Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Belgium 01 01 - Liquidity Support EUR
Belgium 01A 01A - Short-term lending EUR
Belgium 01B 01B - Support policies for short-term lending EUR
Belgium 01C 01C - Forex operations EUR
Belgium 02 02 - Credit creation EUR 53,000,000,000 58,628,318,584
Belgium 02A 02A - Financial sector lending/funding EUR
Belgium 02B 02B - Support policies for long-term lending EUR 1,000,000,000 1,106,194,690 OECD. (accessed 15 April 2020); IMF. (accessed 19 November 2020).

(i) The National Bank of Belgium announced the decision to reduce the counter-cyclical buffer to zero, releasing approximately EUR1 billion worth of capital available to Belgian banks to expand lending; (ii) As of November 11, Belgian authorities have also retracted a decision to increase the buffer by 0.5%, and provided guidance that this would remain unchanged until mid-2021. [update]

Belgium 02C 02C - Loan guarantees EUR 52,000,000,000 57,522,123,894 Belgian Government. (accessed November 11, 2020); IMF. (accessed 30 April 2020).

(i) EUR50 billion (over 11% of GDP) of guarantees for new bank loans to companies and self-employed; (ii) Regional governments announced further bank-loan guarantees (around EUR2 billion, or 0.4% of GDP); (iii) No amount/estimate: A Reinsurance scheme for short-term trade credit insurance and other socio-economic measures further support these efforts; (iv) November 6, Extension of the SME guarantee scheme and the credit insurance guarantee scheme until June 30, 2021.

Belgium 03 03 - Direct long-term lending EUR 287,000,000 317,477,876
Belgium 03A 03A - Long-term lending EUR 287,000,000 317,477,876 European Commission. (accessed 7 September 2020).

(i) August 21, European Commission approved the EUR287 million Belgian loan to SN Airholding and its sole subsidiary, Brussels Airlines in the context of the coronavirus outbreak.

Belgium 03B 03B - Forbearance EUR Belgian Government. (accessed 19 November 2020); IMF. (accessed 30 July 2020).

No amount/estimate: Postponement of debt repayment due to banks and insurers by affected households and companies to September 30, 2020. As of July 24, this has been extended to end-December, 2020. As of November 11, the Minister of Finance will extend, in consultation with the financial sector, the current moratorium for loans to companies. [update]

Belgium 04 04 - Equity support EUR 3,000,000 3,318,584 European Commission. (accessed 7 September 2020).

(i) August 21, European Commission approved the EUR3 million equity injection by the Government to SN Airholding and its sole subsidiary, Brussels Airlines in the context of the coronavirus outbreak.

Belgium 05 05 - Health and income support EUR 11,063,870,002 12,238,794,250 Belgium Government. (accessed 19 November 2020); IMF. (accessed 20 May 2020).

(i) EUR6.4 billion in total measures as part of the fiscal package outlined in the Stability Program to adress the crises. Key fiscal support measures include: boosting health expenditure and increasing support for those in temporary unemployment and self-employed. As of November 6, this measure has been extended in two parts: first, with the extension of subsidies for self-employed persons with businesses that had to close, and second, with temporarily unemployed salaried workers receiving an allowance equal to 70% of their gross monthly salary (capped at EUR2,754.76). In addition, salaried workers receives an allowance from the ONEM (National Employment Office) of EUR5.63 per day of temporary unemployment. This measure will apply until March 31, 2021, with the possibility of extension. Finally, the crisis subsidy has been extended until December 2020 for self-employed workers in all sectors that had to close, providing EUR2,583.40 and EUR3228.20 respectively to persons without and with families [update]; (ii) EUR3.8 billion (increased from EUR1.7 billion) regional governments' support to affected firms and sectors, and transfers to affected households.

Belgium 05A 05A - Health support EUR 1,413,070,000 1,563,130,531 Belgium Government. (accessed 11 November 2020); European Commission. (accessed 24 May 2020).

(i) Of the total packages, around EUR1.2 billion are dedicated to health initiatives, with EUR1 billion for federal intiatives and EUR0.2 billion for regional; (ii) November 6, Retained the right to reimbursement of health care costs until December 31, 2021, while offering payment plans for self-employed workers who have obtained a deferral of payment of social contributions; (iii) November 6, EUR200 million is planned for hospital staff (salaried and self-employed workers), aimed at providing support measures. Further, additional budget of EUR13.07 million for consumer vouchers in the healthcare sector and extension of the validity of consumer vouchers until the end of 2021.

Belgium 05B 05B - Income support EUR 9,650,800,002 10,675,663,719 European Commission. (accessed 2 October 2020). (accessed 27 August 2020). (accessed 24 May 2020). Belgium Government. (accessed 11 November 2020), (accessed 12 August 2020), (accessed 25 July 2020), (accessed 18 July 2020). Federale Overheidsdienst Financien. (accessed 30 July 2020). (accessed 2 July 2020). Service Public Federal Finances. (accessed 26 June 2020), (accessed 14 June 2020). EU Reporter. (accessed 15 October 2020); IMF. (accessed 11 November 2020); Care and Health Department, Flanders Government. (accessed 27 November 2020).

(i) On the other hand, non-health initiatives total EUR9 billion, with EUR5.3 billion for federal and EUR3.7 billion for regional; (ii) April 3, exemptions from VAT and import duties for goods needed to mitigate the effects of COVID-19 were granted. As of July 23, this measure has been extended until October 31, 2020; (iii) In addition, reduced the VAT rate applicable to some restaurant and catering services to 6% until the end of 2020 while also exempting social contributions for Q32020 for these sectors. As of November 6, this measure has been extended to allow more sectors to avail of the exemption from scoial contributions; (iv) June 9, Support measures relating to payment periods have been approved, and extension of the payment periods for VAT and Excessive Duties extend to December 31; (v) June 26, Temporary exemption from corporate tax based on losses incurred during the next tax period; (vi) July 10, EUR45 million in grants to skeyes (Belgian air navigation service) to ensure the operational and financial sustainability of the public enterprise in 2020; (vii) July 10, An advanced payment of EUR15 million was made to skeyes (Belgian air navigation service) for terminal fees for the latter half of the year; (viii) No amount/estimate: July 17, Additional crisis allowance for certain self-employed persons and assisting spouses recognized as incapacitated for work due to the containment measures; (ix) July 24, Considered coronavirus parental leaves in computing for the pension of the civil service; (x) September 29, The European Commission has approved Belgium's plan to grant EUR2.2 million in support to the airports of Ostend, Antwerp and Kortrijk. The funding from the Government will be used as direct grants and cost/fee deferrals; (xi) October 12, The European Commission has approved another EUR15.8 million Belgian scheme to support hotels and aparthotels in Brussels in context of coronavirus outbreak in the form of direct grants; (xii) November 6, Additional support to households and firms affected by the re-imposition of restrictions, mostly in the form of a temporary extension or expansion of previous measures. Authorities have also extended the premiums, reimbursements, bonuses and subsidies for those who are unemployed and/or considered "most vulnerable"; (xiii) November 6, Extension of tax exemption of subsidies granted by towns, municipalities and federal entities; (xiv) November 6, Flexible access to unemployment for artists. Artists who can provide proof of at least 10 artistic performances or 20 working days during the period from March 13, 2019 to March 13, 2020, are granted access to unemployment for artists; (xv) November 24, The Government has approved an additional EUR575 million for care and nursing homes hit by the pandemic [update].

Belgium 06 06 - Budget reallocation EUR
Belgium 07 07 - Central bank financing government EUR
Belgium 07A 07A - Direct lending and reserve drawdown EUR
Belgium 07B 07B - Secondary purchase: government securities EUR
Belgium 08 08 - International Assistance Received EUR
Belgium 08A 08A - Swaps EUR
Belgium 08B 08B - International loans/grants EUR
Belgium 08B1 08B1 - Asian Development Bank EUR
Belgium 08B2 08B2 - Other EUR European Commission. (accessed 7 September 2020). (accessed 3 October 2020).

(i) August 24, The European Commission proposed a EUR7.8 billion loan to be granted on favourable terms from the EU to Belgium via the SURE Program. This is pending final approval by the Council; (ii) As of September 25, Final approval has been granted by the council.

Belgium 09 09 - International Assistance Provided EUR
Belgium 09A 09A - Swaps EUR
Belgium 09B 09B - International loans/grants EUR
Belgium 10 10 - No breakdown EUR
Belgium 11 11 - Other Economic Measures EUR Federale Overheidsdienst Financiën. (accessed 02 June 2020). Financial Services and Market Authority. (accessed 21 May 2020). IMF. (accessed 15 April 2020); OECD. (accessed 9 May 2020); Yale. (accessed 30 April 2020).

(i) March 30, Belgian Debt Agency issued a new syndicated EURO benchmark bond maturing October 22nd, 2027 (OLO 91) in the near future and increased the number of OLO auctions by also organizing auctions on the penultimate Monday of May, August and October; (ii) March 30, Belgian Debt Agency stops buying back OLOs maturing in 2022; (iii) April 8, The Federal Debt Agency announces that it has accepted the offers for the auction of Treasury certificates of today for a total amount of EUR 2.280 billion; (iv) Ban on short-selling stocks until May 17; (v) May 12, the Financial Services and Markets Authority agreed to not take action against companies that will not be able to comply with mandatory data provision on code of conduct risk models by June 30, 2020; (vi) May 18: Suspended the ban on short selling; (vii) June 2: Extended the agreement on taxation of cross-border workers with Germany and Netherlands until June 30, 2020.

Belgium 12 12 - Non-Economic Measures EUR IMF. (accessed 11 November 2020).

(i) The minority government-which has been granted enhanced executive powers-has implemented a range of measures to reduce the spread of the coronavirus, including school and retail shop closures, a ban on all gatherings, limiting movement to essential needs, ban of non-essential travel abroad; (ii) The government has announced a phased conditional on health outcomes. On this basis, manufacturing and business services sectors were reopened on May 4, to be followed by shops (May 11 and May 18). Schools will also start to gradually reopen from May 18. The reopening of other sectors and overseas travel will be assessed by June 8, while sporting events remain banned until July 31; (iii) June 11, Hospitality, cultural, and non-contact sports activities (without audience) as well as religious services were allowed to resume as of June 8. Domestic travel restrictions have been lifted; (iv) June 18, travel restrictions within the Schengen area have also been lifted; (v) July 23, Due to the recent rise in the number of new cases, the government decided to put the 5th phase of reopening on hold, imposed new preventive measures and further decentralized decision making regarding mask wearing to local authorities; (vi) August 20, the government decided to ease some restrictions, while keeping social distancing rules in place until at least end-September. For instance, shopping and events are now permitted; (vii) Schools, except universities, have fully reopened in September, with in-person classes; (viii) Containment measures have been ramped up significantly since early October amidst a sharp resurgence of cases and hospitalizations culminating in a new lockdown from November 2.

Denmark 01 01 - Liquidity Support DKK 2,211,659,372 327,433,628
Denmark 01A 01A - Short-term lending DKK 2,211,659,372 327,433,628 European Commission. (accessed 14 May 2020).

May 5, EUR296 million in investment or working capital loans to startups to be provided only until the end of the year.

Denmark 01B 01B - Support policies for short-term lending DKK IMF. (accessed 15 April 2020).

(i) March 20, The (Danmarks Nationalbank) DN announced the launch of an ‘extraordinary lending facility’ which will make full-allotment, 1-week, collateralized loans available to banks at -0.5 % interest rate. Starting March 27, this facility will also include 3-month variable rate loans; (ii) March 24, The DN announced the auction of USD liquidity; (iii) the Danish Financial Stability Authority (DFSA) also announced a case by case relaxation of regulation on the LCR requirement.

Denmark 01C 01C - Forex operations DKK IMF. (accessed 12 May 2020).

Denmark’s krone is pegged to the Euro. The fixed exchange rate policy has served Denmark well. The DN has stated its objective of preserving the peg.

Denmark 02 02 - Credit creation DKK 295,400,000,000 43,733,630,525
Denmark 02A 02A - Financial sector lending/funding DKK
Denmark 02B 02B - Support policies for long-term lending DKK 200,000,000,000 29,609,770,159 IMF. (accessed 14 May 2020).

No amount/estimate: (i) The DN increased the policy rate by 15bps to -0.6 %; (ii) March 12, DKK200 billion in additional liquidity after Danish authorities reduced the countercyclical capital buffer from 1% to 0% and cancel the planned increases meant to take effect later; (ii) March 30, A joint statement by the government and the financial sector commits banks and mortgage banks to support households with additional loans and payment holidays. Banks and insurance companies are urged by the DFSA not to pay out dividends or buy back shares; (iii) the DN also increased the interest rate on the previously announced 1-week loans to -0.35 %.

Denmark 02C 02C - Loan guarantees DKK 95,400,000,000 14,123,860,366 OECD. (accessed 24 June 2020).

(i) March 17, DKK1.20 billion credit guarantee for Scandinavian Airlines. Total support credit guarantee to the airlines amounting to SEK3.5 billion equally split between the Danish and Swedish governments; (ii) March 19, DKK35.7 billion loan guarantees scheme for large firms; (iii) DKK25 billion loan guarantee scheme for SMEs; (iv) DKK1.25 liquidity guarantee in new loans to SMEs with export activities; (v) DKK2.25 billion government guarantee for the Travel Guarantee Fund, to be repaid by the travel industry in the coming years; (vi) April 18, DKK30 billion government guarantee (to insurance companies) for companies' trade and export activities; (vii) No amount/estimate: May 20, For startups, loan guarantees by the Ministry of Finance on 70 % of new corporate loans that are issued to cover losses directly relating to COVID-19.

Denmark 03 03 - Direct long-term lending DKK 1,500,000,000 222,073,276
Denmark 03A 03A - Long-term lending DKK 1,500,000,000 222,073,276 OECD. (accessed 15 April 2020).

March 19, DKK1.5 billion expected increase in the utilization of Danish students’ Loan Scheme that was temporarily extended.

Denmark 03B 03B - Forbearance DKK
Denmark 04 04 - Equity support DKK 18,777,889,398 2,780,044,946 IMF. (accessed 8 July 2020). European Commission. (accessed 22 July 2020)

(i) April 18, DKK3.5 billion in loans and equity provided to entrepreneurs and venture firms. The state investment fund (Vaekstfonden) will provide risky capital to start-ups and venture firm, facing difficulties in financing as private investors withdraw from the market. Available in 2020 only; (ii) June 15, DKK10 billion from a new government-backed fund to act as an investor of last resort with the possibility of recapitalizing large and important firms at risk of bankruptcy; (iii) Together with Sweden, planned recapitalization of SAS (a Dutch airline) through an equity injection. Last August 17, the European Commission (EC) approved this measure. Denmark is expected to provide approximately EUR583 million of the recapitalization funds; (iv) November 20, EUR1.34 billion approved by the EC as capital support to large companies affected by coronavirus outbreak. [update]