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
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
Azerbaijan 02 02 - Credit creation AZN 500,000,000 294,117,647
Azerbaijan 02A 02A - Financial sector lending/funding AZN
Azerbaijan 02B 02B - Support policies for long-term lending AZN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 June 2020).

No amount/estimate: March 19: (i) The CBA left the refinancing rate unchanged at 7.25%, but raised the floor of the interest rate corridor (within a de facto floor system) by 125 basis points (bps) to 6.75%. May 1, the CBA lowered the ceiling of the interest rate corridor by 100 bps to 8% ; (ii) The authorities have announced their intention to extend the blanket deposit guarantee until December 4, 2020. The guarantee covers all AZN (foreign currency) deposits within a 10 (2.5)% interest rate cap; (iii) A relation of capital requirements (systemwide and the countercyclical capital buffer) and risk weights on mortgage loans; (iv) April 23, Suspension of inspections of credit institutions.

Azerbaijan 02C 02C - Loan guarantees AZN 500,000,000 294,117,647 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 June 2020); Caspian News. https://caspiannews.com/news-detail/azerbaijan-takes-measures-to-mitigate-covid-19-impact-on-economy-social-life-2020-4-6-1/ (accessed 15 April 2020); KPMG. https://home.kpmg/xx/en/home/insights/2020/04/azerbaijan-government-and-institution-measures-in-response-to-covid.html (accessed on 6 May 2020).

April 6, Entrepreneurs get state guarantee for 60% of their new bank loans and the government subsidizes half of the interest on guaranteed loans from the state budget; overall state support at AZN500 million (USD294 million); (ii) No amount/estimate: May, The CBA also announced that it will extend its guarantees on insurance premiums.

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 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 .

Georgia 02 02 - Credit creation GEL 600,000,000 197,320,891
Georgia 02A 02A - Financial sector lending/funding GEL 600,000,000 197,320,891 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).

May 7, Commercial banks will gain access to a long-term financial resource of GEL600 million.

Georgia 02B 02B - Support policies for long-term lending GEL IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 14 May 2020).

No amount/estimate: April 29, The NBG reduced its policy rate by 50 bp.

Georgia 02C 02C - Loan guarantees GEL
Kazakhstan 02 02 - Credit creation KZT
Kazakhstan 02A 02A - Financial sector lending/funding KZT
Kazakhstan 02B 02B - Support policies for long-term lending KZT IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 April 2020).

(i) No amount/estimate: (a) March 10, The National Bank raised its policy rate from 9.25% to 12% and widened the interest rate corridor from 100 to 150 bps, after pressures on the tenge (KZT) intensified with the drop of oil prices. The NBK cut the base rate to 9.5% and further widened the corridor to +/-200 bps in early April to stimulate economic growth; and (b) To encourage lending, the authorities have also lowered risk weights for SME exposure in tenge (from 75% to 50%) and for FX loans (from 200% to 100%) until October; (ii) As of May 20, interest on subsidized credit from the "Economy of Simple Things" program is being cut from 13-15% to 6%.

Kazakhstan 02C 02C - Loan guarantees KZT
Kyrgyz Republic 02 02 - Credit creation KGS
Kyrgyz Republic 02A 02A - Financial sector lending/funding KGS IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 14 May 2020).

No amount/estimate: May, The authorities are preparing a second package including subsidized credit to banks to provide funding to small and medium-size enterprises through soft loans as mentioned in Measure 5B.

Kyrgyz Republic 02B 02B - Support policies for long-term lending KGS IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 14 April 2020).

No amount/estimate: April, The NBKR will postpone enactment of several financial regulations until further notice. In addition, it made the following decisions: (i) risk-weights of FX corporate and retail loans will be reduced from 150% to 100%, (ii) banks and Nonbank Financial Institutions (NBFIs) should create a loan loss reserve equal to 100% for the amount of overdue accrued interest payments on loans that have been given the status of non-accrual of interest income when overdue arrears are 270 days or more (from the now 90 days), and (iii) in the event of arrears arising from COVID-19, banks or NBFIs have the right not to worsen the classification category due to financial condition of the borrower.

Kyrgyz Republic 02C 02C - Loan guarantees KGS
Pakistan 02 02 - Credit creation PKR 135,055,000,000 813,914,316
Pakistan 02A 02A - Financial sector lending/funding PKR 105,000,000,000 632,786,666 State Bank of Pakistan. http://www.sbp.org.pk/corona.asp (accesssed 15 May 2020).

The State Bank of Pakistan's (SBP's) refinancing facilities: (i) March 17, Refinance Facility for Combating COVID-19 to support hospitals and medical centers to purchase equipment to detect, contain, and treat COVID-19 (3% for 5 years with a total size of PKR5 billion). May 1, Financing of PKR2.2 billion for 11 hospitals/medical centers has been approved whereas financing requests of PKR3.6 billion for 23 hospitals/medical centers are being processed by the banks; (ii) Temporary Economic Refinancing Facility to stimulate investment in new manufacturing plants and machinery (7% for 10 years with a total size of PKR100 billion); (iii) No amount/estimate: Refinance scheme to support employment and prevent layoff of workers (to finance 3 months of wages; loan repayment will start from January 2020 and can be made in equal 24-month or 8-quarter installments); (iv) No amount/estimate: May 11, Under the Refinance scheme to support employment and prevent layoff of workers, SBP enhanced its refinance limits to finance up to 100% of wages and salaries of businesses with average 3- month wage bill of up to PKR500 million; (v) No amount/estimate: May 8, SBP allows financing for Balancing, Modernization and Replacement (BMR) and expansion under its Temporary Economic Relief Facility (TERF). SBP took this measure to provide further stimulus to the economy in the context of COVID-19's impact on the economy, to support investment in the country for modernizing or expanding manufacturing /production units (i.e., purchase of new imported and locally manufactured plant & machinery).

Pakistan 02B 02B - Support policies for long-term lending PKR 55,000,000 331,460 State Bank of Pakistan. http://www.sbp.org.pk/corona.asp (accessed 28 May 2020); International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020).

(i) No amount/estimate: The SBP has responded to the crisis by cutting the policy rate: from 13.25% to 12.5% on March 17, to 11% on March 24, to 9% on April 16, and to 8.0% on May 15; (ii) SBP introduced temporary regulatory measures to maintain banking system soundness and sustain economic activity, as follows: (a) reducing the capital conservation buffer by 100 basis points to 1.5%, (b) increase the regulatory limit on extension of credit to SMEs by 44% to PKR180 million ((PKR180 million/1.44) = PKR125 million; PKR180 million - PKR125 million = PKR55 million), (c) relaxation of the debt burden ratio for consumer loans from 50% to 60%, and (d) relaxation of regulatory criteria for restructured/rescheduled loans for borrowers who require relief beyond the extension of principal repayment for one year, and (f) May, Suspension of bank dividends for the first two quarters of 2020 to shore up capital.

Pakistan 02C 02C - Loan guarantees PKR 30,000,000,000 180,796,190 State Bank of Pakistan. http://www.sbp.org.pk/press/2020/Pr-06-May-20.pdf (accessed 8 May 2020).

May 6, Under the SBPs Refinance Scheme to Support Employment and Prevent Layoff of Workers, the Ministry of Finance has stepped forward to shoulder risk sharing with banks. The Federal Government has allocated PKR30 billion under a credit risk sharing facility for the banks spread over four years to share the burden of losses due to any bad loans in future. Under this risk sharing arrangement, the Federal Government will bear 40% first loss on principal portion of disbursed loan portfolio of the banks.

Tajikistan 02 02 - Credit creation TJS
Tajikistan 02A 02A - Financial sector lending/funding TJS
Tajikistan 02B 02B - Support policies for long-term lending TJS IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 May 2020).

No amount/estimate: (i) April, The NBT hiked the policy rate by 50 basis points to 12.75% in February to contain inflationary pressures; (ii) April 27, The NBT cut the policy rate by 100 basis points to 11.75% to ease monetary conditions.

Tajikistan 02C 02C - Loan guarantees TJS
Turkmenistan 02 02 - Credit creation TMT
Turkmenistan 02A 02A - Financial sector lending/funding TMT