Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Arab Republic of Egypt 01 01 - Liquidity Support EGP
Arab Republic of Egypt 01A 01A - Short-term lending EGP IMF. (accessed 7 May 2020).

(i) No amount/estimate: Short-term loans of up to a year were made available to allow small projects harmed by COVID-19 (especially in industrial and labor-intensive sectors) to pay for their operational expenses until the crisis is over.

Arab Republic of Egypt 01B 01B - Support policies for short-term lending EGP
Arab Republic of Egypt 01C 01C - Forex operations EGP
Arab Republic of Egypt 02 02 - Credit creation EGP 108,000,000,000 6,872,426,816
Arab Republic of Egypt 02A 02A - Financial sector lending/funding EGP
Arab Republic of Egypt 02B 02B - Support policies for long-term lending EGP Egypt Independent. (accessed 1 October 2020). IMF. (accessed 24 June 2020).

No amount/estimate: (i) March 20, The central bank has reduced the policy rate by 300 bps to 9.25%; (ii) March 24, preferential interest rate on loans to tourism has been reduced from 10% to 5%, for SMEs. As of June 24, this measure has already been reversed; (iii) March 24, preferential interest rate on loans to industry and housing for low-income and middle-class families has been reduced from 10% to 8%. As of June 24, the new rate now applies to tourism, industry, agriculture and construction sectors as well. (iv) regulations issued last year requiring banks to obtain detailed information of borrowers have been relaxed; (v) suspension of credit score blacklists for irregular clients and waiver of court cases for defaulted customers have been announced; (vi) September 25, The Egyptian Central Bank's Monetary Policy Committee (MPC) reduced its rates by 50bps each, with the lending rate down to 9.75% and the deposit rate down to 8.75%.

Arab Republic of Egypt 02C 02C - Loan guarantees EGP 108,000,000,000 6,872,426,816 Central Bank of Egypt. (accessed 19 June 2020). Yale. (accessed 19 June 2020). IMF. (accessed 6 August 2020).

(i) EGP3 billion of loan guarantees by the government has been announced for the tourism industry soft loans; (ii) EGP100 billion of loan guarantees from the Central Bank to cover lending at preferential rates to the manufacturing, agriculture and contracting industries; (iii) June 16, EGP3 billion in loan guarantees to the Tourism sector; (iv) As of July 30, an EGP2 billion guarantee fund has been formed to guarantee mortgages and consumer loans.

Arab Republic of Egypt 03 03 - Direct long-term lending EGP 110,000,000,000 6,999,693,979
Arab Republic of Egypt 03A 03A - Long-term lending EGP 110,000,000,000 6,999,693,979 Central Bank of Egypt. (accessed 19 June 2020). IMF. (accessed 6 August 2020).

(i) No amount/estimate: Loans with a two-year grace period will be made available to aviation sector firms; (ii) No amount/estimate: Central Bank introduced credit lines that can be paid over a maximum of two years with a six-month grace period, specifically for tourism enterprises to facilitate paying of salaries and financial dues for suppliers; (iii) June 18, EGP100 billion in funding accessible to all SMEs in the industrial, agricultural, and contracting sectors; (iv) July 23, A new consumer spending initiative has been announced by the government, as part of which, two-year low-interest installments will be made available to encourage spending. This is meant to complement the initiative on the same date in Measure 5B. As of July 30, this was announced to equal EGP10 billion; (v) July 30, A housing initiative has been announced to provide low cost financing for housing units. Further, a new lending initiative with soft loans at zero-to-low interest rates from banks is aimed at replacing old cars with natural gas-powered vehicles.

Arab Republic of Egypt 03B 03B - Forbearance EGP World Bank. (accessed 7 May 2020); IMF. (accessed 7 May 2020).

No amount/estimate: (i) March 24, The government also introduced a six-month extension for credit repayments targeting all individuals and businesses, as well as the waiving of late fines for such repayments; (ii) March 27, Mortgage financing companies, factoring and leasing companies mandated to give a six-month grace period to any client who asks; (iii) new debt relief initiative for individuals at risk of default has also been announced, that will waive marginal interest on debt under EGP1 million if customers make a 50% payment; (iv) Microlenders have been instructed to also consider delays on a case-by-case basis, of up to 50% of the value of monthly installments for struggling clients.

Arab Republic of Egypt 04 04 - Equity support EGP 20,000,000,000 1,272,671,633 OECD. (accessed 7 May 2020); IMF. (accessed 7 May 2020).

EGP20 billion stock-purchase program has been launched by the Central Bank.

Arab Republic of Egypt 05 05 - Health and income support EGP 107,556,000,000 6,844,173,506 OECD. (accessed 7 May 2020); IMF. (accessed 7 May 2020).

Multiple packages have been announced by the government to mitigate the economic impact of COVID-19, totalling over EGP102 billion: (i) March 22, EGP100 billion (1.8% of GDP) or USD6.13 billion was announced as the total of stimulus policies to be enacted by the government to mitigate the economic impact of COVID-19; (ii) March 24, EGP1 billion additional funding for health services; (iii) April 2, additional USD7.9 million disgnated for emergency respone activities related to the outbreak; (iv) EGP1 billion in arrears will be paid out to exporters. More data on the breakdown of these packages below.

Arab Republic of Egypt 05A 05A - Health support EGP Ahram Online. (accessed 29 October 2020). OECD. (accessed 7 May 2020); IMF. (accessed 7 May 2020).

(i) March 22, EGP8 billion has been allocated to support the healthcare sector, targeted at providing urgent and necessary medical supplies, and disbursing bonuses for medical staff working in quarantine hospitals and labs; (ii) March 22, To support medical professionals, including doctors working in university hospitals, a 75% allowance over the wages has been announced; (iii) March 24, EGP1 billion (USD63.5 million) additional funding was announced, specifically for health services and various measures to increase the country’s capacity to absorb the sudden increase of critical patients that the outbreak might bring; (iv) April 2, additional USD7.9 million designated for emergency response activities related to the COVID-19 outbreak; (v) October 19, The Egyptian Doctors Syndicate announced that it has disbursed EGP71 million to support almost 3,600 doctors who have been infected by the coronavirus since February. The syndicate added that it also disbursed EGP5 million to support the families of the doctors who died of COVID-19. [update]

Arab Republic of Egypt 05B 05B - Income support EGP Egyptian Customs Authority. (accessed 24 September 2020). Ministry of Social Solidarity. (accessed 17 September 2020). Ministry of Petroleum. (accessed 17 September 2020). Central Bank of Egypt. (accessed 24 September 2020); (accessed 24 June 2020). Ministry of Petroleum and Mineral Resources. (accessed 19 June 2020). World Bank. (accessed 7 May 2020); OECD. (accessed 7 May 2020); IMF. (accessed 23 July 2020).

(i) No amount/estimate: March 22, Pension benefits have been increased by 14%; (ii) No amount/estimate: March 22, Expansion of the targeted cash transfer social programs, Takaful and Karama, are also being extended to reach more families; (iii) No amount/estimate: March 22, A targeted support initiative for irregular workers in most severely hit sectors has been announced, which will entail EGP500 in monthly grants for 3 months; (iv) No amount/estimate: March 22, Energy costs have been lowered for the entire industrial sector; (v) No amount/estimate: March 22, Real estate tax relief has been provided for industrial and tourism sectors, (vi) No amount/estimate: March 22, Subsidy pay-out for exporters has been stepped up, and discount on fuel price has been announced for the aviation sector; (vii) March 22, EGP50 billion of the EGP100 billion stimulus has been announced for the tourism sector, which contributes close to 12% of Egypt’s GDP, 10% of employment, and almost 4% of GDP in terms of receipts, as of 2019; (viii) No amount/estimate: The moratorium on the tax law on agricultural land has been extended for 2 years; (ix) No amount/estimate: The stamp duty on transactions and tax on dividends have been reduced; (x) No amount/estimate: Capital gains tax has been postponed until further notice; (xii) No amount/estimate: ATM withdrawal fees have been cancelled; (xiii) EGP1 billion in arrears will be paid out by The Export Subsidy Fund in March and April 2020, plus 10% in cash payments to exporters in June 2020; (xiv) No amount/estimate: Three months extension for the payment of property taxes for companies in the industrial and tourism sector; (xv) No amount/estimate: Extension of the individuals’ annual tax return filing deadline to 16 April instead of 31 March, and exemption of the tax returns online filing subscription fee for the use of the Egyptian Tax Authority online filing portal; (xvi) EGP50 million allocated by the Ministry of Workforce for irregular workers, including women, who lost their job due to the coronavirus; (xvii) June 17, EGP5.3 billion in exemptions to natural gas consumers from penalty fine for late payments; (xviii) No amount/estimate: June 21, Extended until September 15, 2020, the exemption from all fees & commissions for local transfers in EGP. On September 15, this was again extended until December 21, 2020. Further, contactless prepaid bank cards will continue to be issued to citizens free of charge; (xix) No amount/estimate: A Corona tax of 1% on all public and private sector salaries and 0.5% on state pensions have been imposed, the proceeds of which are earmarked for sectors and SMEs most affected by the pandemic; (xx) No amount/estimate: July 23, the new consumer spending initiative will also include discounts on selected consumer goods, the details of which are yet to be announced; (xxi) Bonus for workers in the petroleum sector worth 12% of the basic wage for a worker on June 30, 2020, with a minimum of EGP75 added to the basic wage. Bonus for workers in the workers in "the shareholding corporate sector" side of the petroleum industry get a bonus worth 12% of their basic wages with a minimum of EGP75 and a maximum of EGP300; (xxii) EGP500 support total for tour guides. Disbursement begins with an EGP100 disbursement on September 8, 2020; (xxiii) September 18, Reduction in customs duties by rates exceeding 50% of their current levels on some components of the furniture, petrochemical and durable electrical appliances industries such as refrigerators and televisions, as well as for mass transit vehicles and vehicle supply stations with electric and gas power.

Arab Republic of Egypt 06 06 - Budget reallocation EGP
Arab Republic of Egypt 07 07 - Central bank financing government EGP
Arab Republic of Egypt 07A 07A - Direct lending & reserve drawdown EGP
Arab Republic of Egypt 07B 07B - Secondary purchase: government securities EGP
Arab Republic of Egypt 08 08 - International Assistance Received EGP 211,088,129,461 13,432,293,717
Arab Republic of Egypt 08A 08A - Swaps EGP
Arab Republic of Egypt 08B 08B - International loans/grants EGP 211,088,129,461 13,432,293,717
Arab Republic of Egypt 08B1 08B1 - Asian Development Bank EGP
Arab Republic of Egypt 08B2 08B2 - Other EGP 211,088,129,461 13,432,293,717 Egypt Independent. (accessed 22 October 2020). (accessed 8 October 2020). Daily News Egypt. (accessed 17 September 2020). United Nations Development Programme. (accessed 27 August 2020). Arab Monetary Fund. (accessed 30 July 2020). African Development Bank Group. (accessed 19 June 2020), (accessed 28 May 2020). World Bank. (accessed 21 May 2020). World Bank.,health%20outcomes%20of%20its%20citizens. (accessed 18 June 2020) (accessed 7 May 2020). IMF. (accessed 11 June 2020), (accessed 09 July 2020).

(i) April 2, USD7.9 million funds from the World Bank through activating the Contingency Emergency Response Component (CERC) under the “Transforming Egypt’s Healthcare System Project”, designated for emergency response activities related to the COVID-19 outbreak in Egypt. This measure is reflected in 5A; (ii) May 11, USD2.772 billion in emergency support from the International Monetary Fund to address the COVID-19 Pandemic. As of October 1, the agreement was ratified by the President of Egypt ; (iii) May 17, USD50 million in World Bank aid for Egypt as an emergency response under the new Fast Track COVID-19 Facility; (iv) May 27, USD0.5 million emergency assistance grant from the African Development Bank Group to Egypt to provide food relief, and to contribute to restoring the livelihood of vulnerable populations severely affected by the pandemic; (v) June 5, USD5.2 billion Stand-By Arrangement were agreed upon by Egyptian Authorities and the International Monetary Fund, aiming to alleviate the economic impact of the COVID-19 pandemic, helping maintain macroeconomic stability, strengthen the social safety net, and support reforms to spur private-sector-led growth and job creation. On June 26, this was approved by IMF's Executive Board; (vi) June 16, USD400 million provided by the World Bank as support for the Universal Health Insurance System, to protect the most vulnerable from high health expenses due to the pandemic; (vii) June 17, the African Development Bank Group approved a EUR225 million loan to finance Egypt’s Electricity and Green Growth Support Program (EGGSP). The funding will help meet the Government of Egypt’s financing requirements in the light of the COVID-19 pandemic, and support a sound electricity infrastructure base; (viii) July 29, the Arab Monetary Fund extended a USD639 million credit facility to help the country reform its public finance sector amid the COVID-19 pandemic; (ix) August 25, USD2.73 million grant from the Government of Japan and UNDP to address the Socio-Economic Impact of COVID-19 in Egypt through human security approach; (x) September 3, the Finance Ministry announced that Egype signed a USD2 billion conventional and islamic loan with several international and regional banks. This is meant to close the gap in its 2020/2021 budget wrought by the COVID-19 pandemic; (xi) Egypt’s National Bank of Egypt (NBE) and the European Investment Bank (EIB) have signed an agreement worth EUR1.9 billion, where EUR1.1 billion will be provided for the transport sector and EUR800 million for SMEs; (xii) October 21, USD9.5 million grant from Japan to support the health sector against coronavirus. [update]

Arab Republic of Egypt 09 09 - International Assistance Provided EGP
Arab Republic of Egypt 09A 09A - Swaps EGP
Arab Republic of Egypt 09B 09B - International loans/grants EGP
Arab Republic of Egypt 10 10 - No breakdown EGP
Arab Republic of Egypt 11 11 - Other Economic Measures EGP 11,786,229,548 750,000,000 Central Bank of Egypt.,-2020-regarding-allowing-banks-to-own-unlimited-shares-in-payment-service-providers-and-payment-sys.aspx (accessed 12 August 2020). Egypt Independent. (accessed 22 October 2020). Financial Regulatory Authority Egypt. (accessed 15 October 2020). World Bank. (accessed 7 May 2020); OECD. (accessed 7 May 2020); IMF. (accessed 7 May 2020).

No amount/estimate: (i) March 20, The limit for electronic payments via mobile phones has been raised to EGP30,000/day and EGP100,000/month for individuals, and to EGP40,000/day and EGP200,000/per week for corporations; (ii) March 29, The central bank set a daily limit on all ATM disbursement per card to be EGP5,000, and limits to cash withdrawal and deposits at a bank branch to be EGP10,000 per individual, and EGP50,000 per corporate; (iii) The cost of transactions in the EGX will be reduced from 0.15% to 0.125% and from 0.15% to 0.05% for non-residents and Egyptian residents, respectively, and all spot transactions on EGX will be exempt from stamp duty; (iv) The National Bank of Egypt and Bank Misr announced a one-year deposit program with a 15% interest rate; (v) August 6, Allowed banks to own unlimited shares in payment service providers and payment systems operators; (vi) October 4, The Financial Regulatory Authority reduced the fees for examination and study services owed to the authority by 50% for medium and small companies when they apply for the Authority’s approval when taking steps related to the Egyptian stock exchange (such as preparations for an IPO). The change was aimed at incentivizing SMEs to go to the stock exchange for funding; (vii) October 20, USD750 million in green bonds (first in Middle East and Africa) to finance expenditures related to green projects addressing the impacts of COVID-19 while also taking into account environmental standards. [update]

Arab Republic of Egypt 12 12 - Non-Economic Measures EGP IMF. (accessed 1 October 2020).

(i) April 28, A Presidential decree published in the Official Gazette declared the state of emergency across the country for three months; (ii) The authorities have taken a host of precautionary measures to improve testing as well as to limit the community spread of the virus, including (a) setting up testing centers, (b) imposing a nighttime curfew, (c) temporarily closing places of worship, (d) temporarily halting all air travel, (e) encouraging civil servants to work from home in non-essential sectors, (f) closing all malls, gyms, sporting clubs, in-dining restaurants and cafes; (iii) Authorities have also suspended the export of all types of legumes for a period of 3 months and plan to start increasing strategic food reserves to meet domestic deman; (iv) Egypt’s Health Ministry released a 3-stage plan outlining required procedures in preparation for the gradual easing of restrictions within the country; (v) Starting July 2020, there will be a gradual re-opening of the economy – air travel will resume, restaurants and cafes will open with 25 percent capacity, stores will close at 9 pm while restaurants and cafes will close at 10 pm, public parks and beaches will remain closed until further notice, public transportation will operate between 4 am and midnight, places of worship will be open for daily prayers but main prayers like Friday prayers and masses will not be allowed, cinemas, theaters, and entertainment venues will operate with 25 percent capacity; (vi) All parks and specialized gardens around Cairo will open to the public starting on August 26, 2020, with a maximum capacity of 50%. Starting September 21, funeral prayers and wedding ceremonies held in open-air venues have been allowed, for a maximum limit of 300 people.

Argentina 01 01 - Liquidity Support ARS 343,000,000,000 5,466,135,458
Argentina 01A 01A - Short-term lending ARS 343,000,000,000 5,466,135,458 Yale. (accessed15 May 2020). Government of Argentina. (accessed 21 August 2020).

(i) ARS1 billion working capital lines for SME through Bank of Investment and Foreign Trade (BICE) with a guarantee from the Reciprocal Guarantee Societies (SGR), and a term of up to 12 months; (ii) Mandatory credit lines through the Central Bank (ARS320 billion); (iii) Established a credit line for MSMEs, PyME Plus line, that do not have bank credit at a subsidized rate of 24%. The Central Bank authorized a special line for ARS22 billion with minimum requirements so that they can take their first credit and for the MSMEs that obtain the FOGAR guarantee, the banks cannot deny it; (iv) June 2, No amount/estimate: launched a special line of credit for work cooperatives at a subsidized rate of 18%; (v) June 11, No amount/estimate: created the PyMEs Plus program to support microbusinesses and SMEs by providing new lines of credit to eligible applicants; (vi) August 13, launched a zero-rate credit line for the cultural industries sector.

Argentina 01B 01B - Support policies for short-term lending ARS BCRA. (Accessed 27 April 2020).

No amount/estimate: (i) Reduced reserve requirements for financial entities that offered special lines of credit to micro, small and medium-sized enterprises at maximum 24% interest; (ii) the combined divestiture of LELIQ holdings and release of reserve requirements could generate credit volumes more than 50% of current bank financing.

Argentina 01C 01C - Forex operations ARS

See (i) in Measure 11.

Argentina 02 02 - Credit creation ARS 34,000,000,000 541,832,669
Argentina 02A 02A - Financial sector lending/funding ARS
Argentina 02B 02B - Support policies for long-term lending ARS BCRA. (Accesed 27 April 2020). Yale. (accessed 15 May 2020).

No amount/estimate: (i) Provided new incentives for financial entitites to increase their loans to micro, small, and medium-sized enterprises (MiPyMEs) for the payment of salaries, as long as those entities are payment agents of the company that requests it; (ii) the Central Bank also temporarily added 60 days to each category of debtor in arrears; (iii) Developed the Conformed Invoice as a credit instrument to discount in financial entities or the capital market.

Argentina 02C 02C - Loan guarantees ARS 34,000,000,000 541,832,669 BCRA. (Accessed 27 April 2020). Government of Argentina. (accessed 30 October 2020).

No amount/estimate: (i) See (i) in Actions that increase liabilities in Measure 1; (ii) Created a Special Affectation Fund, which will transfer ARS30 billion to the Argentine Guarantee Fund. The guarantees have the objective of facilitiating the repayment of loans for working capital. Eligible parties include companies listed in the small and medium-sized enterprise registry (MiPyMES Registry); (iii) No amount/estimate: FOGAR provides a guarantee that covers 100% of the credit in (iv) of Measure 1A; (iv) October 13, ARS3 billion in (viii) of Measure 3A. [update]

Argentina 03 03 - Direct long-term lending ARS 40,620,000,000 647,330,677
Argentina 03A 03A - Long-term lending ARS 40,620,000,000 647,330,677 Yale. (accessed 15 May 2020). Government of Argentina. (accessed 30 October 2020).

(i) Offered ARS2.25 billion loans at a fixed rate of 12% and non-refundable contributions to companies, small and medium-sized enterprises (SMEs), cooperatives, and research and development instituions that contribute to the COVID-19 health emergency; (ii) Allocated ARS25 billion from the state-owned bank BNA for producers of food, personal hygiene and cleaning, and producers of medical supplie; (iii) Allocated ARS5 billion to support teleworking and ARS2.8 billion to develop infrastructure in industrial parks; (iv) granted a total of ARS70 million Non-Refundable Contributions (ANRs) for a maximum amount for high impact or associative projects; (v) increased the monthly non-remunerative financial to temporary workers in the agricultural and agro-industrial sector; (vi) No amount/estimate: May 11, launched the the Recuperar program, a sector-specific helpline with non-bank financing at an interest rate of 3% per year, for machines, tools or capital goods; (vii) September 10, ARS2.5 billion expansion of the National Program for the Development of Suppliers to to assist companies that provide industrial goods and services in strategic value chains; (vii) October 13, Announced a ARS3 billion credit line for tourism SMEs with a one-year grace period and zero rate in the first 12 installments and a 100% guarantee from FOGAR. [update]

Argentina 03B 03B - Forbearance ARS Yale. (accessed 27 April 2020).

No amount/estimate: (i) Extended maturities for debt issued under the Debt Regulatization Regime of Law No. 27,541 to small and medium-sized enterprises (SMEs) and micro-SMEs until June 30, 2020; (ii) Required financial institutions to automatically refinance unpaid credit card balances with a one-year term with 3 months grace, 9 equal and consecutive monthly installments and an annual nominal rate of 43%; (iii) Suspended punitive interest charges on unpaid balances of credits granted by financial entities, whose installments were due between April 1, 2020 and June 30, 2020.

Argentina 04 04 - Equity support ARS