Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Indonesia 01 01 - Liquidity Support IDR 222,422,636,190,480 14,638,293,840
Indonesia 01A 01A - Short-term lending IDR 56,000,000,000,000 3,685,526,208 Bank Indonesia. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx (accessed 16 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020).

Bank Indonesia (BI) has injected liquidity to the money market and banking industry through various policy measures including (i) more than IDR56 trillion through a term-repo mechanism with underlying SBN transactions held by the banking industry; No amount/estimate: (ii) increasing the maximum duration for repo and reverse repo operations (up to 12 months); (iii) increasing the size of of the main weekly refinancing operations as needed; and (iv) A Presidential decree has expanded BI’s authority to maintain the stability of the financial system including by facilitating BI liquidity assistance to banks.

Indonesia 01B 01B - Support policies for short-term lending IDR 117,800,000,000,000 7,752,767,631 International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 April 2020); Bank Indonesia. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx (accessed 15 April 2020); https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Indikator-Stabilitas-Nilai-Rupiah-8-Mei-2020.aspx (accessed 11 May 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 5 May 2020).

BI announced increasing monetary easing through quantitative easing as follows: (i) No amount/estimate: Expand monetary operations by providing banks and the corporates a term-repo mechanism with government bonds (SUN) or sharia bonds (SBSN) underlying transactions of tenors up to 1 year; (ii) Lower the reserve requirement ratios effective April 1 to generate IDR22 trillion in additional liquidity and further reductions that took effect on May 1, 2020; (iii) As of May 8, IDR95.8 trillion from the relaxation of the additional demand deposit obligations to meet the Macroprudential Intermediation Ratio (MIR) for conventional commercial banks as well as Islamic banks/Islamic business units for a period of 1 year, effective from May 1, 2020 (Note that SBSN refers to government Islamic securities); and (iv) BI raised the the liquidity buffer ratio by 200 basis points for conventional banks and 50 basis points for islamic banks to be fulfilled only via government bonds purchased in the primary market.

Indonesia 01C 01C - Forex operations IDR 48,622,636,190,476 3,200,000,000 Bank Indonesia. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx (accessed 16 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020).

(i) BI lowered the foreign currency reserve requirement by 4% to increase foreign currency liquidity in the banking industry by around USD3.2 billion; No amount/estimate: (ii) BI announced increasing the frequency of foreign exchange swap auctions for 1, 3, 6, and 12 month tenors from three times per week to daily auctions; and (iii) BI has intervened in the spot and domestic non-deliverable foreign exchange markets, and in the domestic government bond market to maintain orderly market conditions.

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.

Indonesia 03 03 - Direct long-term lending IDR 695,200,000,000,000 45,753,175,358
Indonesia 03A 03A - Long-term lending IDR 695,200,000,000,000 45,753,175,358 Reuters. https://www.reuters.com/article/us-indonesia-economy/indonesia-says-to-lend-more-to-regions-to-support-economy-idUSKCN24S0EO?il=0 (accessed 27 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/pinjaman-ke-daerah-salah-satu-upaya-pemerintah-dukung-pemulihan-ekonomi-nasional/; https://www.kemenkeu.go.id/publikasi/berita/ini-relaksasi-pinjaman-daerah-yang-meringankan-pemerintah-daerah/ (accessed 7 August 2020).

July 27, INR15 trillion loan scheme for the provincial governments of Jakarta and West Java and INR11.5 trillion lending for provincial governments to support economic recovery to be funded by proceeds from central bank purchases of government bonds. These are part of the new IDR695.2 trillion loan program announced by the government as part of the National Economic Recovery (PEN) program consisting of financing support to regional and local goverments, and fund placements in regional development banks.

Indonesia 03B 03B - Forbearance IDR
Indonesia 04 04 - Equity support IDR
Indonesia 05 05 - Health and income support IDR 591,533,200,000,000 38,930,555,566 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 27 May 2020). MOF (as of June 4).

In addition to the first two fiscal packages amounting to IDR33.2 trillion (0.2% of GDP), the government announced a major stimulus package of IDR405 trillion (2.6% of GDP) on March 31, 2020, including IDR255 trillion (1.6% of GDP) in additional spending and tax reliefs, which was further expanded to IDR641 trillion (3.9% of GDP) on May 19. As of June 4, the government's fiscal package amounted to IDR677.2 trillion according to the Ministry of Finance. The stimulus packages comprise (i) support to the health care sector to boost testing and treatment capability for COVID-19 cases, (ii) increased benefits and broader coverage of existing social assistance schemes to low-income households such as food aid, conditional cash transfers, and electricity subsidy, (iii) expanded unemployment benefits, including for workers in the informal sector, (iv) tax reliefs, including for the tourism sector and individuals (with an income ceiling), and (v) permanent reductions of the corporate income tax rate from 25% to 22% in 2020−21 and 20% starting in 2022.

Indonesia 05A 05A - Health support IDR OECD. http://www.oecd.org/coronavirus/en/ (accessed 5 May 2020). WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 21 May 2020).

(i) March 13, The second fiscal package includes incentives for medical staff dealing with COVID-19 (IDR 15 million to medical specialists, IDR 10 million to physicians and dentists, IDR 7.5 million to nurses and IDR 5 million to other medical staff members; IDR 300 million in case of death of a medical worker) for a budget of IDR 6.1 trillion; (ii) March 31, Under the third fiscal package, authorities announced an additional IDR75 trillion for healthcare; (iii) May 13, See (ii) under Measure 5B.

Indonesia 05B 05B - Income support IDR OECD. http://www.oecd.org/coronavirus/en/ (accessed 5 May 2020). WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 21 May 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/bumn-juga-masuk-program-pemulihan-ekonomi-nasional/ (accessed 22 May 2020). Ministry of Finance. https://www.kemenkeu.go.id/publikasi/berita/ini-cara-agar-umkm-bisa-mengajukan-pembebasan-pph-final-0-5/ (accessed 25 June 2020). Ministry of Finance. https://www.kemenkeu.go.id/publikasi/berita/pmk-652020-harapan-bagi-umkm-bertahan-dengan-subsidi-bunga-pemerintah/ (accessed 25 June 2020). Ministry of Finance. https://www.kemenkeu.go.id/publikasi/berita/pemerintah-siapkan-subsidi-bunga-umkm-total-rp35-2-triliun/ (accessed 25 June 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-indonesia-taxbreak/indonesia-gives-tax-break-to-makers-of-personal-protective-equipment-idUSKBN23Q1KN?il=0 (accessed 19 June 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/menkeu-tempatkan-rp30-triliun-di-bank-himbara-di-tahap-pertama/ (accessed 3 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/pp-292020-memberi-5-fasilitas-pajak-penghasilan-di-masa-pandemi/ (accessed 3 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/dukung-pen-melalui-umi-pip-tandatangani-akad-pembiayaan-baru-dengan-pt-pegadaian-senilai-rp400-miliar/ (accessed 3 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/pph-badan-untuk-perusahaan-publik-bisa-turun-19-jika-memenuhi-persyaratan-ini/ (accessed 3 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/pmk-85pmk052020-mempermudah-umkm-mendapat-keringanan-subsidi-bunga/ (accessed 16 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/presiden-luncurkan-bantuan-subsidi-gaji-pekerja/ (accessed 28 August 2020).

No amount/estimate: (i) The government announced plans to reduce the number of restricted import goods by up to 50 percent on steel producers, and their derivatives, strategic food products (manufacturing industry inputs); horticultural commodities; animals & animal products; medicine, medicinal ingredients food. (ii) May 13, Postponing the payment of excise duties on imports of certain goods and temporary elimination of import tariffs, VAT and income taxes on certain medical and pharmaceutical products used in the treatment of COVID-19. (iii) May 19, The Ministry of Finance will provide subsidies, compensation, State Capital Inclusion, and bailout fund to maintain the sustainability of state-owned enterprises (SOEs) under the expanded fiscal package announced in May 19 in Measure 5. Total government support to SOEs is IDR104.38 trillion for Above The Line funds and IDR44.92 trillion for Below The Line funds. (iv) June 17, Final income tax exemption of 0.5% of the gross circulation borne by the government for April to September 2020 for MSMEs conditional on gross income not exceeding IDR4.6 billion a year. (v) June 18, IDR10 billion interest rate subsidy for MSMEs in as part of the National Economic Recovery Program. (vi) June 19, IDR35.2 trillion in interest rate subsidies for banks and non-bank financial institutions as part of the National Economic Recovery Program. (vii) June 19, Authorities announced a taxbreak for manufacturers of personal protective equipment and household antiseptic products by offsetting 30% of production costs between March and September 2020 against taxable income. (viii) June 24, IDR30 trillion allocated to HIMBARA (State-owned Banks Association) for lending and interest subsidies to MSMEs. (ix) No amount/estimate: June 25, A series of tax incentives and relief measures for producers of medical devices, taxpayer contributions to COVID-19 relief efforts, any income from government compensation, incentives and leases paid to those involved in handling COVID-19 efforts, and on the buyback of exchange-traded shares of WP Limited Companies. (x) June 25, IDR1.088 trillion in financing for ultra micro loans (UMi) through financial institutions UMi financing channels of which IDR400 billion is earmarked for PT Pegadian (state-owned pawnbroker). (xi) No amount/estimate: June 29, Corporate income tax discounts for publicly listed companies: 19% in the tax year 2020 and 2021, and 17% in the 2022 tax year; conditional on certain ownership criteria. (xii) July 14, Interest subsidy and loan principal payment relief scheme for MSMEs as part of the Nationa Economic Recovery (PEN) program involving a total amount of INR 35.28 trillion for 60.66 million accounts. (xiii) August 27, The President announced an expanded wage subsidy program targeting 15.7 million workers earning under IDR5 million and are compliant with mandated social security contributions. [update]

Indonesia 06 06 - Budget reallocation IDR 182,460,000,000,000 12,008,234,142 The Jakarta Post. https://www.thejakartapost.com/news/2020/04/01/indonesias-covid-19-stimulus-playbook-explained.html (accessed 27 April 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/menkeu-laporkan-refocusing-tkdd-penanganan-covid-19-ke-dpd/; https://www.kemenkeu.go.id/publikasi/berita/menkeu-laporkan-refocusing-tkdd-penanganan-covid-19-ke-dpd/;https://www.kemenkeu.go.id/publikasi/berita/dau-dan-dbh-berpotensi-ditunda-bagi-pemda-yang-belum-lapor-dan-tidak-memenuhi-syarat-laporan-apbd-terkait-covid-19/ (accessed 12 May 2020).

(i) The 2020 state budget allocated IDR17.73 trillion worth of state capital injections (PMN) to several state-owned enterprises (SOEs); (ii) Reallocations of IDR62 trillion for state budget, IDR72 trillion for village funds, IDR17.2 trillion for healthcare; May 5: (iii) No amount/estimate: Postponed the distribution of part of the General Allocation Fund and/or Revenue Sharing Funds to local governments that do not meet the provisions of the 2020 Budget Year Budget; and May 8: (iv) further reallocations of IDR4.18 trillion from the Regional Incentive Fund to COVID-19 handling and IDR9.35 from the Special Allocation Fund to health activities.

Indonesia 07 07 - Central bank financing government IDR 783,770,000,000,000 51,582,229,935
Indonesia 07A 07A - Direct lending and reserve drawdown IDR 617,560,000,000,000 40,643,456,522 The Jakarta Post. https://www.thejakartapost.com/news/2020/04/23/bank-indonesia-buys-108m-of-government-bonds-at-auction-first-time-since-rule-change.html (accessed 27 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020). BI. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-28-Mei-2020.aspx (accessed 2 June 2020). BI. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-5-Juni-2020.aspx (accessed 10 June 2020). Reuters. https://www.reuters.com/article/us-indonesia-economy/indonesia-unveils-40-billion-bond-scheme-to-fund-recovery-from-pandemic-idUSKBN2471AZ?il=0 (accessed 6 July 2020). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_225220.aspx (accessed 16 July 2020). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_226420.aspx (accessed 19 August 2020).

(i) April 21, BI directly purchased IDR1.7 trillion (USD108 million) worth of sharia sovereign bonds during an auction held by the government for the first time. As of August 18, BI has purchased IDR42.96 trillion in the primary market through auction schemes, greenshoe options and private placements under the April 16 Joint Decree with the Ministry of Finance. ii) No amount/estimate: In line with BI's expanded financial stability mandate as mentioned in (v) of Measure 1A, BI is authorized to finance the deposit insurance agency (LPS) for bank solvency problems. (vi) July 6, BI agreed to directly purchase IDR397.6 trillion worth of government bonds at 0% interest and be a standby buyer for IDR177 trillion in auctions at 1 percentage point below the benchmark rate to help finance the central government's pandemic response efforts under the July 7 Joint Decree with the Ministry of Finance. As of August 18, BI has made IDR82.1 trillion in primary market purchases through private placements under this agreement.

Indonesia 07B 07B - Secondary purchase: government securities IDR 166,210,000,000,000 10,938,773,412 Bank Indonesia. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx; https://www.bi.go.id/id/ruang-media/info-terbaru/Pages/BI-Terbitkan-Ketentuan-Pelaksanaan-Lelang-SUN-dan-atau-SBSN-Jangka-Panjang-di-Pasar-Perdana.aspx (accessed 27 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020).

(i) From January to April, IDR166.21 trillion purchases of government securities (SBN) in the secondary market by BI.

Indonesia 08 08 - International Assistance Received IDR 2,128,181,657,249,200 140,061,951,321
Indonesia 08A 08A - Swaps IDR 2,075,251,967,166,700 136,578,491,321 Bank Indonesia. 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); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 April 2020). US Fed. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200729b.htm (accessed 31 July 2020).

April 7, (i) Repurchase agreement line facilities with several institutions: USD60 billion repo line facility for Foreign and International Monetary Authorities (FIMA) with the United States Federal Reserve (On July 29, The Federal Reserve announced the extension of its dollar liquidity swap lines and FIMA repo facility to March 31, 2021) ); USD2.5 billion with the Bank of International Settlements; USD3 billion with the Monetary Authority of Singapore (MAS); and USD0.5-1 billion with other central banks in the region. (ii) Bilateral currency swap arrangements with several central banks: CNY200 billion (equivalent to USD30 billion) with the People's Bank of China; USD22.76 billion with the Bank of Japan; USD10 billion with the MAS; and KRW10.7 trillion (equivalent to INR115 trillion) with the Bank of Korea.

Indonesia 08B 08B - International loans/grants IDR 52,929,690,082,524 3,483,460,000
Indonesia 08B1 08B1 - Asian Development Bank IDR 23,102,741,694,429 1,520,460,000 ADB. https://www.adb.org/news/adb-approves-3-million-grant-support-indonesias-fight-against-covid-19 (accessed 24 April 2020); ADB. https://www.adb.org/news/adb-approves-1-5-billion-indonesias-covid-19-response (accessed 24 April 2020).

(i) March 30, The ADB approved a USD3 million grant under COVID-19 Emergency Response to finance procurement of testing kits, other goods and services for front line health workers and general population; (ii) April 23, The ADB approved a USD1.5 billion loan to support the Government of Indonesia’s efforts to alleviate the impact COVID-19 on public health, livelihoods, and the economy; (iii) April 24, USD750,000 grant under TA: Policy Advice for COVID-19 Economic Recovery in Southeast Asia; and (iv) USD1.5 million under TA: Regional Support to Address the Outbreak of COVID-19. (v) June 23, USD40,000 grant under the TA on Enhancing Public-Private Partnerships Projects through Support for Law and Policy Development and Transaction Advisory Services. (vi) June 30, USD100,000 grant under the TA on Quality of Jobs and the Future of Work. (vii) July 2, USD15 million loan for the Dairy Farmer Support and Food Security Project. July 24, USD70,000 grant under the TA on Due Diligence and Capacity Development of Trade Finance Program Banks (Subproject 3).

Indonesia 08B2 08B2 - Other IDR 29,826,948,388,095 1,963,000,000 World Bank. https://www.worldbank.org/en/news/press-release/2020/05/15/world-bank-approves-financing-to-support-indonesias-social-assistance-system-and-covid-19-coronavirus-response (accessed 21 May 2020). UN. http://mptf.undp.org/factsheet/project/00121443 (accessed 22 May 2020). WB. https://www.worldbank.org/en/news/press-release/2020/05/29/the-world-bank-approves-financing-for-indonesias-covid-19-coronavirus-emergency-response (accessed 28 May 2020). AIIB. https://www.aiib.org/en/projects/details/2020/approved/Indonesia-COVID-19-Active-Response-and-Expenditure-Support-Program.html (accessed 24 June 2020). AIIB. https://www.aiib.org/en/projects/details/2020/approved/Indonesia-Emergency-Response-to-COVID-19-Program.html (accessed 24 June 2020).

(i) May 11, USD2 million grant from the UN COVID-19 Response & Recovery Fund supporting the Government of Indonesia and key stakeholders to scale-up inclusive social protection programs. (ii) May 15, USD700 million loan from World Bank to support Indonesia's Social Assistance Sytem and COVID-19 response. (iii) USD11 million worth of grants from the United States Agency for International Development (USAID) for health and humanitarian assistance. (iv) May 22, USD250 million World Bank loan for Indonesia's Emergency Response to COVID-19 Program. (v) May, USD750 million loan from the Asian Infrastructure Investment Bank (AIIB) as co-financing for the ADB loan in (ii) under Measure 8B1. (vi) June 22, USD250 million loan from the AIIB co-financed with the World Bank under a COVID-19 Crisis Recovery Facility for Indonesia.

Indonesia 09 09 - International Assistance Provided IDR
Indonesia 09A 09A - Swaps IDR
Indonesia 09B 09B - International loans/grants IDR
Indonesia 10 10 - No breakdown IDR
Indonesia 11 11 - Other Economic Measures IDR WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 28 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020). The Jakarta Post. https://www.thejakartapost.com/news/2020/05/22/indonesia-may-lose-market-confidence-due-to-mounting-debts-world-bank.html (accessed 2 June 2020). Reuters. https://www.reuters.com/article/us-indonesia-tax-digital/indonesia-imposes-10-vat-on-amazon-google-netflix-and-spotify-idUSKBN2481A5?il=0 (accessed 7 July 2020).

(i) Effective 18 March 2020 to 31 May 2020, Temporary elimination of import certification requirements on imports of onions and garlic; (ii) Effective 18 March 2020 to 30 June 2020, Temporary export ban on antiseptic, raw materials to fabricate masks, personal protective equipment (PPE), ethyl alcohol and masks; (iii) Effective 23 March 2020 to 30 June 2020, Temporary elimination of import certification requirements on imports of certain products, e.g. masks and personal protective equipment; (iv) To ease stock market volatility, the regulator OJK has introduced a new share buyback policy (allowing listed companies to repurchase their shares without a prior shareholders’ meeting) and introduced limits on stock price declines. (iv) May 22, The government announced it willl start start charging 10 percent value-added tax (VAT) on imported digital goods and services, including video and music streaming subscriptions, starting July 1 in an attempt to boost state revenue. On July 7, authorities confirmed that it is imposing 10% value-added tax on sales by non-resident foreign firms which sell digital products and services in Indonesia worth at least IDR600 million rupiah (USD41,667) a year or which generate yearly traffic from at least 12,000 users.

Indonesia 12 12 - Non-Economic Measures IDR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 5 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-indonesia-haj/indonesia-cancels-haj-pilgrimage-over-coronavirus-concerns-idUSKBN2390QO?il=0 (accessed 2 June 2020). The Straits Times. https://www.straitstimes.com/asia/se-asia/covid-19-jakarta-eases-restrictions-in-transition-phase-strict-health-protocols-remain (accessed 4 June 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-indonesia-flights/indonesia-resumes-domestic-air-travel-coronavirus-cases-jump-idUSKBN23G147?il=0 (accessed 9 June 2020). BI. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-5-Juni-2020.aspx (accessed 10 June 2020).

(i) The government has adopted various containment measures, including temporary bans on domestic and international air and sea travel, screening at ports of entry, school closures, other restrictions on public events, and obligations on masks and reduced transportation. The government has also banned Indonesia’s traditional annual exodus for Muslim holidays in an effort to curb the spread of the virus from Jakarta and other high-risk regions. (ii)) June 2, The government canceled the haj pilgrimage to Mecca due to COVID-19. . (iii) June 4, The government an easing of restrictions in Jakarta by gradually allowing workplaces, places of worship, shopping centres and recreational venues with strict health guidelines such as a 50% capacity limit and ensuring physical distancing. (iv) June 9, Domestic flights resumed at 70% capacity with observance of strict health protocols.

United States 01 01 - Liquidity Support USD 440,137,000,000 440,137,000,000
United States 01A 01A - Short-term lending USD 440,137,000,000 440,137,000,000 Board of Governors of the Federal Reserve System https://www.federalreserve.gov/newsevents/pressreleases/monetary20200427a.htm; FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200317b.htm New York Fed https://www.newyorkfed.org/markets/commercial-paper-funding-facility/commercial-paper-funding-facility-terms-and-conditions, https://www.federalreserve.gov/monetarypolicy/mmlf.htm, https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200316a.htm FED https://www.federalreserve.gov/releases/h41/ (all accessed as of 07 September 2020).

(i) March 12, The Federal Reserve (Fed) expanded reverse repo operations, adding liquidity to the banking system; on February 26 outstanding repos were USD143.44 billion while peak amount outstanding from weekly reporting was USD441.945 billion on March 18, resulting in a peak repo loan amount of 441.945 - 143.44 = USD298.505 billion; since the publication of its July 8 balance sheet, the Federal Reserve's outstanding repurchase agreements have fallen to USD0, which is USD 143.44 billion below the amount outstanding on February 26; (ii) March 17, the Federal Reserve's Commercial Paper Funding Facility (CPFF) will lend to a special purpose vehicle (SPV) that will purchase highly-rated 3-month commercial paper through the New York Federal Reserve's primary dealers; the US Treasury will take the first USD 10 billion in losses as per the CARES Act; since August 19, the Federal Reserve reports CPFF loans outstanding at USD30 million [update]; peak loans outstanding from weekly reporting was USD 4.296 billion on June 10; (iii) March 17, the Federal Reserve established a Primary Dealer Credit Facility (PDCF) to offer overnight and term funding up to 90 days that may be collateralized by a broad range of investment grade debt securities including commerical paper, municipal bonds, and a broad range of equity securities; as of September 2, the PDCF had USD243 million in loans outstanding [update]; peak loans outstanding from weekly reporting was USD 33.409 billion on April 15; (iv) March 23, the Federal Reserve's Money Market Fund Liquidity Facility (MMLF) lends to money market mutual funds (MMMFs) against eligible collateral that includes US Treasury securities, securities issues by fully guaranteed US agencies, by US government sponsored enterprises, and against highly rated asset backed commerical paper, unsecured commercial paper, negotiable certificates of deposit, municipal short-term debt, and so on; as of September 2 the MMLF has USD7.641 billion in loans outstanding [update]; peak loans outstanding for the MMLF were USD 53.171 billion on April 8; (v) as of September 2, loans reported for the Federal Reserve's discount window for Primary and Secondary Credit were USD2.956 billion and USD 0 respectively [update]; peak amounts outstanding from weekly reporting were USD50.768 billion for Primary Credit on March 25 and USD 1 million on June 24 for Secondary Credit (these were USD13 million and 0, respectively, on February 26).

United States 01B 01B - Support policies for short-term lending USD FED. https://www.federalreserve.gov/newsevents/pressreleases/other20200423a.htm, https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200424a.htm (both accessed as of 15 June 2020). https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200505a.htm (accessed 6 May 2020).

(i) No amount/estimate: March 16, the Federal Reserve encouraged banks to borrow at its discount window, which they are historically reluctant to do; (ii) No amount/estimate: On April 23, the Federal Reserve temporarily suspending uncollateralized intraday credit limits and waived overdraft fees for financial institutions eligible for the Primary Credit program, and created a streamlined procedure for other credit institutions to request collateralized intraday credit; (iii) No amount/estimate: April 24, the Federal Reserve eliminated the six-per-month limit on transfers from savings and money market accounts to demand deposits on an interim basis; since the former have no reserve requirement, this effectively reduces bank reserve requirements to 0; (iv) No amount/estimate: On May 5, the FED regulatory agencies announced an interim final rule that modifies the agencies' Liquidity Coverage Ratio (LCR) rule to support banking organizations' participation in the Federal Reserve's Money Market Mutual Fund Liquidity Facility and the Paycheck Protection Program Liquidity Facility. The interim final rule facilitates participation in these facilities by neutralizing the LCR impact associated with the non-recourse funding provided by these facilities;

United States 01C 01C - Forex operations USD
United States 02 02 - Credit creation USD 3,210,057,000,000 3,210,057,000,000
United States 02A 02A - Financial sector lending/funding USD 2,124,557,000,000 2,124,557,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020); FED. https://www.federalreserve.gov/monetarypolicy/smccf.htm (accessed May 30); FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200429a.htm (accessed 29 April 2020); FED. https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm, https://www.federalreserve.gov/newsevents/pressreleases/monetary20200608a.htm (both accessed 07 September 2020).

(i) April 8, the Federal Reserve's Paycheck Protection Program Lending Facility (PPPLF) authorizes each of the 12 Federal Reserve Banks to establish and operate the PPPLF, which lends to eligible lenders against loans extended through the Small Business Administration's (SBA) Paycheck Protection Program (PPP) established by the CARES Act; there is no upper limit to the amount of loans the PPPLF can purchase; as of August 19, the PPPLF had USD67.8 billion in loans outstanding according to the Federal Reserve's weekly reporting; the peak figure of USD68.503 billion was reported by the Fed on July 22 [update]; (ii) April 9, the Federal Reserves Secondary Market Credit Facility (SMCCF) will through the New York Federal Reserve lend to a special purpose vehicle (SPV), which will purchase investment-grade (rated as of March 22) corporate bonds in the secondary market; the US Treasury will take the first USD25 billion in losses as per the CARES Act authorization; combined authorized amount for the SMCCF and the PMCCF (in 3A) is USD750 billion; as of August 19, the PMCCF and SMCCF combined have USD12.304 billion in loans outstanding, which is also the peak loan value from the Federal Reserve's weekly reports [update]; (iii) April 9, The Federal Reserve's Main Street New Loan Facility will include the Main Street Expanded Lending Facility (MSELF) and Main Street Priority Loan Facility (MSPLF); it will lend to a special purpose vehicle (SPV) that will purchase 95% of eligible loans to small and medium-sized businesses made by eligible lenders; the SPV receives up to a USD75 billion equity investment from the US Treasury under the CARES Act; total loans authorized for purchase by the Main Street Lending facilities is USD600 billion; June 8, the Federal Reserve's MSPLF and MSELF were expanded to include more small and medium sized businesses--the changes include lowering the minimum size of certain loans from USD500 thousand to USD250 thousand, increasing the maximum size and delaying principal payments for 2 years rather than 1; July 17, the Federal Reserve Board modified the MSLF to provide greater access to credit for nonprofit organizations including educational institutions, hospitals, and social service organizations; as of August 19, the MSLF has USD472 million in loans outstanding, which is also the peak figure for the program [update]; (iv) May 12, the Federal Reserve re-established the Term Asset-Backed Securities Loan Facility (TALF) to help stabilize private issuance of asset-backed securities; the New York Federal Reserve will lend to a special purpose vehicle (SPV) that will then make the loans; the US Treasury under the CARES Act will take the first USD10 billion in losses as per the CARES Act; the TALF SPV will lend to eligible financial institutions and investment funds for up to 3 years against eligible asset-backed securities; the TALF SPV is currently authorized to lend a total of USD 100 billion; as of August 19, the TALF had USD2.266 billion in loans outstanding, which is also the peak figure [update]; (v) as of August 19, the Federal Reserve's mortgage backed securities holdings were USD1,977.897 billion; this is also the peak value since February 26 -- when holdings were USD1,372 billion --for a total increase in USD equal to USD606.054 billion [update]; (vi) July 17, the Federal Reserve Board modified the MSLF to provide greater access to credit for nonprofit organizations including educational institutions, hospitals, and social service organizations.

United States 02B 02B - Support policies for long-term lending USD FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200303a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200326b.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200401a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200403a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200406a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200414a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200430b.htm (accessed 6 May 2020). https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200515a.htm (accessed 27 May 2020). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200610a.htm (accessed 12 June). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200610b.htm (accessed 12 June). FED https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200625c.htm (accessed 26 June). FED https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200625b.htm (accessed 26 June). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200827a.htm (accessed 2 September)

(i) No amount/estimate: March 3, the Federal Reserve's Open Market Committee lowered the target range for the federal funds rate by 0.5% to between 1%-1.25%; (ii) No amount/estimate: March 15, the Federal Reserve's Open Market Committee lowered its target range for the federal funds rate by 1% to between 0%-0.25%; (iii) No amount/estimate: March 20, federal financial regulators redefined "eligible retained income" for a banking organization in order to avoid sudden drops in lending to avoid restrictions on dividend distributions in times of stress; instead this interim rule encourages banks to use existing capital buffers while making prudent lending decisions; (iv) No amount/estimate: March 23, federal financial regulators together allowed borrowers at the MMLF to apply a capital risk weight of 0 to assets pledged as collateral to the facility against the loans; (v) No amount/estimate: March 26, the Federal Reserve allowed financial institutions with USD5 billion or less in total assets 30 additional days to submit its regulator financial statements; federal financial institution regulators and state regulators offered similar reporting relief; (vi) No amount/estimate: March 31, the federal financial regulators enable financial institutions to delay for two years an estimate of Measurement of Credit Losses on Financial Instruments' (CECL) effect on regulatory capitalif they adopt CECL by the end of 2020; (vii) No amount/estimate: April 1, the Federal Reserve excluded US Treasury securities and balances in reserve accounts from from the supplementary leverage ratio rule through March 21, 2021; (viii) No amount/estimate: April 3, the federal financial institution regulatory agencies provided regulatory flexibility to enable mortgage servicers to work with struggling borrowers affected by COVID-19; the agencies will provide flexible supervisory and enforcement during the COVID-19 pandemic regarding certain communications to consumers required by the mortgage servicing rules; (ix) No amount/estimate: April 6, the federal bank regulatory agencies temporarily reduced the community bank leverag ratio to 8% from greater than 9%; the ratio will be 8% throughout 2020, 8.5% for 2021, and 9% thereafter; (x) No amount/estimate: April 14, the Federal financial regulators issued an interim final rule to temporarily defer real-estate related appraisals and evaluations for up to 120 days; (xi) No amount/estimate: April 30, The Federal Reserve expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expanded the collateral that can be pledged; PPPLF loans will receive a risk weighting of 0% for regulatory capital requirements; (xii) May 15. US financial regulators temporarily excluded U.S. Treasury securities and banks' deposits at Federal Reserve Banks from the calculation of banks' supplementary leverage ratio. The supplementary leverage ratio generally includes subsidiaries of bank holding companies with more than USD250 billion in total consolidated assets, and requires them to hold a minimum ratio of 3% of capital against their total leverage exposure. Banks must request approval from their primary federal banking regulators before making capital distributions (such as paying dividends) as long as this exclusion is in effect; (xiii) No amount/estimate: June 10, The Fed's Federal Open Market Committee (FOMC) announced that it expected to maintain its target range for the federal funds rate at 0 to 0.25% "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals"; the FOMC's accompanying projections showed members projecting the rate would stay within this range through 2022; (xiv) No amount/estimate: June 25, In light of stress test results the Federal Reserve required large banks to suspend share repurchases, cap dividend payments, and re-evaluate longer-term capital plans during the 3rd quarter of 2020; (xv) No amount/estimate: June 25, Federal regulatory agencies responsible for bank regulation issed a final rule that ended the requirement that entities within the same banking organization hold initial margin for uncleared swaps with each other, known as inter-affiliate swaps; (xvi) No amount/estimate: August 3, Federal Financial Institutions Examination Council issued a joint statement providing prudent risk management and consumer protection principles for financial institutions to consider while working with borrowers as loans near the end of initial loan accommodation periods applicable to COVID-19; (xvii) No amount/estimate; August 27, The FOMC announced unanimous approval of updates to its STatement on Longer-Run Goals and Monetary Policy Strategy, whereby the FOMC is willing to allow inflation greater than its 2% target rate, temporarily.

United States 02C 02C - Loan guarantees USD 1,085,500,000,000 1,085,500,000,000 Bloomberg. https://www.bloomberg.com/news/articles/2020-03-25/what-s-in-congress-2-trillion-coronavirus-stimulus-package (accessed 16 April 2020). Financial Times. https://www.ft.com/content/304a3b1f-f046-4912-ba33-ef510ad3c0fb (accessed 29 April 2020). US Treasury https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses (accessed 1 May 2020). SBA https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program (accessed June 27); Government Accountability Office https://www.gao.gov/products/GAO-20-625 (accessed June 26). Fed https://www.federalreserve.gov/newsevents/pressreleases/monetary20200728a.htm (accessed 30 July 2020). OCC https://www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-72a.pdf (accessed 7 August 2020)

(i) April 7, from the CARES Act, Small Business Paycheck Protection Program (PPP) provides USD349 billion in forgivable Small Business Administration loans and guarantees to help small businesses that retain workers; the program provides funds to pay up to 8 weeks of payroll costs including benefits; (ii) From the CARES Act, Treasury's first-loss position in Fed lending facilities of USD454 billion; (iv) April 24, The Paycheck Protection Program and Health Care Enhancement Act (PPPHCEA) appropriates an additional USD321 billion for the PPP; (v) As of August 6, total outstanding loans (that is, not including forgiven loans) from the PPP were USD523,421,099,011; (vi) June 25, the Government Accountability Office (GAO) reported that as of May 31 more than 170,000 PPP loans totaling about USD38.5 billion had been canceled; this amount is subtracted from category 2C and added to category 5B. (vii) No amount/estimate: July 28, the Federal Reserve announced an extension through December 31 of all lending facilities that were previously scheduled to expire on or around September 30; (viii) Not amount/estimate; August 6, the Small Business Administration announces that the Paycheck Protection Program will close at 11:59pm EDT on August 8, 2020.

United States 03 03 - Direct long-term lending USD 768,818,412,028 768,818,412,028
United States 03A 03A - Long-term lending USD 768,818,412,028 768,818,412,028 FED. https://www.federalreserve.gov/monetarypolicy/pmccf.htm (accessed 30 May 2020); FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200511a.htm , https://www.federalreserve.gov/newsevents/pressreleases/monetary20200512a.htm, https://www.federalreserve.gov/releases/h41/, https://www.federalreserve.gov/newsevents/pressreleases/monetary20200603a.htm (all accessed as of 16 June 2020). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200811a.htm (accessed 18 August 2020);

(i) April 9, the Federal Reserve's Primary Market Corporate Credit Facility (PMCCF) will use the same SPV as the SMCCF in 2A to purchase corporate bonds in the primary market; the US Treasury will take the first USD50 billion in losses as per the CARES Act; the combined sizes authorized for the PMCCF and the Secondary Market Credit Facility (in 2A) will be USD750 billion (entered in 2A); (ii) The Federal Reserve established the Municipal Liquidity Facility (MLF) that will offer up to USD500 billion in lending to states and municipalities to manage cash flow stresses caused by the coronavirus pandemic; on April 27, the facility, as revised, will purchase notes issued by U.S. states (including the District of Columbia), U.S. counties with a population of at least 500,000 residents, and U.S. cities with a population of at least 250,000 residents; on May 15, the Treasury will accept the first USD35 billion in losses to the MLF as appropriated in the CARES Act; June 8, The MLF is now available to at least 2 cities or counties in each state regardless of population, and continues to be directly open to US states, the District of Columbia, and US cities with a population of at least 250,000, and to US counties with a population of at least 500,000 residents, as well as certain multistate entities; as of September 2, the MLF has USD1.651 billion loans outstanding, which is also the peak figure [update]; (iii) From the CARES Act, USD46 billion for loans to air carriers and businesses critical to national security; (iv) from the CARES Act, USD9 billion in loans for relief for aviation workers; (v) From the PPPHCEA, USD50 billion in additional loans authorized for the SBA's emergency disaster loans program; (vi) No amount/estimate, July 2, The US Treasury and 5 US airlines reached agreement on portions of USD25 billion in loans available from the CARES Act (already incorporated in (iii); (vii) As of July 27, the Small Business Administration's Economic Impact Disaster Loans approved for COVID-19-related dificulties was USD163,818,412,028. (viii) No amounts/estimate: 11 August, the Fed announced a reduction in interest rates charged on the Municipal Lending Facility to those entities issuing bonds whose interest payments are exempt from federal taxes--a 0.5% reduction of the interest rate spread (vs previously) over the overnight indexed swap rate (which closely follows the federal funds rate); the interest rate spread is determined by the long-term credit rating;

United States 03B 03B - Forbearance USD Small Business Administration https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief (accessed 15 June 2020). FHFA https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Provides-Tenant-Protections.aspx (accessed 1 July 2020). FHFA https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Extends-COVID-Related-Loan-Processing-Flexibilities-for-Fannie-Mae-and-Freddie-Mac-Customers-Through-August.aspx (accessed 12 July 2020). FHFA https://www.fhfa.gov/Media/PublicAffairs/Pages/Multifamily-Property-Owners-in-Forbearance-Now-Required-to-Inform-Tenants-of-Eviction-Suspension-and-Tenant-Protections.aspx (accessed August 7)

(i) No amount/estimate: the US Treasury's Small Business Administration (SBA) provides automatic deferral of disaster loans to small businesses through December 31, 2020; interest will continue to accrue. (ii) No amount/estimate: the SBA will pay 6 months of principal and interest (which is category 5B) for all current 7(A), 504, and microloans in regular servicing status as well as new 7(A), 504, and Microloans disbursed prior to September 27, 2020; (iii) No amount/estimate: June 29, Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are allowing servicers to extend forbearance agreements for multifamily property owners with existing forbearance agreements for up to 3 months, for a total forbearance of 6 months; while the properties are in forbearance, the landlord must suspend all evictions for renters unable to pay rent; If a forbearance is extended, once the forbearance period concludes the borrower may qualify for up to 24 months to repay the missed payments; (iv) No amount/estimate: July 9, Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will extend flexibility in loan origination requirements; (v) No amount/estimate: August 6, Federal Housing Finance Agency announced that multifamily property owners with mortgages backed by Fannie Mae or Freddie Mac who enter into a new or modified forbearance agreement must inform tenants in writing about tenant protections during the owner's forbearance and repayment periods; additional protections from previously announced (in (iii) above) are for the owner's repayment period after the forbearance has concluded, which include giving tenants at least a 30-day notice to vacate, not charges for late fees or penalties for late payment of rent, and allowing tenants flexibility to repay rent over time and not in a lump sum; (vi) No amount/estimate: September 2, The Center for Disease Control Director signed a declaration determining that evictions of tenants could be detrimental to public health control measures and therefore ordering a temporary halt in evictions due to not paying rent through December 31, 2020; the order requires that tenants have used all available government assistance and are still unable to make full rent or housing payment due to substantial loss of household income; (vii) no amount/estimate; August 27, Fannie Mae and Freddie Mac will extend moratoriums on single-family forecloseures and real estate owned evictions until at least December 31, 2020. [update]

United States 04 04 - Equity support USD