for-capital-market-licensed-entities (accessed 19 April 2020). International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020); SC. https://www.sc.com.my/resources/media-releases-and-announcements/sc-announces-series-of-capital-market-measures-to-support-businesses (accessed 16 April 2020).; BNM. https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5045&lang=en (17 May 2020); BNM. https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5078&lang=en (9 July 2020).

No amount/estimate: (i) March 3, BNM lowered the Overnight Policy Rate (OPR) by 25 basis points to 2.5%. May 5, OPR dropped by 50 basis points to 2%. The ceiling and floor rates of the corridor of the OPR are correspondingly reduced to 2.25% and 1.75%, respectively. July 7, the Monetary Policy Committee (MPC) of Bank Negara Malaysia decided to reduce the OPR by 25 basis points to 1.75%. The ceiling and floor rates of the corridor of the OPR are correspondingly reduced to 2.00% and 1.50%, respectively; (ii) March 24, The Securities Commission Malaysia (SC) waived annual licensing fees for capital market licensed entities; (iii) March 25, BNM announced measures temporarily easing regulatory and supervisory compliance on banks to enable them to support loan deferment and restructuring; (iv) March 27, in PRIHATIN, Special Relief Facility (SRF) interest rate is reduced from 3.75% to 3.5%; (v) April 10, The Companies Commission of Malaysia announced measures to enhance protection of distressed companies against liquidation; (vi) April 16, SC announced regulatory relief measures for public listed companies.

Malaysia 02C 02C - Loan guarantees MYR 50,000,000,000 11,639,275,571 Prime Minister's Office of Malaysia. https://www.pmo.gov.my/wp-content/uploads/2020/04/Booklet-PRIHATIN-EN.pdf (accessed 19 April 2020).

March 27 in PRIHATIN, The Government will also provide a MYR50 billion guarantee scheme up to 80% of the loan amount for financing working capital requirements. The minimum guaranteed loan size is MYR20 million per company.

Myanmar 02 02 - Credit creation MMK
Myanmar 02A 02A - Financial sector lending/funding MMK
Myanmar 02B 02B - Support policies for long-term lending MMK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); KPMG. https://home.kpmg/xx/en/home/insights/2020/04/myanmar-government-and-institution-measures-in-response-to-covid.html (accessed on 28 May 2020).

No amount/estimate: The CBM (i) cut the policy interest rate by 0.5 percentage points on March 12 and by 1 percentage point on March 24, and has announced a further 1.5 percentage points reduction to be effective May 1; and (ii) April 23, Announced the extension of the deadline for compliance to certain prudential regulations (enacted in July 2017) by three years from end-August 2020 to end-August 2023 to enable banks to support the economy cope with the impact of COVID-19; (iii) May, Deposit rates will be subject to a lower minimum rate of 6.5%, secured lending rates will be subject to a lower maximum of 11.5%, and unsecured lending will have a lower maximum rate of 14.5%.

Myanmar 02C 02C - Loan guarantees MMK
Netherlands 02 02 - Credit creation EUR 27,269,000,000 30,164,823,009
Netherlands 02A 02A - Financial sector lending/funding EUR
Netherlands 02B 02B - Support policies for long-term lending EUR 6,000,000 6,637,168 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020); Bruegel. https://www.bruegel.org/publications/datasets/covid-national-dataset/#netherlands (accessed 15 April 2020).

March, (i) EUR6 million credit created by reducting interest rates from (Qredits); (ii) No amount/estimate: De Nederlandsche Bank (DNB) reduced systemic buffers from the current 3% of global risk-weighted exposures to 2.5% for ING, 2% for Rabobank and 1.5% for ABN Amro; (iii) No amount/estimate: the planned introduction of a risk weight floor for mortgage loans has been postponed. It is expressly intended that this released capital is used to support lending, as opposed to paying dividends or buying back own shares.

Netherlands 02C 02C - Loan guarantees EUR 27,263,000,000 30,158,185,841 OECD. http://www.oecd.org/coronavirus/en/ (accessed 14 May 2020). Finnvera. https://www.finnvera.fi/finnvera/uutishuone/uutiset/finnveran-takausosuus-jopa-90-prosenttia-jos-rahoituksen-jarjestyminen-sita-edellyttaa (accessed 24 May 2020). NL Government. https://www.government.nl/topics/coronavirus-covid-19/news/2020/06/26/government-offers-financial-support-to-klm-as-a-result-of-the-corona-crisis (accessed 29 June 2020)

(i) No amount/estimate: March 30, The government increased export credit insurance for firms through the credit insurer Atradius. The share of the working capital that companies need for their export production was raised from 80% to 95%; (ii) April 9, Budget for guarantee facility for SME loans via BMKB was raised to EUR1.5 billion, while the premium for SME loans has been reduced from 3.9 to 2%; (iii) Increase to EUR10 billion (from EUR400 million) in the ceiling of the GO business loan guarantee scheme; (iv) The government provides EUR12 billion guarantees for the credit insurance market to ease lending to small firms; (v) April 17, EUR650 million (increased from EUR400 million) additional temporary guarantee for working capital and other type of support for agricultural and horticultural companies; (vi) May 14, EUR713 million in guarantees for bridging loans for small companies under the Small Credits Corona Guarantee Scheme. The guarantee covers 95% of bank loans, and funding is provided for a maximum of five years at an interest rate of 4% for company with positive profits over the last three years; (vii) No amount/estimate: May 7, Finnvera (official export credit agency) increased its guarantee share for SME loans from 80% to 90%; (viii) June 26, EUR2.4 billion in guarantees for bank loans made by KLM Airlines.

Philippines 02 02 - Credit creation PHP 120,000,000,000 2,357,397,119
Philippines 02A 02A - Financial sector lending/funding PHP
Philippines 02B 02B - Support policies for long-term lending PHP IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020). BSP. http://www.bsp.gov.ph/publications/media.asp?id=5358 (accessed 20 April 2020); https://drive.google.com/file/d/1xns3zUB9SrOahfDMURUkZacZjNhaCazm/view; http://www.bsp.gov.ph/publications/media.asp?id=5369; https://drive.google.com/file/d/16Revt89oruyF4RPRjTcUX6SxmpG-7Jwi/view; http://www.bsp.gov.ph/publications/media.asp?id=5376 (accessed 7 May 2020); http://www.bsp.gov.ph/downloads/regulations/attachments/2020/c1086.pdf (accessed 11 May 2020). BusinessWorld. https://www.bworldonline.com/ic-outlines-regulatory-relief-for-insurers/ (accessed 18 May 2020). IC. https://www.insurance.gov.ph/wp-content/uploads/2020/05/CL2020_60.pdf (accessed 18 May 2020). BSP http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m048.pdf (accessed 8 June 2020). BSP. http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m049.pdf (accessed 10 June 2020). BSP. http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m050.pdf (accessed 18 June 2020). BSP. http://www.bsp.gov.ph/publications/media.asp?id=5425 (accessed 25 June 2020). BSP. http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m054.pdf (accessed 29 June 2020). BSP. http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m057.pdf (accessed 24 July 2020). BSP. http://www.bsp.gov.ph/downloads/regulations/attachments/2020/c1091.pdf (accessed 22 24 July 2020). BSP. http://www.bsp.gov.ph/publications/media.asp?id=5486 (accessed 20 August 2020).

No amount/estimate: (i) The Bangko Sentral ng Pilipinas (BSP) has reduced its policy rate four times since February by a cumulative 175 bps to a record low 2.25% (impact along with reducing required reserves is recorded Non-lending actions of Measure 1); (ii) Regulatory relief measures for the banking sector: (a) temporary relaxation of requirements on compliance reporting, penalties on required reserves, and single borrower limits; and (b) a temporary relaxation of provisioning requirements (subject to the BSP approval); (c) relaxation of prudential regulations regarding marking-to-market of debt securities. These relief measures are intended to encourage banks, in turn, to provide financial relief to their borrowers (e.g., temporary grace period for loan payments). (iii) April 16, The BSP also approved a package of measures to further reduce the financial burden on loans to MSMEs including: (a) the counting of loans granted to MSMEs under banks' compliance with the reserve requirement, and on May 5: (b) deferred the implementation of the revised risk-based capital framework applicable under Basel III for stand-alone thrift banks, rural banks and cooperative banks, and (c) approved the assignment of a zero risk weight for MSME loans guaranteed by the Philippine Guarantee Corp., Agricultural Guarantee Fund Pool and the Agricultural Credit Policy Council; (iv) April 21, Waiver of fees on fund transfer transactions under PhilPass. On June 5, this was extended to the end of the year. (v) April 24, Temporary relaxation in the credit risk weights for loans to MSMEs; (vi) April 28, suspension of charges for filing, processing, and licensing/registration fees relative to application to provide electronic payment and financial services (EPFS) as an additional relief to BSFIs affected by the Corona Virus Disease 2019 (COVID-19) situation, effective for a period of six (6) months from 8 March 2020; (vii) May 4, The BSP temporarily allowed banks to use their capital buffers to absorb losses and support financing requirements, and to let their LCR go below 100% to meet liquidity demand; (viii) May 6, The BSP further eased standards on asset cover on foreign currency liabilities by subjecting lenders to a rolling two-week compliance period and give more flexibility in managing their foreign currency exposure (see also [ii] in Measure 1C). (ix) May 15, The Insurance Commision provided regulatory relief measures by (a) exempting those insurance companies from the quarterly PHP900 million net worth requirement (applicable only to those already compliant with the requirement as of end-December while those that have failed to comply before the enhanced community quarantine was declared last March 17 can only avail of the relief once they “put up additional funds to cover the net worth deficiency”); (b) relaxing the levels of regulator intervention based on the company’s level of compliance with the minimum risk-based capital ratio; and (c) extending the provisional period by which agents can sell insurance products online until the end of the year. (x) June 9, Suspension of the submission of required reports and other documents by BSP-supervised financial institutions except for the Financial Reporting Package for Banks (FRP), the Consolidated Foreign Exchange (FX) Position Report, event-driven report requirements and reserve requirement-related reports. (xi) June 15, Temporary relaxation in the borrowing limit of pawnshops from 50% to 70% until end-December 2021. (xii) June 26, Postponement of the adoption of the Supervisory Assessment Framework from July 1, 2020 to January 1, 2021. (xiii) July 21, The BSP eased regulatory requirements on bank operations further until 31 March 2021 including increasing the single borrower's limit from 25% to 30%; relaxations in penalties for reserve deficiencies, notification requirements, submissions of reports and other documents, and extension in the period of compliance with supervisory requirements. (xiv) July 22, The BSP exempted debt securities held by market makers from the credit exposure limit to a single borrower. (xv) August 20, The BSP increased the real estate loan limit for banks from 20% to 25% of their total loan portfolio net of interbank loans.

Philippines 02C 02C - Loan guarantees PHP 120,000,000,000 2,357,397,119 Department of Finance. PDI. https://business.inquirer.net/301668/govt-guarantees-p37-5b-in-bank-loans-to-smes (accessed 4 July 2020).

PHP120 billion credit guarantee for affected small businesses. As of end-June 2020, PHP37.5 billion in guarantees have been approved.

Singapore 02 02 - Credit creation SGD
Singapore 02A 02A - Financial sector lending/funding SGD MAS. https://www.mas.gov.sg/monetary-policy/liquidity-facilities/mas-sgd-facility-for-esg-loans (accessed 29 April 2020).

No amount/estimate: April 21, the MAS and Enterprise Singapore launched the MAS SGD Facility for ESG Loans to lend Singapore dollars at an interest rate of 0.1% per annum to eligible financial institutions to support lending to small and medium-sized enterprises (SMEs).

Singapore 02B 02B - Support policies for long-term lending SGD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-takes-regulatory-and-supervisory-measures-to-help-fis-focus-on-supporting-customers (accessed 22 May). MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-calls-on-finance-companies-to-moderate-fy2020-dividends (accessed 14 August 2020).

No amount/estimate: (i) March 30, The MAS adopted a 0% per annum rate of appreciation of the policy band and reduced the midpoint to the prevailing level of the SGDNEER, with no change to the width of the band; (ii) April 7, The MAS announced various transitory regulatory forbearance measures including deferral of the implementation of Basel III regulations, utilization of capital and liquidity buffers to support lending, among others; (iii) April 16, Authorities raised the leverage limit for S-REITS from 45% to 50% to provide greater flexibility to manage their capital structure and enhance funding access. (iv) August 7, MAS urged locally-incorporated banks and finance companies to cap their total dividends per share (“DPS”) for 2020 at 60% of the 2019 level.

Singapore 02C 02C - Loan guarantees SGD
Thailand 02 02 - Credit creation THB 850,000,000,000 26,473,340,497
Thailand 02A 02A - Financial sector lending/funding THB 500,000,000,000 15,572,553,233 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

Soft loans by the BOT to financial institutions amounting to THB500 billion to be on-lent at 2% interest to small and medium-sized enterprises (SMEs) with outstanding (non-nonperforming) loans.

Thailand 02B 02B - Support policies for long-term lending THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020). BOT. https://www.bot.or.th/English/PressandSpeeches/Press/2020/Pages/n2763.aspx (accessed 21 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-thailand-cenbank/thai-central-bank-cuts-interest-rates-for-credit-cards-personal-loans-idUSKBN23Q2B8?il=0 (accessed 20 June 2020). Reuters. https://www.reuters.com/article/us-thailand-economy-cenbank/thai-central-bank-asks-lenders-to-strengthen-capital-to-cope-with-coronavirus-risk-idUSKBN23Q250?il=0 (accessed 20 June 2020). BOT. https://www.bot.or.th/Thai/PressandSpeeches/Press/2020/Pages/n5563.aspx (accessed 28 August 2020).

No amount/estimate: (i) The policy rate was reduced by 50 basis points (bps) from 1.25% to 0.75% during the first quarter of 2020 and by another 25 bps on May 20 to a record low 0.5%; (ii) the contribution from financial institutions to the Financial Institutions Development Fund (FIDF) was reduced from 0.46% to 0.23% of the deposit base to provide space for a decrease in lending rates; and (iii) Financial sector liquidity-related regulations were temporarily relaxed in order to support Measure 1B. (iv) June 19, BOT introduced additional debt relief measures including 2-4 pps interest rate cuts for credit cards (from 18% to 16%) and personal loans (from 28% to 24-25%) effective August 1; lenders must urgently help borrowers with debt restructuring such as extending payment periods and reducing interest rates. BOT will raise credit lines for credit cards and personal loans for good debtors from August to December. (v) June 19, BOT asked commercial banks to prepare capital management plans for the next 1-3 years and to not pay interim dividends in 2020 or buy back shares to preserve capital. (vi) August 27, The BOT announced measures to help adversely affected retail debtors, including "debt consolidation" to enable financial institutions to reduce interest rates and extend repayment periods where possible. [update]

Thailand 02C 02C - Loan guarantees THB 350,000,000,000 10,900,787,263 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

The government covers the first 6 months of interest and guarantees up to 60%–70% of the THB500 billion loan (see Measure 2A).

Timor-Leste 02 02 - Credit creation USD 4,000,000 4,000,000
Timor-Leste 02A 02A - Financial sector lending/funding USD