Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Singapore 01 01 - Liquidity Support SGD 4,000,000,000 2,823,861,631
Singapore 01A 01A - Short-term lending SGD 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). MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-enhances-access-to-liquidity-facilities-to-strengthen-banking-sector-resilience (accessed 17 September 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, provide 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) 27 March 2020, SGD4 billion bridge loan facility to Singapore Airlines (SIA) from DBS (see Measure 4); (iii) 9 September 2020, The MAS will open a new term facility (1- and 3-month tenors) on 28 September 2020 to provide banks and finance companies an additional channel to borrow SGD funds at longer tenors and with more forms of collateral.

Singapore 01B 01B - Support policies for short-term lending SGD
Singapore 01C 01C - Forex operations SGD 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). MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-enhances-access-to-liquidity-facilities-to-strengthen-banking-sector-resilience (accessed 17 September 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-announces-further-extension-of-the-us60-billion-swap-facility (accessed 27 January 2021).

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 31 March 2020 by about 25% over the past 2 weeks. On 9 September 2020, MAS also expanded the collateral accepted at its USD facility. On 17 December 2020, MAS extended its USD liquidity facility (utilizing the USD60 billion swap line with the US Federal Reserve [Fed]) to 30 September 2021 [update].

Singapore 02 02 - Credit creation SGD
Singapore 02A 02A - Financial sector lending/funding SGD MAS. https://www.mas.gov.sg/monetary-policy/liquidity-facilities/mas-sgd-facility-for-esg-loans (accessed 29 April 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-extends-facility-to-support-lending-by-banks-and-finance-companies-to-smes (accessed 15 October 2020).

No amount/estimate: 21 April 2020, The MAS and Enterprise Singapore (ESG) 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). On 12 October 2020, the MAS extended the MAS SGD Facility for ESG Loans to 30 September 2021.

Singapore 02B 02B - Support policies for long-term lending SGD
Singapore 02B1 02B1 - Interest rate adjustments SGD
Singapore 02B2 02B2 - Other policies to support long-term lending SGD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-takes-regulatory-and-supervisory-measures-to-help-fis-focus-on-supporting-customers (accessed 22 May). MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-calls-on-finance-companies-to-moderate-fy2020-dividends (accessed 14 August 2020).

No amount/estimate: (i) 30 March 2020, 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) 7 April 2020, The MAS announced various transitory regulatory forbearance measures including deferral of the implementation of Basel III regulations, utilization of capital and liquidity buffers to support lending, among others; (iii) 16 April 2020, 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; (iv) 7 August 2020, MAS urged locally-incorporated banks and finance companies to cap their total dividends per share (DPS) for 2020 at 60% of the 2019 level.

Singapore 02C 02C - Loan guarantees SGD
Singapore 03 03 - Direct long-term lending SGD 29,700,000,000 20,967,172,609
Singapore 03A 03A - Long-term lending SGD 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) 26 March 2020, SGD20 billion in loan capital under the Resilience Budget to support good companies with strong capabilities (part of the SGD92.9 billion in Measure 5C); (ii) 27 March 2020, 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 03B - Forbearance SGD Gov.sg. https://www.gov.sg/article/temporary-relief-for-businesses-and-individuals-unable-to-fulfil-contractual-obligations (accessed 28 April 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/additional-loan-and-cashflow-support-for-landlords-and-businesses-affected-by-covid-19 (accessed 4 June 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-and-financial-industry-extend-support-for-individuals-and-smes (accessed 15 October 2020).

No amount/estimate: (i) 7 April 2020, Deferral of certain contractual obligations such as rent and loan payments businesses and individuals; (ii) 3 June 2020, Authorities announced enhanced credit relief for individual and SME landlords in the form of principal and interest payment deferrals to 31 December 2020 and extension of loan tenure up to the corresponding deferment period on an opt-in basis; (iii) 5 October 2020, The MAS, together with the Association of Banks in Singapore and the Finance Houses Association of Singapore, announced the extension of forbearance measures involving reduced installment payments for property loans, extended loan tenures for renovation and student loans, debt consolidation and restructuring, and deferred principal payments for SME loans.

Singapore 04 04 - Equity support SGD 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).

27 March 2020, 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 Bank (amounts for the latter two lending measures have been reflected in Measures 3A and 1A, respectively).

Singapore 05 05 - Health and income support SGD 73,076,000,000 51,589,128,133
Singapore 05A 05A - Health support SGD 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). WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 21 May 2020). Singapore, Ministry of Health. https://www.moh.gov.sg/news-highlights/details/update-on-covid-19-vaccination-programme (accessed 5 February 2021).

(i) Part of the Care and Support package includes funds to contain the outbreak of around SGD800 million, mainly to the Ministry of Health (part of the SGD92.9 billion in Measure 5C); (ii) No amount/estimate: 28 January 2021, The Ministry of Health will introduce a vaccine injury financial assistance programme (VIFAP) for COVID-19 vaccination to provide assistance to affected persons in the rare event of serious side effects. It will be a one-time payout of SGD10,000 for hospitalization and ICU care and SGD225,000 in case of death or permanent disability [update].

Singapore 05B 05B - Income support SGD 8,176,000,000 5,771,973,173
Singapore 05B1 05B1 - Tax and contribution deferrals and policy changes SGD 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#P (accessed 30 May 2020). SingaporeBudget. https://www.singaporebudget.gov.sg/budget_2020/AugustStatement (accessed 17 August 2020).

No amount/estimate: 26 March 2020, Transitory tax deferrals and rebates.

Singapore 05B2 05B2 - Tax and contribution rates reduction SGD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020). WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 21 May 2020).

No amount/estimate: 16 April 2020, Import tariffs and all other duties and charges were waived on essential goods including medical, hygiene, pharmaceutical and agricultural products.

Singapore 05B3 05B3 - Subsidies to individuals and households SGD 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#P (accessed 30 May 2020). The Straits Times. https://www.straitstimes.com/singapore/coronavirus-president-halimah-gives-assent-to-additional-33b-in-support-packages (accessed 19 June). SingaporeBudget. https://www.singaporebudget.gov.sg/budget_2020/AugustStatement (accessed 17 August 2020). The Straits Times. https://www.straitstimes.com/singapore/politics/over-55b-to-be-paid-out-in-jobs-support-scheme-from-oct-29 (accessed 20 October 2020).

(i) The Care and Support Package supports households, including cash payouts, grants, and vouchers to all Singaporeans, and additional payments for lower-income individuals and the unemployed (part of the SGD92.9 billion in Measure 5C); (ii) 19 October 2020, Authorities announced a new round of payouts starting 29 October 2020 for the Jobs Support Scheme (JSS) under the Stabilization and Support Package, bringing the total amount disbursed under the scheme to SGD21.5 billion. The JSS was earlier extended to March 2021.

Singapore 05B4 05B4 - Subsidies to businesses SGD 176,000,000 124,249,912 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#P (accessed 30 May 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/new-grant-scheme-to-support-singapore-fintech-firms (accessed 17 May 2020). Reuters. https://www.reuters.com/article/us-singapore-economy-tourism/singapore-seeks-local-boost-for-tourism-sector-facing-existential-crisis-idUSKCN24N0ZF?il=0 (accessed 22 July 2020). SingaporeBudget. https://www.singaporebudget.gov.sg/budget_2020/AugustStatement (accessed 17 August 2020). The Straits Times. https://www.straitstimes.com/singapore/politics/over-55b-to-be-paid-out-in-jobs-support-scheme-from-oct-29 (accessed 20 October 2020).

(i) The Stabilization and Support Package supports businesses, including wage subsidies, enhanced financing schemes, additional support for industries directly affected and for the self-employed, and introduces other economic resilience measures (part of the SGD92.9 billion in Measure 5C); (ii) 8 April 2020, 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; (iii) 13 May 2020, SGD6 million grant by the MAS and AMTD Group and AMTD Foundation to support Singapore-based FinTech firms; (iv) 22 July 2020, SGD45 million marketing and promotion campaign to drive local demand for lifestyle and tourism businesses.

Singapore 05B5 05B5 - Indirect income support SGD
Singapore 05B6 05B6 - No breakdown (income support) SGD 8,000,000,000 5,647,723,262 SingaporeBudget. https://www.singaporebudget.gov.sg/budget_2020/AugustStatement (accessed 17 August 2020).

17 August 2020, The government announced SGD8 billion worth of additional economic support measures, including extensions of existing measures such as wage and employment subsidies as well as SGD320 million in tourism vouchers, to be funded by reallocations from the existing budget (part of the SGD92.9 billion in Measure 5C).

Singapore 05C 05C - No breakdown (health and income support) SGD 64,100,000,000 45,252,382,633 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#P (accessed 30 May 2020). The Straits Times. https://www.straitstimes.com/singapore/coronavirus-president-halimah-gives-assent-to-additional-33b-in-support-packages (accessed 19 June).

(i) The government has allocated SGD92.9 billion for various COVID-19 related measures under the 2020 budget announced on 18 February 2020, as well as supplementary budgets on 26 March, 6 April, and 26 May 2020 (the SGD33 billion Fortitude Budget was enacted on 16 June 2020), 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; (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; (c) SGD13 billion for contingencies to allow the government to respond quickly to any unforeseeable developments arising from COVID-19.

Singapore 06 06 - Budget reallocation SGD 8,000,000,000 5,647,723,262 SingaporeBudget. https://www.singaporebudget.gov.sg/budget_2020/AugustStatement (accessed 17 August 2020).

17 August 2020, The government announced the reallocation of SGD8 billion to fund the additional economic support measures under Measure 5B.6.

Singapore 07 07 - Central bank financing government SGD 52,000,000,000 36,710,201,200
Singapore 07A 07A - Direct lending and reserve drawdown SGD 52,000,000,000 36,710,201,200 SingaporeBudget.gov. https://www.singaporebudget.gov.sg/budget_2020/fortitude-budget/fortitude-budget-statement (accessed 30 May 2020).

As of 26 May 2020, the President has given in-principle support to draw up to SGD52 billion from past reserves to fund COVID-19 measures.

Singapore 07B 07B - Secondary purchase: government securities SGD
Singapore 08 08 - International Assistance Received SGD 84,990,000,000 60,000,000,000
Singapore 08A 08A - Swaps SGD 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). US Fed. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200729b.htm (accessed 31 July 2020). US Fed. https://www.federalreserve.gov/newsevents/pressreleases/monetary20201216c.htm (accessed 17 December 2020).

19 March 2020, The MAS announced the establishment of a USD60 billion swap facility with the US Fed. The MAS intends to draw on this swap facility to provide US dollar liquidity to financial institutions in Singapore. The peak outstanding balance is USD10.028 billion as of 2 June 2020. On 29 July 2020, the US Fed announced the extension of its dollar liquidity swap lines and FIMA repo facility to 31 March 2021. On 16 December 2020, the US Fed announced the extension of USD swap lines for 9 central banks including the MAS to 30 September 2021.

Singapore 08B 08B - International loans/grants SGD
Singapore 08B1 08B1 - Asian Development Bank SGD
Singapore 08B2 08B2 - Other SGD
Singapore 09 09 - International Assistance Provided SGD 14,193,330,000 10,020,000,000
Singapore 09A 09A - Swaps SGD 14,165,000,000 10,000,000,000 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). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_228220.aspx (accessed 5 November 2020).

7 April 2020: (i) USD3 billion repo line facility with Bank Indonesia (BI); and (ii) USD7 billion bilateral currency swap arrrangement with BI. On 5 November 2020, the USD10 billion bilateral financial arrangement with Bank Indonesia was extended for another year.

Singapore 09B 09B - International loans/grants SGD 28,330,000 20,000,000 News.lk. https://www.news.lk/news/political-current-affairs/item/30820-handover-ceremony-of-1-million-face-masks-by-temasek-foundation-of-singapore (accessed 9 October 2020).

8 October 2020, Temasek Foundation of Singapore donated over USD20 million worth of face masks to assist the Sri Lankan government in its fight against COVID-19.

Singapore 10 10 - No breakdown SGD
Singapore 11 11 - Other Economic Measures SGD WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 21 May 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/enhancing-job-opportunities-for-singaporeans-and-staying-open-to-global-talent (accessed 28 August 2020).

(i) 24 April 2020, Temporary relaxation of import licensing requirements for hand sanitizers, masks, thermometers, and protective gear; (ii) 27 August 2020, The MAS increased the minimum qualifying salary for employment pass holders (i.e., foreign workers) in the financial service sector to SGD5,000 to support local hiring.

Singapore 12 12 - Non-Economic Measures SGD
Singapore 12A 12A - Measures affecting travel and transport (local and international) SGD The Straits Times. https://www.straitstimes.com/singapore/spore-opens-borders-to-china-australias-victoria-from-nov-6-what-other-travel-arrangements (accessed 30 October 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-hongkong-singapore/hong-kong-singapore-to-allow-travel-to-each-other-without-quarantines-from-november-22-idUSKBN27R0B2?il=0 (accessed 11 November 2020). The Straits Times. https://www.straitstimes.com/asia/east-asia/travel-bubble-flights-between-singapore-hong-kong-postponed (accessed 22 November 2020). The Straits Times. https://www.straitstimes.com/singapore/singapore-vietnam-plan-to-launch-green-lane-for-business-and-official-travel-by-next-year (accessed 16 December 2020). The Straits Times. https://www.straitstimes.com/singapore/new-short-term-business-travel-arrangement-next-year-will-not-require-quarantine-no-matter (accessed 16 December 2020).

After closing its borders in March 2020, as of 30 October 2020, Singapore announced (a) bilateral green lane arrangements for essential business or official travel with the People's Republic of China, Japan, the Republic of Korea, Malaysia, Indonesia, and Germany; (b) unilateral opening of its borders to travellers from Brunei Darussalam, New Zealand, Viet Nam, Australia, and the PRC; and (c) an undisclosed date for launching an air travel bubble with Hong Kong, China. On 11 November 2020, Hong Kong, China and Singapore authorities announced resumption of travel between the two cities without mandatory quarantine on 22 November 2020 following a previous travel bubble announcement. On 21 November 2020, authorities announced the suspension of the travel bubble following escalating cases in Hong Kong, China. On 15 December 2020, Singapore and Viet Nam announced plans of launching a green lane for business and official travel in early 2021. On 15 December 2020, authorities announced that short-term business travellers from all countries will no longer need to be quarantined under new segregated travel lane arrangements with movement restrictions taking effect in January 2021.

Singapore 12B 12B - Measures affecting business and workplace SGD 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). MAS. https://www.mas.gov.sg/news/media-releases/2020/safe-re-opening-of-more-customer-services-in-the-financial-sector (accessed 22 May 2020). Gov.sg. https://www.psd.gov.sg/press-room/press-releases/end-of-circuit-breaker--public-service-adopts-phased-approach-to-re-opening-physical-service-centres-and-public-facilities; Reuters. https://www.reuters.com/article/us-health-coronavirus-singapore-reopenin/schools-reopen-as-singapore-eases-lockdown-restrictions-idUSKBN2390G8?il=0 (accessed 2 June 2020). The Straits Times. https://www.straitstimes.com/singapore/coronavirus-spore-to-start-phase-2-reopening-on-june-19-dining-in-public-social-gatherings (accessed 19 June 2020).

(i) 12 May 2020, Some businesses were 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; (ii) 19 May 2020, The MAS announced that more financial institutions will be allowed to reopen more locations from 2 June 2020; (iii) 19 May 2020, The government announced its decision to exit the Circuit Breaker with gradual resumption of the Public Service at physical touchpoints and facilities from 2 June 2020; (iv) 19 June 2020, Restrictions eased further under Phase 2 of Singapore's reopening allowing most businesses to resume.

Singapore 12C 12C - Others SGD Gov.sg. https://www.psd.gov.sg/press-room/press-releases/end-of-circuit-breaker--public-service-adopts-phased-approach-to-re-opening-physical-service-centres-and-public-facilities; https://www.mccy.gov.sg/about-us/news-and-resources/press-statements/2020/may/gradual-resumption-of-religious-activities (accessed 27 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-singapore-reopenin/schools-reopen-as-singapore-eases-lockdown-restrictions-idUSKBN2390G8?il=0 (accessed 2 June 2020). The Straits Times. https://www.straitstimes.com/singapore/coronavirus-spore-to-start-phase-2-reopening-on-june-19-dining-in-public-social-gatherings (accessed 19 June 2020). The Straits Times. https://www.straitstimes.com/singapore/singapore-to-enter-phase-3-on-dec-28-groups-of-8-to-be-allowed-for-social-gatherings (accessed 15 December 2020).

(i) 19 May 2020, The government announced its decision to exit the Circuit Breaker with phased resumption of religious activities from 2 June 2020; (ii) A full lockdown went into place until 1 June 2020 and safe distancing measures enforced until the said date; (iii) 2 June 2020, Schools reopened as part part of gradual easing in lockdown restrictions; (iv) 19 June 2020, Restrictions eased further under Phase 2 of Singapore's reopening including allowing gatherings of groups up to 5 people and households to receive up to 5 visitors. On 14 December 2020, the Prime Minister announced that Singapore will enter Phase 3 of its reopening on 28 December 2020, further easing restrictions on social gatherings and capacity limits in public places, among others.