Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Singapore 01 - Liquidity Support 4,000,000,000 2,823,861,631
Singapore 01A - Short-term lending 4,000,000,000 2,823,861,631 MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-and-financial-industry-to-support-individuals-and-smes-affected-by-the-covid-19-pandemic (accessed 18 April 2020).

(i) No amount/estimate: Monetary Authority of Singapore (MAS) is providing sufficient liquidity to Singapore dollar (SGD) and United States dollar (USD) funding markets in Singapore and supporting their effective functioning.  This will enable financial institutions to fund themselves, intermediate credit to individuals and businesses, and provide essential financial services. MAS has been providing ample SGD liquidity to the banking system through its daily money market operations (MMO). (ii) March 27, SGD4 billion bridge loan facility to Singapore Airlines (SIA) from DBS (see Measure 4).

Singapore 01B - Support policies for short-term lending
Singapore 01C - Forex operations MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-and-financial-industry-to-support-individuals-and-smes-affected-by-the-covid-19-pandemic (accessed 18 April 2020).

No amount/estimate: MAS has also significantly stepped up its provision of USD liquidity to the banking system, increasing the volume of foreign exchange swaps transacted at its daily MMO as of March 31 by about 25% over the past 2 weeks.

Singapore 02 - Credit creation
Singapore 02A - Financial sector lending/funding 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 - Support policies for long-term lending IMF; MAS.  https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 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 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; (iii) Various transitory regulatory forbearance measures including deferral of the implementation of regulations, utilization of capital buffers to support lending, among others.

Singapore 02C - Loan guarantees
Singapore 03 - Direct long-term lending 29,700,000,000 20,967,172,609
Singapore 03A - Long-term lending 29,700,000,000 20,967,172,609 SingaporeBudget.gov. https://www.singaporebudget.gov.sg/budget_2020/resilience-budget/supplementary-budget-statement (accessed 30 May 2020).

(i) March 26, SGD20 billion in loan capital under the Resilience Budget to support good companies with strong capabilities (also see Measure 5B). (ii) March 27, Up to SGD9.7 billion in convertible notes as part of SIA's fundraising underwritten by state-investor Temasek Holdings (see Measure 4).

Singapore 03B - Forbearance GOV.SG. https://www.gov.sg/article/temporary-relief-for-businesses-and-individuals-unable-to-fulfil-contractual-obligations (accessed 28 April 2020).

No amount/estimate: April 7, Deferral of certain contractual obligations such as rent and loan payments businesses and individuals.

Singapore 04 - Equity support 5,300,000,000 3,741,616,661 Reuters. https://www.reuters.com/article/us-health-coronavirus-singapore-air-tema/singapore-airlines-obtains-13-billion-rescue-package-amid-coronavirus-shock-idUSKBN21D3AE (accessed 9 June 2020).

March 27, SGD19 billion rescue package for SIA consisting of SGD5.3 billion in equity, up to SGD9.7 billion convertible note portions of SIA's fundraising underwritten by state-investor Temasek Holdings, and a SGD4 billion bridge loan facility from DBS (amounts for the latter two lending measures have been reflected in Measures 3A and 1A, respectively).

Singapore 05 - Government support to income/revenue 40,031,000,000 28,260,501,235
Singapore 05A - Health 800,000,000 564,772,326 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020).

Part of the Care and Support package in includes funds to contain the outbreak of around SGD800 million, mainly to the Ministry of Health (See Actions that increase liabilities to the central bank or government of Measure 3).

Singapore 05B - Non-health 39,231,000,000 27,695,728,909 SingaporeBudget.gov. https://www.singaporebudget.gov.sg/budget_2020/budget-measures/budget-summary (accessed 30 May 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 April 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/new-grant-scheme-to-support-singapore-fintech-firms (accessed 17 May 2020).

(i) The government has allocated SGD59.9 billion (12% of GDP) for various COVID-19 related measures under the 2020 budget announced on February 18, as well as supplementary budgets on March 26, and April 6, including: (a) The Care and Support Package to support households, including cash payouts, grants, and vouchers to all Singaporeans, and additional payments for lower-income individuals and the unemployed; and (b) The Stabilization and Support Package to support businesses, including wage subsidies, enhanced financing schemes, additional support for industries directly affected and for the self-employed, and introduces other economic resilience measures. (ii) No amount/estimate: March 26, Transitory tax deferrals and rebates. (iii) April 8, The MAS announced a SGD125 million support package to sustain and strengthen capabilities in the financial services and FinTech sectors. The support package, funded by the Financial Sector Development Fund, has three main components: (a) supporting workforce training and manpower costs, (b) strengthening digitalization and operational resilience, and (c) enhancing FinTech firms’ access to digital platforms and tools. (iv) May 13, SGD6 million grant by the MAS and AMTD Group and AMTD Foundation to support Singapore-based FinTech firms. [update]

Singapore 06 - Budget reallocation
Singapore 07 - Central bank financing government 21,000,000,000 14,825,273,562
Singapore 07A - Direct lending & reserve drawdown 21,000,000,000 14,825,273,562 SingaporeBudget.gov. https://www.singaporebudget.gov.sg/budget_2020/solidarity-budget/solidarity-budget-statement (accessed 30 May 2020).

As of April 6, the President has given in-principle support to draw up to SGD21 billion from past reserves to fund COVID-19 measures.

Singapore 07B - Secondary purchase: government securities
Singapore 08 - International Assistance Received 84,990,000,000 60,000,000,000
Singapore 08A - Swaps 84,990,000,000 60,000,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020). Federal Reserve Bank of New York. https://apps.newyorkfed.org/markets/autorates/fxswap (accessed 17 May 2020).

March 19, The MAS announced the establishment of a USD60 billion swap facility with the US Federal Reserve. The MAS intends to draw on this swap facility to provide US dollar liquidity to financial institutions in Singapore. The peak outstanding balance is USD9.83 billion as of May 14.

Singapore 08B - International loans/grants
Singapore 08B1 - Asian Development Bank
Singapore 08B2 - Other
Singapore 09 - International Assistance Provided 18,414,500,000 13,000,000,000
Singapore 09A - Swaps 18,414,500,000 13,000,000,000 BI. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-07042020.aspx (accessed 11 April 2020).

April 7, (i) USD3 billion repo line facility with Bank Indonesia (BI); and (ii) USD10 billion bilateral currency swap arrrangement with BI.

Singapore 09B - International loans/grants
Singapore 10 - No breakdown
Singapore 11 - Other Economic Measures
Singapore 12 - Non-Economic Measures Source: IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020). FT. https://www.ft.com/content/5226602f-1239-4f0c-9298-2c3a1d552bc1 (accessed 12 May 2020).

(i) A full lockdown is in place until June 1 and safe distancing measures will also be enforced until June 1. (ii) May 12, Some business have been allowed to reopen with safety measures such as spacing out employees and avoiding staff gatherings; establishments and taxis are required to use a contact tracing app for employees and visitors/clients. [update]