Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Armenia 01 01 - Liquidity Support AMD
Armenia 01A 01A - Short-term lending AMD
Armenia 01B 01B - Support policies for short-term lending AMD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 05 May 2020).

No amount/estimate: Provided a few foreign exchange swap operations to assure sufficient liquidity in AMD and in foreign currency.

Armenia 01C 01C - Forex operations AMD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 05 May 2020).

(i) No amount/estimate: Provided a few foreign exchange swap operations to assure sufficient liquidity in AMD and in foreign currency. The CBA has undertaken some foreign exchange sales to limit excessive dram volatility since; (ii) The exchange rate has been allowed to adjust flexibly and has depreciated around 3% against the USD since the end of February. No balance of payment or capital control measures have been adopted.

Armenia 02 02 - Credit creation AMD 25,000,000,000 51,123,841
Armenia 02A 02A - Financial sector lending/funding AMD 25,000,000,000 51,123,841 JAM News. https://jam-news.net/armenian-govt-offers-stimulus-package-to-help-mitigate-corona-crisis/(accessed 16 April 2020).

Allocate a total of AMD25 billion (over USD50 million) to co-finance loans for companies that borrow money from Armenian banks in the national currency to pay salaries, taxes, bills and purchase raw materials. This amount includes subsidy for the interests of these of loans.

Armenia 02B 02B - Support policies for long-term lending AMD
Armenia 02B1 02B1 - Interest rate adjustments AMD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 5 December 2020).

(i) No amount/estimate: 28 April 2020, The Central Bank of Armenia (CBA) reduced the policy rate by 25 bps to 5%. On 17 June 2020, this rate was further reduced by 50 bps to 4.5%. On 15 September 2020, this rate was reduced to 4.25%, where it has since remained unchanged.

Armenia 02B2 02B2 - Other policies to support long-term lending AMD
Armenia 02C 02C - Loan guarantees AMD
Armenia 03 03 - Direct long-term lending AMD
Armenia 03A 03A - Long-term lending AMD UNESCAP. https://www.unescap.org/sites/default/files/Armenia_COVID%20Country%20profile%20041120.pdf (accessed 5 December 2020)

No amount/estimate: 27 March 2020, Preferential loans to SMEs in sectors including manufacturing, transportation and storage economy, tourism, other service sectors, and healthcare. The loans will be interest-free for the first 2 years and 12% for the third year.

Armenia 03B 03B - Forbearance AMD
Armenia 04 04 - Equity support AMD
Armenia 05 05 - Health and income support AMD 30,000,000,000 61,348,610
Armenia 05A 05A - Health support AMD
Armenia 05B 05B - Income support AMD 30,000,000,000 61,348,610
Armenia 05B1 05B1 - Tax and contribution deferrals and policy changes AMD
Armenia 05B2 05B2 - Tax and contribution rates reduction AMD
Armenia 05B3 05B3 - Subsidies to individuals and households AMD 30,000,000,000 61,348,610 Asbarez. http://asbarez.com/193112/pashinyan-unveils-economic-aid-package-amid-state-of-emergency/ (accessed 16 April 2020).

AMD30 billion (over USD60 million) for urgent social assistance for the impoverished. See Measure 9: No breakdown.

Armenia 05B4 05B4 - Subsidies to businesses AMD UNESCAP. https://www.unescap.org/sites/default/files/Armenia_COVID%20Country%20profile%20041120.pdf (accessed 5 December 2020)

(i) No amount/estimate: Subsidize the interest rates of co-financed loans for companies that borrow money from Armenian banks in the national currency to pay salaries, taxes, bills and purchase raw materials; (ii) No amount/estimate: 26 March 2020, Stimulus package of AMD500 million each to struggling businesses; (iii) No amount/estimate: A one-time grant in the amount of the salary of every fifth employee is provided for companies with 2-50 employees. Similar measures were approved for companies with up to 100 employees, and both measures were extended until 31 May 2020.

Armenia 05B5 05B5 - Indirect income support AMD
Armenia 05B6 05B6 - No breakdown (income support) AMD
Armenia 05C 05C - No breakdown (health and income support) AMD
Armenia 06 06 - Budget reallocation AMD
Armenia 07 07 - Central bank financing government AMD
Armenia 07A 07A - Direct lending and reserve drawdown AMD
Armenia 07B 07B - Secondary purchase: government securities AMD
Armenia 08 08 - International Assistance Received AMD 165,338,710,041 338,110,000
Armenia 08A 08A - Swaps AMD
Armenia 08B 08B - International loans/grants AMD 165,338,710,041 338,110,000
Armenia 08B1 08B1 - Asian Development Bank AMD 21,883,136,477 44,750,000 ADB Table A1.3: Nonsovereign Operations, Table A1.5: Country Support under TA 9550-REG. (both accessed 5 February 2021).

(i) 22 March 2020, Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases - USD1.8 million [update]; (ii) Nonsovereign Operations: Guarantee under the Trade Finance Program (Additional Financing) - USD14.65 million (with another USD29.47 million co-financed); (iii) Nonsovereign Operations: Loan under the Trade Finance Program (Additional Financing) - USD5.23 million (with another USD5.44 million co-financed); (iv) 28 May 2020, COVID-19 Working Capital Support Project - USD20 million (with another USD25 million co-financed); (v) 1 July 2020, Promoting Digital Finance Solutions for Inclusive Finance among Partner Financial Institutions - USD0.05 million; (vii) 13 July 2020, Addressing Health Threats in the Central, West, and East Asia Region - USD0.13 million; (viii) 24 July 2020, Due Diligence and Capacity Development of Trade Finance Program Banks - USD0.11 million; (ix) 3 August 2020, COVID-19 Emergency Response - USD2 million; (x) 6 August 2020, Distance Education for Resilience Project in Armenia - USD0.75 million; (xi) 26 November 2020, Addressing Health Threats in the Central, West, and East Asia Region (Additional Financing) - USD0.03 million.

Armenia 08B2 08B2 - Other AMD 143,455,573,564 293,360,000 WB. https://www.worldbank.org/en/news/press-release/2020/04/03/world-bank-supports-armenia-to-combat-the-human-impact-of-the-covid19-pandemic (accessed 5 May 2020). IMF. https://www.imf.org/en/News/Articles/2020/05/18/pr20219-armenia-imf-execboard-concludes-2ndrev-under-sba-augments-access-address-impact-covid19 (accessed 21 May 2020). Public Radio of Armenia. https://en.armradio.am/2020/08/27/canada-to-provide-260000-in-covid-19-relief-to-armenia/ (accessed 28 July 2020). World Bank. https://www.worldbank.org/en/news/press-release/2021/02/04/health-care-gets-investment-boost-in-two-regions-of-armenia (accessed 5 February 2021)

(i) April 3, The World Bank allocated USD3 million to address the country’s urgent needs for equipment and supplies needed for the intensive care of people with a confirmed COVID-19 diagnosis; (ii) May 18, USD280 million in total aid immediately available after an augmentation of its Stand-By Arrangement with the IMF; (iii) As of May 26, USD2.7 million to prepare laboratory systems, activate case-finding and event-based surveillance, support technical experts for response and preparedness, bolster risk-communications, and more; (iv) August 27, USD260,000 in COVID-19 relief from Canada; (v) 4 February 2021, USD7.4 million in Additional Financing for the Disease Prevention and Control Project. The project will benefit Armenia’s health system response to COVID-19 and potential future pandemics, including hospitals’ capacity for case management and intensive care. [update]

Armenia 09 09 - International Assistance Provided AMD
Armenia 09A 09A - Swaps AMD
Armenia 09B 09B - International loans/grants AMD
Armenia 10 10 - No breakdown AMD 245,000,000,000 501,013,646 UNESCAP. https://www.unescap.org/sites/default/files/Armenia_COVID%20Country%20profile%20041120.pdf (accessed 5 December 2020)

(i) Government assistance package with a headline amount of at least AMD300 billion to mitigate the socio-economic issues related to the pandemic, although this includes a variety of direct spending, state-sponsored loans and increased investment. The key measures include (a) direct labor subsidies to micro enterprises and SMEs that retain their employees and maintain their wage; (b) strategic support to innovative companies, although the details of this last element are not yet final; (ii) 27 March 2020, For Armenia-registered economic entities or individual entrepreneurs with competitive business ideas, 75% of financial resources are provided as interest-free loans with a maturity of eight years and the other 25% are provided as grants.

Armenia 11 11 - Other Economic Measures AMD KPMG. https://home.kpmg/xx/en/home/insights/2020/04/armenia-government-and-institution-measures-in-response-to-covid.html (accessed 14 May 2020)

14 May 2020, Temporary restrictions on the export of medical masks, gloves and goggles, biohazard suits, medical robes, antiviral medicines, gauze and other medical products.

Armenia 12 12 - Non-Economic Measures AMD
Armenia 12A 12A - Measures affecting travel and transport (local and international) AMD UNESCAP. https://www.unescap.org/sites/default/files/Armenia_COVID%20Country%20profile%20041120.pdf (accessed 5 December 2020). Tass News Agency. https://tass.com/economy/1244483 (accessed 14 January 2021)

(i) 16 March 2020, The government declared a national state of emergency, first until 14 April, but subsequently extended to 14 May, 13 June, 13 July, and finally being lifted on 11 September. During the state of emergency, travel bans were imposed on citizens from high-risk countries. Public transportation and other domestic travel was reopened earlier, on 18 May; (ii) 13 January 2021, Entry restrictions for foreigners in Armenia are withdrawn; all foreigners now can enter both by air and via ground checkpoints, as long as they have a negative PCR test result made within last 72 hours.

Armenia 12B 12B - Measures affecting business and workplace AMD UNESCAP. https://www.unescap.org/sites/default/files/Armenia_COVID%20Country%20profile%20041120.pdf (accessed 5 December 2020)

16 March 2020, As part of the state of emergency, the government implemented closures of public spaces. Retail businesses and restaurants were allowed to reopen earlier, on 18 May.

Armenia 12C 12C - Others AMD UNESCAP. https://www.unescap.org/sites/default/files/Armenia_COVID%20Country%20profile%20041120.pdf (accessed 5 December 2020)

(i) 16 March 2020, The government declared a national state of emergency, first until 14 April, but subsequently extended to 14 May, 13 June, 13 July, and finally being lifted on 11 September. As part of the state of emergency, the government implemented lockdowns as well as social distancing protocols and other health precautions; (ii) Quarantine is still in effect until 11 January 2021, which bans large gatherings and requires 14-day self-isolation and testing for people entering the country.