Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
South Africa 01 01 - Liquidity Support ZAR 300,000,000 18,076,977
South Africa 01A 01A - Short-term lending ZAR 300,000,000 18,076,977 SARB. https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/9791/Changes%20to%20the%20money%20market%20liquidity%20management%20strategy%20of%20the%20SARB.pdf (accessed 7 May 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 15 May 2020). Industrial Development Corpoation. https://www.idc.co.za/2020/06/24/idc-interventions-in-response-to-covid-19/ (accessed 03 July 2020).

(i) No amount/estimate: 20 March 2020, (a) SARB increased the number of repo auctions to two to provide intraday liquidity support to clearing banks at the policy rate; (b) raised the size of the main weekly refinancing operations as needed; (ii) No amount/estimate: 25 March 2020, SARB announced that main refinancing operations will be offered for periods of 7 days to longer-term maturities of up to 12 month; (iii) No amount/estimate: 11 May 2020, Reduced frequency of Intraday Overnight Supplementary Repurchase Operations (IOSROs) from two per day to one per day; (iv) 24 June 2020, ZAR300 million Covid-19 Small Industrial Finance Fund to assist Industrial Development Corporation by offering concessionary finance to cover short-term operations.

South Africa 01B 01B - Support policies for short-term lending ZAR SARB. https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/9805/Further%20amendments%20to%20the%20money%20market%20liquidity%20management%20strategy%20of%20the%20SARB.pdf (accessed 7 May 2020).

No amount/estimate: 28 March 2020, reduced the liquidity coverage ratio from 100% to 80% to provide additional liquidity and counter financial system risks.

South Africa 01C 01C - Forex operations ZAR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).

No amount/estimate: SARB announced it will continue its longstanding practice of not intervening in the foreign exchange market.

South Africa 02 02 - Credit creation ZAR 200,000,000,000 12,051,318,128
South Africa 02A 02A - Financial sector lending/funding ZAR
South Africa 02B 02B - Support policies for long-term lending ZAR
South Africa 02B1 02B1 - Interest rate adjustments ZAR SARB. https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/9946/Monetary%20Policy%20Statement%2021%20May%202020.pdf (accessed 22 May 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 22 May 2020).

(i) No amount/estimate: 19 March 2020, SARB reduced policy rate by 100bps to 5.25%, (ii) 14 April 2002, policy rate reduced further to 4.25%; (iii) 22 May 2020, cut the repo rate by 50 basis points to 3.75% per annum.

South Africa 02B2 02B2 - Other policies to support long-term lending ZAR Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 22 May 2020).

(i) No amount/estimate: 28 March 2020, SARB announced temporary relief on bank capital requirements; (ii) No amount/estimate: 6 April 2020, SARB issued guidance on dividend and cash bonuses distribution to ensure bank capital preservation; (ii) no amount/estimate: SARB directed that loans restructured as a result of the impact of COVID-19 will not attract a higher capital charge; (vii) no amount/estimate: reduced the upper and lower limits of the standing facility to lend at repo-rate and borrow at repo-rate less 200bps; (iv) No amount/estimate: SARB announced that it will handle, on a case-by-case basis, co-operative financial institutions and co-operative banks contravention of prudentials measures including capital adequacy, loan delinquency ratio, loan provisioning requirements, external credit, non-earning assets to total assets ratio, and loan at default window.

South Africa 02C 02C - Loan guarantees ZAR 200,000,000,000 12,051,318,128 South African Reserve Bank. https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/10119/Joint%20Media%20Statement_Updated%20Loan%20Guarantee%20Scheme%20July%202020.pdf (accessed 31 July 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).

(i) 21 April 2020, ZAR200 billion loan guarantee scheme that will assist enterprises with operational costs, such as salaries, rent and the payment of suppliers; (ii) No amount/estimate: 26 July 2020, updates on Covid-19 Loan Guarantee Scheme, loosened restrictions on eligibility and extending the draw-down period for current participants.

South Africa 03 03 - Direct long-term lending ZAR 3,000,000,000 180,769,772
South Africa 03A 03A - Long-term lending ZAR 3,000,000,000 180,769,772 OECD. https://oecd.github.io/OECD-covid-action-map/data/CoronavirusUpdate_AllCountries_Public.xlsx (accessed 7 May 2020).

ZAR3 billion for industrial funding to address the situation of vulnerable firms and to fast-track financing for companies.

South Africa 03B 03B - Forbearance ZAR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).

No amount/estimate: 26 March 2020, SARB issued guidelines on modalities to provide debt relief to bank customers.

South Africa 04 04 - Equity support ZAR
South Africa 05 05 - Health and income support ZAR 193,400,000,000 11,653,624,630
South Africa 05A 05A - Health support ZAR 20,000,000,000 1,205,131,813 Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 7 May 2020). Reuters. https://www.reuters.com/article/uk-health-coronavirus-safrica-vaccines/south-african-medical-schemes-to-fund-covid-19-vaccines-for-30-of-adults-idUSKBN29C0PJ (accessed 08 January 2021).

(i) ZAR20 billion to health response through the provision of treatment, additional expenditure on personal protective equipment for health workers, community screening, an increase in testing capacity, additional beds in field hospitals, ventilators, medicine and staffing; (ii) No amount/estimate: 7 January 2021,medical schemes to fund COVID-19 vaccines for 30% of adults.

South Africa 05B 05B - Income support ZAR 173,400,000,000 10,448,492,817
South Africa 05B1 05B1 - Tax and contribution deferrals and policy changes ZAR Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 7 May 2020).
South Africa 05B2 05B2 - Tax and contribution rates reduction ZAR Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 7 May 2020).

(i) No amount/estimate: introduced a four-month holiday for companies’ skills development levy contributions; (ii) No amount/estimate: fast-tracking VAT refund and three-month delay for filing and first payment of carbon tax; (iii) No amount/estimate: increased previous turnover threshold for tax deferrals to ZAR100 million a year; (iv) No amount/estimate: issued a list of essential goods for a full rebate of customs duty and import VAT exemption; (v) No amount/estimate: a tax subsidy of up to ZAR500 per month for the next four months for those private sector employees earning below ZAR6,500;

South Africa 05B3 05B3 - Subsidies to individuals and households ZAR 50,000,000,000 3,012,829,532 Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 7 May 2020)

ZAR50 billion to temporarily increase child support grant for six month.

South Africa 05B4 05B4 - Subsidies to businesses ZAR 3,400,000,000 204,872,408 Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 7 May 2020). OECD. https://oecd.github.io/OECD-covid-action-map/data/CoronavirusUpdate_AllCountries_Public.xlsx (accessed 7 May 2020). South African Parliament. https://www.parliament.gov.za/press-releases/media-statement-tourism-committee-welcomes-tourism-equity-fund (accessed 29 January 20201).

(i) ZAR2 billion to support SMMEs and spaza shop owners; (ii) ZAR200 million available to assist SMEs in the tourism and hospitality sector; (iii) 27 January 2021, ZAR1.2 bilion launch of Tourism Equity Fund to assist the small, medium and micro enterprises (SMMEs) in the tourism sector.

South Africa 05B5 05B5 - Indirect income support ZAR 20,000,000,000 1,205,131,813 Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 7 May 2020). South African Government. https://www.gov.za/speeches/president-cyril-ramaphosa-reply-joint-sitting-debate-south-african-economic-reconstruction (accessed 23 October 2020).

(i) ZAR20 billion allocated to municipalities for the provision of emergency water supply, increased sanitisation of public transport and facilities, and providing food and shelter for the homeless; (ii) No amount/estimate: 21 October 2020, announced Economic Reconstruction and Recovery Plan focused on infrastructure, mass employment, energy security and digital transformation.

South Africa 05B6 05B6 - No breakdown (income support) ZAR 100,000,000,000 6,025,659,064 Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 7 May 2020).

ZAR100 billion for job protection and creation.

South Africa 05C 05C - No breakdown (health and income support) ZAR
South Africa 06 06 - Budget reallocation ZAR
South Africa 07 07 - Central bank financing government ZAR
South Africa 07A 07A - Direct lending and reserve drawdown ZAR
South Africa 07B 07B - Secondary purchase: government securities ZAR Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 7 May 2020).

No amount/estimate: SARB announced a program to purchase government securities in the secondary market across the entire yield curve.

South Africa 08 08 - International Assistance Received ZAR 71,405,664,911 4,302,661,920
South Africa 08A 08A - Swaps ZAR
South Africa 08B 08B - International loans/grants ZAR 71,405,664,911 4,302,661,920
South Africa 08B1 08B1 - Asian Development Bank ZAR
South Africa 08B2 08B2 - Other ZAR 71,405,664,911 4,302,661,920 IMF. https://www.imf.org/en/News/Articles/2020/07/27/pr20271-south-africa-imf-executive-board-approves-us-billion-emergency-support-covid-19-pandemic (accessed 10 December 2020). UK Department of Trade, Industry, and Competition,Government. http://www.thedtic.gov.za/uk-government-donates-r50m-to-solidarity-fund-for-projects-supporting-and-promoting-women/ (accessed 18 September 2020).

(i) 27 July 27 2020, IMF approves USD4.3 Billion in Emergency Support to South Africa to address the COVID-19 Pandemic. [update] (ii) 15 September 2020, GBP2.15 million grant from the UK for the Solidarity Fund as response to the COVID-19 pandemic to support projects to recover from the pandemic, focused on supporting women.

South Africa 09 09 - International Assistance Provided ZAR
South Africa 09A 09A - Swaps ZAR
South Africa 09B 09B - International loans/grants ZAR
South Africa 10 10 - No breakdown ZAR
South Africa 11 11 - Other Economic Measures ZAR Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 May 2020). OECD. https://oecd.github.io/OECD-covid-action-map/data/CoronavirusUpdate_AllCountries_Public.xlsx (accessed 12 June 2020).

(i) Relaxed regulations for insurers; (ii) SARB extended prudential and related supervisory reporting requirements; (iii) commercial banks exempted from provisions of the Competition Act to enable them to develop common approaches to debt relief; (iv) SARB temporarily extended the submission for the quarterly returns for the 2020 financial year by one month; (v) 10 June 2020, Temporarily suspended the issuance of all new insurance licences for a period of six months.

South Africa 12 12 - Non-Economic Measures ZAR
South Africa 12A 12A - Measures affecting travel and transport (local and international) ZAR Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 7 May 2020). Channel News Asia. https://www.channelnewsasia.com/news/world/argentina-moves-to-restrict-nighttime-activities-as-covid-19-surges-13923680 (accessed 15 January 2021).

(i) 15 March 2020, nationwide lockdown announced; (ii) travel ban of foreign nationals from high-risk countries; (iii) screening at ports of entry; (iv) Effective 1 June 2020, further relaxation of the lockdown was announced; (v) 8 January 2021, empowered provinces to restrict nighttime activities in provinces.

South Africa 12B 12B - Measures affecting business and workplace ZAR
South Africa 12C 12C - Others ZAR Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 7 May 2020).

(i) 15 March 2020, national state of disaster declared; (ii) school closures; (iii) screening visits to homes; (iv) introduction of mobile technology to track and trace contacts of those infected; (v) banning of large gatherings.