Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Mexico 01 01 - Liquidity Support MXN 469,690,000,000 21,379,671,355
Mexico 01A 01A - Short-term lending MXN 200,000,000,000 9,103,737,084 Bank of Mexico.https://www.banxico.org.mx/publications-and-press/other-announcements/%7B6F7FECBA-44CB-6AA5-4E4B-269DDBD9B5A8%7D.pdf (accessed on 30 April 2020).

(i) No amount/estimate: Ordinary Additional Liquidity Facility (FLAO); (ii) MXN100 billion - Temporary security swap window; (iii) MXN100 billion- Banco de México has decided to implement a corporate securities repurchase facility (FRTC) through credit institutions in order to provide liquidity to short-term corporate securities and long-term corporate debt that, as a result of the conditions of uncertainty and volatility, have observed lower liquidity and impaired trading conditions in the secondary market.

Mexico 01B 01B - Support policies for short-term lending MXN 50,000,000,000 2,275,934,271 Bank of Mexico. https://www.banxico.org.mx/publications-and-press/other-announcements/%7B6F7FECBA-44CB-6AA5-4E4B-269DDBD9B5A8%7D.pdf (accessed on 30 April 2020).

(i) Reduce the mandatory regulatory deposit with Banxico (by MXN50 billion, or about 15% of the current stock); (ii) The central bank has also substantially expanded its liquidity facilities making them more affordable, accepting a broader range of collateral and expanding eligible institutions while establishing a corporate securities repo facility to support the corporate bond market.

Mexico 01C 01C - Forex operations MXN 219,690,000,000 10,000,000,000 International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed on 30 April 2020).

(i) The exchange rate has been allowed to adjust flexibly, while supporting USD liquidity. A new tool was added this week permitting the central bank to intervene in offshore non-deliverable forwards markets; (ii) Activated the swap line with the Fed, auctioned already USD5 billion to commercial banks with an 84-day maturity and announced a second auction (USD5 billion).

Mexico 02 02 - Credit creation MXN 350,000,000,000 15,931,539,897
Mexico 02A 02A - Financial sector lending/funding MXN 350,000,000,000 15,931,539,897 Bank of Mexico. https://www.banxico.org.mx/publications-and-press/other-announcements/%7B6F7FECBA-44CB-6AA5-4E4B-269DDBD9B5A8%7D.pdf (accessed on 30 April 2020).

(i) MXN350 billion - Financing facility for commercial and development banks to foster lending to SMEs.

Mexico 02B 02B - Support policies for long-term lending MXN
Mexico 02B1 02B1 - Interest rate adjustments MXN Bank of Mexico. https://www.banxico.org.mx/publications-and-press/announcements-of-monetary-policy-decisions/monetary-policy-announcements.html (accessed on 14 May 2020). Banco de Mexico. https://www.banxico.org.mx/publications-and-press/announcements-of-monetary-policy-decisions/%7BEE3854EF-A71A-D0DD-A99E-2413B4D38D59%7D.pdf (accessed 18 August 2020); https://www.banxico.org.mx/publications-and-press/announcements-of-monetary-policy-decisions/%7BAB9BB249-8F4A-2B55-D7E8-D3A2E0412C30%7D.pdf (accessed 30 September 2020)

No amount/estimate: (i) 13 February 2020, Banco de Mexico cut the policy rate by 0.25% to 7%; (ii) 20 March 2020, Banco de Mexico reduced the rate charged to commercial banks for secured credits or repos. The rate is reduced from the normal 2 to 2.2 times the size of the overnight interest rate target down to 1.1 times this rate; (iii) 20 March 2020, Banco de Mexico reduced the overnight interest rate target by 0.5% to 6.5%; (iv) 21 April 2020, Monetary policy rate has been lowered by 0.5% to 6%; (iv) 14 May 2020, Banco de México’s Governing Board decided to lower the target for the overnight interbank interest rate by 50 basis points to 5.5%; (v) No amount/estimate: 25 June 2020, the Banco de Mexico reduced the overnight interbank interest rate target by 0.5% to 5%; (vi) No amount/estimate: 13 August 2020, Banco de Mexico reduced the overnight interbank interest rate target by 0.5% to 4.5%; (vii) No amount/estimate: 24 September 2020, Banco de Mexico reduced the overnight interbank interest rate target by 0.25% to 4.25%.

Mexico 02B2 02B2 - Other policies to support long-term lending MXN
Mexico 02C 02C - Loan guarantees MXN
Mexico 03 03 - Direct long-term lending MXN 225,000,000,000 10,241,704,220
Mexico 03A 03A - Long-term lending MXN 225,000,000,000 10,241,704,220 International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed on 30 April 2020).

(i) Lending up to MXN25 billion to SMEs; (ii) Lending of MXN25 billion for small businesses who has not fired workers or reduced salaries since the outbreak; (iii) MXN175 billion from The Fovissste and the Infonavit to grant housing loans during these nine months of the year.

Mexico 03B 03B - Forbearance MXN
Mexico 04 04 - Equity support MXN
Mexico 05 05 - Health and income support MXN 270,350,000,000 12,305,976,603 https://latam-investor.com/2020/09/amlo-fears-debt-more-than-coronavirus/# (accessed 30 September 2020).

(i) No amount/estimate: 10 September 2020, President Andres Manuel Lopez Obrador's (AMLO) proposed budget for 2021 continues Mexico's austere fiscal path even during COVID-19, pushing for a primary deficit in the coming year after one of the smallest fiscal packages for countering COVID-19 at 1.2% of GDP.

Mexico 05A 05A - Health support MXN 180,000,000,000 8,193,363,376 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed on 30 April 2020). Ministry of Finance http://www5.diputados.gob.mx/index.php/esl/Comunicacion/Boletines/2020/Marzo/18/3509-Aprueban-crear-el-Fondo-para-la-Prevencion-y-Atencion-de-Emergencias (Accessed on March 30)

(i) Ensure that the Ministry of Health has sufficient resources and does not face red-tape, and sufficient supply of medical equipment and materials;(ii) Advance pension payments to the elderly; (iii) Accelerate the tender processes for public spending to ensure full budget execution; (iv) 18 March 2020, The Ministry of Finance created a Health Emergency Fund authorized for up to MXN180 billion.

Mexico 05B 05B - Income support MXN 90,350,000,000 4,112,613,228 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed on 30 April 2020); AMLO. https://lopezobrador.org.mx/2020/04/05/presidente-anuncia-acciones-para-la-reactivacion-economica-ante-covid-19-en-primer-informe-del-ano-al-pueblo-de-mexico-2/ (accessed 30 April 2020). https://www.pscp.tv/w/1ZkKzLOEjNqJv (accessed on 30 April)
Mexico 05B1 05B1 - Tax and contribution deferrals and policy changes MXN 350,000,000 15,931,540 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed on 30 April 2020).

(i) No amount; Frontloading of social pension and disability payments by four months; (ii) Accelerating procurement processes and VAT refunds; (iii) MXN35 million - Some workers accessing loans against their social security accounts; (iv) No amount/estimate: Public housing credit institute covering three months of workers’ debt (defer further six months for those let go).

Mexico 05B2 05B2 - Tax and contribution rates reduction MXN 65,000,000,000 2,958,714,552 AMLO. https://lopezobrador.org.mx/2020/04/05/presidente-anuncia-acciones-para-la-reactivacion-economica-ante-covid-19-en-primer-informe-del-ano-al-pueblo-de-mexico-2/ (accessed 30 April 2020). https://www.pscp.tv/w/1ZkKzLOEjNqJv (accessed on 30 April)

(i) 5 April 2020, President Lopez Obrador announced the government would cut Pemex's tax burden by MXN65 billion.

Mexico 05B3 05B3 - Subsidies to individuals and households MXN
Mexico 05B4 05B4 - Subsidies to businesses MXN
Mexico 05B5 05B5 - Indirect income support MXN 25,000,000,000 1,137,967,136 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed on 30 April 2020).

(i) MXN25 billion - Introduction of drinking water, drainage, pavement, and the construction and improvement of 50,000 homes in marginalized areas of 50 municipalities in the country.

Mexico 05B6 05B6 - No breakdown (income support) MXN
Mexico 05C 05C - No breakdown (health and income support) MXN
Mexico 06 06 - Budget reallocation MXN 207,000,000 9,422,368 SHCP https://www.gob.mx/shcp/prensa/comunicado-conjunto-como-apoyo-ante-emergencia-sanitaria-por-covid-19-ift-transfiere-207-millones-de-pesos-al-gobierno-federal?idiom=es (accessed 10 July 2020)

(i) 3 July 2020, Federal Institute of Telecommunications transferred MXN207 million to the Ministry of Finance and Public Credit to be reassigned for actions related to addressing the pandemic.

Mexico 07 07 - Central bank financing government MXN 200,000,000,000 9,103,737,084
Mexico 07A 07A - Direct lending and reserve drawdown MXN
Mexico 07B 07B - Secondary purchase: government securities MXN 200,000,000,000 9,103,737,084 Bank of Mexico.https://www.banxico.org.mx/publications-and-press/other-announcements/%7BE626A744-436D-2495-0969-3582C9571361%7D.pdf (accessed 30 March) https://www.banxico.org.mx/publications-and-press/other-announcements/%7B6F7FECBA-44CB-6AA5-4E4B-269DDBD9B5A8%7D.pdf (accessed 30 April 2020).

(i) 20 March 2020, Banco de Mexico announced collaboration with the Ministry of Finance to strengthen the Government Debt Market Makers Program; Banco de Mexico will provide swaps of government securities and amend the purchase option of government securities for market makers to allow exercise of the option on the 2nd banking day following the auction rather than the 1 day; (ii) MXN100 billion - Swaps of government securities in which it will receive long-term securities (10 years and longer) and will deliver other with maturities of up to 3 years; (iii) MXN100 billion - Government securities term repurchase window in which Banco de México facilitates an orderly intermediation of government securities (Cetes, Bonos M, Udibonos, Bondes D and BPAs), which will benefit financial institutions with liquidity needs.

Mexico 08 08 - International Assistance Received MXN 1,330,140,000,000 60,546,224,225
Mexico 08A 08A - Swaps MXN 1,318,140,000,000 60,000,000,000 Federal Reserve Bank of New York. https://apps.newyorkfed.org/markets/autorates/fxswap (accessed 26 June 2020).

Provide USD liquidity (via auctions) to banks by drawing on the USD60 billion swap line with the Fed. The peak value of USD6.59 billion was first reached on 8 April 2020 and remained through 25 June 2020; as of 29 October 2020, the current amount outstanding is USD1.815 billion.

Mexico 08B 08B - International loans/grants MXN 12,000,000,000 546,224,225 BdM https://www.banxico.org.mx/publications-and-press/mexico--arrangement-under-the-flexible-credit-line/%7B67C2B2C1-AC4A-03DE-3998-19F1FAD032B6%7D.pdf (accessed 22 November)

(i) 20 November 2020, the IMF completed its review of Mexico's qualification for the Flexible Credit Line (FCL) and affirmed Mexico's continued qualification to access FCL resources; the current 2-year FCL arrangement is in the amount equivalent to SDR44.5635 billion (about USD61 billion), as approved on 22 November 2019 by IMF's Executive Board.

Mexico 08B1 08B1 - Asian Development Bank MXN
Mexico 08B2 08B2 - Other MXN 12,000,000,000 546,224,225 FT. https://www.ft.com/content/b91c4ac7-76ad-4c1e-bbb5-2caebe148feb (accessed 30 April 2020).

Inter-American Development Bank (IDB)-funded MXN12 billion loan scheme for small and midsized firms.

Mexico 09 09 - International Assistance Provided MXN
Mexico 09A 09A - Swaps MXN
Mexico 09B 09B - International loans/grants MXN
Mexico 10 10 - No breakdown MXN
Mexico 11 11 - Other Economic Measures MXN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (Assessed on 30 April 2020); https://www.gob.mx/cnsf/es/articulos/acuerdo-suspension-de-plazos-cnsf-244144?idiom=es (accessed June 8).

(i) On 5 April 2020, President Lopez Obrador outlined his government’s policy priorities to combat the economic effects of COVID-19, including more health spending and strengthening of the social safety net; (ii) 29 May 2020, Secretariat of Finance and Public Credit suspended deadlines for institutions subject to supervision by the National Commission of Insurance and Bonds.

Mexico 12 12 - Non-Economic Measures MXN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 April 2020).
Mexico 12A 12A - Measures affecting travel and transport (local and international) MXN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 April 2020).

Travel restrictions and social distancing measures.

Mexico 12B 12B - Measures affecting business and workplace MXN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 April 2020).

(i) Closure of schools and shutdown of non-essential activities; (ii) On 14 May 2020, the government announced plans to begin the normalization of economic activities, including a green-yellow-orange-red color system for states to represent the extent of activities allowed (e.g. states with most active cases are red and would remain in a forced quarantine), the resumption of school and labor activities in municipalities free of infection, and the addition of construction, mining, and transport equipment manufacturing as essential activities.

Mexico 12C 12C - Others MXN