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
Afghanistan 02B1 02B1 - Interest rate adjustments AFN
Afghanistan 02B2 02B2 - Other policies to support 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
Armenia 02B1 02B1 - Interest rate adjustments AMD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 5 December 2020).

(i) No amount/estimate: 28 April 2020, The Central Bank of Armenia (CBA) reduced the policy rate by 25 bps to 5%. On 17 June 2020, this rate was further reduced by 50 bps to 4.5%. On 15 September 2020, this rate was reduced to 4.25%, where it has since remained unchanged.

Armenia 02B2 02B2 - Other policies to support long-term lending AMD
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
Azerbaijan 02B1 02B1 - Interest rate adjustments AZN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 01 October 2020); CBA. https://www.cbar.az/press-release-2644/on-parameters-of-interest-rate-corridor (accessed 23 June 2020).

No amount/estimate: (i) 19 March 2020, 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%. 1 May 2020, The CBA lowered the ceiling of the interest rate corridor by 100 bps to 8%; (ii) 19 June 2020, The CBA decided to reduce the discount rate from 7.25% to 7%. The lower limit of the interest rate corridor was set at 6.5%, and the upper limit of the interest rate corridor was set at 7.5%; (iii) 18 September 2020, The CBA has lowered its interest rates by 0.25 percentage points, from 6.75% to 6.5%.

Azerbaijan 02B2 02B2 - Other policies to support long-term lending AZN Central Bank of Azerbaijan (CBA). https://www.cbar.az/press-release-2527/on-extension-of-blanket-guarantee?language=en (accessed on 23 June 2020); CBA. https://www.e-cbar.az/News/Info/2674878?culture=en (accessed on 23 June 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 01 October 2020); CBA. https://www.cbar.az/press-release-2866/central-bank-decides-to-extend-package-of-additional-support-actions-to-financial-sector-in-connection-to-coronavirus-pandemic (accessed 4 January 2021).

No amount/estimate: (i) 19 March 2020. The authorities have announced their intention to extend the blanket deposit guarantee until 4 December 2020 (the interest rate cap for national currency denominated deposits 10% and for foreign currency denominated deposits 2.5%) irrespective of deposits’ amount, currency and banks’ financial standing; (ii) 23 April 2020, Suspension of inspections of credit institutions; (iii) 30 December 2020, Regulatory requirements for the classification of loans have been relaxed and dividend payments have been limited until 1 April 2021. Loan classification concessions were applied to interest-subsidized business loans and restructuring of loans issued at the expense of state funds.

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 01 October 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); Ministry of Economy. https://www.economy.gov.az/en/article/elektron-kredit-platformasi-sahibkarlarin-kredit-uchun-muracietlerini-asanlashdirib/31075 (accessed 27 July 2020).

6 April 2020, 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 2020, The CBA also announced that it will extend its guarantees on insurance premiums.

Georgia 02 02 - Credit creation GEL 930,000,000 305,847,382
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).

7 May 2020, Commercial banks will gain access to a long-term financial resource of GEL600 million.

Georgia 02B 02B - Support policies for long-term lending GEL
Georgia 02B1 02B1 - Interest rate adjustments GEL IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 2 July 2020). Georgia Today. http://georgiatoday.ge/news/21972/NBG-Reduces-Monetary-Policy-Rate-by-0.25-Percentage-Points- (accessed 6 July 2020)

(i) No amount/estimate: 29 April 2020, The National Bank of Georgia (NBG) reduced its policy rate by 50 bps from 9% to 8.5%. On 24 June 2020, The NBG further reduced this rate to 8.25%. On August 5, The NBG reduced its policy rate by another 25 bp, bringing the refinancing rate to 8%, where it has since remained unchanged.

Georgia 02B2 02B2 - Other policies to support long-term lending GEL
Georgia 02C 02C - Loan guarantees GEL 330,000,000 108,526,490 UNESCAP. https://www.unescap.org/sites/default/files/Georgia_COVID%20Country%20profile%20280820.pdf (accessed 8 November 2020)

24 June 2020, GEL330 million in a credit guarantee scheme to help businesses cope with the pandemic.

Kazakhstan 02 02 - Credit creation KZT
Kazakhstan 02A 02A - Financial sector lending/funding KZT
Kazakhstan 02B 02B - Support policies for long-term lending KZT
Kazakhstan 02B1 02B1 - Interest rate adjustments KZT IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 April 2020). National Bank of Kazakhstan. https://nationalbank.kz/en/news/press-relizy/9628 (accessed 23 July 2020)

(i) No amount/estimate: 10 March 2020, 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. In early April, the NBK cut the base rate to 9.5% and further widened the corridor to +/-200 bps to stimulate economic growth. On 20 July 2020, the NBK cut the base rate by another 50bps to 9%, and narrowed the corridor to +/- 150 bps; (ii) No amount/estimate: 20 May 2020, interest on subsidized credit from the "Economy of Simple Things" program is being cut from 13-15% to 6%.

Kazakhstan 02B2 02B2 - Other policies to support long-term lending KZT IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 April 2020). National Bank of Kazakhstan. https://nationalbank.kz/en/news/press-relizy/9628 (accessed 23 July 2020)

10 June 2020: (i) No amount/estimate: The authorities lowered risk weights for SME exposure in tenge (from 75% to 50%) and for FX loans (from 200% to 100%) until October; (ii) No amount/estimate: Lowered the capital conservation buffer by 1%.

Kazakhstan 02C 02C - Loan guarantees KZT
Kyrgyz Republic 02 02 - Credit creation KGS 3,495,000,000 46,846,319
Kyrgyz Republic 02A 02A - Financial sector lending/funding KGS 2,495,000,000 33,442,508 Ministry of Finance. http://www.minfin.gov.kg/ru/novosti/novosti/v-tselyakh-realizatsii-programmy-vydany-sredstva-- (accessed 16 September 2020).

7 September 2020, To support business entities in the context of the spread of COVID-19, the Government of the Kyrgyz Republic adopted a resolution dated 9 June 2020 No. 315 on the approval of the program "Financing of Business Entities". In order to implement this program, the Ministry of Finance issued KGS2,495 million to commercial banks. As of 4 September 2020, within the framework of this program, loans were made to 968 entrepreneurs in the amount of KGS1,348,605 thousand.

Kyrgyz Republic 02B 02B - Support policies for long-term lending KGS
Kyrgyz Republic 02B1 02B1 - Interest rate adjustments KGS National Bank of the Kyrgyz Republic (NBKR). https://www.nbkr.kg/all_news.jsp?lang=ENG&news_type=news-main (accessed 3 February 2021).

No amount/estimate: 26 January 2021, The NBKR has kept its policy rate unchaged at 5% since 25 August 2020 [update].

Kyrgyz Republic 02B2 02B2 - Other policies to support 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 2020, The NBKR will postpone enactment of several financial regulations until further notice. In addition, it made the following decisions: (i) 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), (ii) 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, and (iii) risk-weights of FX corporate and retail loans will be reduced from 150% to 100%.

Kyrgyz Republic 02C 02C - Loan guarantees KGS 1,000,000,000 13,403,811 Kabar. http://en.kabar.kg/news/kyrgyz-national-bank-to-allocate-kgs-5.2-billion-to-support-countrys-economy/ (accessed 17 May 2020); Open Joint Stock Company Guarantee Fund. http://gf.kg/en/about/istoriya-sozdaniya/ (accessed 14 October 2020).

10 May 2020, As part of the Kyrgyz Government’s anti-crisis plan, the National Bank of the Kyrgyz Republic will allocate KGS1 billion to increase the authorized capital of the Guarantee Fund.

Pakistan 02 02 - Credit creation PKR 691,711,500,000 4,168,626,799
Pakistan 02A 02A - Financial sector lending/funding PKR 661,653,000,000 3,987,478,056 State Bank of Pakistan. http://www.sbp.org.pk/corona.asp (accesssed 15 May 2020); State Bank of Pakistan. http://www.sbp.org.pk/corona-update.html (accessed 5 February 2021); State Bank of Pakistan. http://www.sbp.org.pk/press/2020/Pr-19-Aug-20.pdf (accessed 18 September 2020).

The State Bank of Pakistan's (SBP's) refinancing facilities: (i) 17 March 2020, Refinance Facility for Combating COVID-19 (RFCC) to support hospitals and medical centers to purchase equipment to detect, contain, and treat COVID-19 (3% end-user rate for 5 years). On 6 July 2020, the SBP enhanced the scope of the refinancing facility to support health facilities, now allowing manufacturers of protective gears and equipment, including items such as masks, dresses, testing kits, hospital beds, ventilators etc. to avail financing under RFCC. Moreover, to cope with the rising needs of the health facilities in general in the country, SBP has allowed even hospitals serving non-COVID-19 patients to avail this facility. Peak approved financing amounted to PKR10.073 billion (28 January 2021) [update]; (ii) Temporary Economic Refinancing Facility (TERF) to stimulate investment in new manufacturing plants and machinery (7% for 10 years with a total size of PKR100 billion). On 8 May 2020, the SBP allowed financing for Balancing, Modernization and Replacement (BMR) and expansion under its Temporary Economic Relief Facility (TERF) 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. As of 21 January 2021, approved financing amounted to PKR323.344 billion [update]; (iii) Refinance scheme (SBP Rozgar 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). 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. On 30 June 2020, the SBP decided to extend the Rozgar scheme for another three months and, in collaboration with the Government of Pakistan, increased the risk coverage for SMEs under the scheme. As of 13 November 2020, approved financing amounted to PKR238.236 billion; (iv) 19 August 2020, To promote export-oriented investment, PKR90 billion has been allocated under the Long Term Financing Facility (LTFF).

Pakistan 02B 02B - Support policies for long-term lending PKR 58,500,000 352,553
Pakistan 02B1 02B1 - Interest rate adjustments PKR State Bank of Pakistan. http://www.sbp.org.pk/corona.asp (accessed 28 May 2020, 25 June 2020); State Bank of Pakistan. http://www.sbp.org.pk/press/2020/Pr-08-Jul-20.pdf (accessed 9 July 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, 11% on March 24, 9% on April 16, 8.0% on May 15, and 7% on June 25; (ii) 8 July 2020, SBP has reduced the end user markup rates on Temporary Economic Refinance Facility to 5% from the existing 7% and on Long Term Financing Facility (LTFF) for non-textile sector to 5% from 6%.

Pakistan 02B2 02B2 - Other policies to support long-term lending PKR 58,500,000 352,553 State Bank of Pakistan. http://www.sbp.org.pk/corona.asp (accessed 28 May 2020, 25 June 2020); State Bank of Pakistan. http://www.sbp.org.pk/press/2020/Pr-08-Jul-20.pdf (accessed 9 July 2020); International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020);

(i) 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%, (d) relaxation of regulatory criteria for restructured/rescheduled loans for borrowers who require relief beyond the extension of principal repayment for one year, and (e) May 2020, Suspension of bank dividends for the first two quarters of 2020 to shore up capital; (ii) 18 August 2020, the SBP also enhanced the concessional financing limit under its Refinance and Credit Guarantee Scheme for Women Entrepreneurs from PKR1.5 million to PKR5 million.

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). Dawn News. https://www.dawn.com/news/1575221/sbp-increases-financing-limits-for-women-entrepreneurs (accessed 11 December 2020)

6 May 2020, 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.