Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Republic of Korea 01 - Liquidity Support
Republic of Korea 01A - Short-term lending International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 20 April 2020).

No amount/estimate: (i) The Bank of Korea (BOK)is making unlimited amounts available through open market operations (OMOs); (ii) April 16, The BOK launched the Corporate Bond-Backed Lending Facility as a lending scheme providing loans to businesses, banks and non-bank financial institutions for up to 6 months.

Republic of Korea 01B - Support policies for short-term lending International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 20 April 2020).

No amount/estimate: The BOK has taken several measures to ensure continued accommodative monetary conditions and facilitate financial system liquidity. These include (i) Expanding the list of eligible OMO participants to include select nonbank financial institutions; (ii) Expanding eligible OMO collateral to include bank bonds and certain bonds from public enterprises and agencies; and (iii) temporarily reducing the minimum foreign exchange liquidity coverage ratio for banks to 70% (was 80%).

Republic of Korea 01C - Forex operations IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 2 April 2020).

No amount/estimate: Other measures taken to facilitate funding in foreign exchange include (i) raising the cap on foreign exchange forward positions to 50% of capital for domestic banks (previously 40%) and 250% for foreign-owned banks (was 200%), (ii) temporarily suspending the 0.1% tax on short-term nondeposit foreign exchange liabilities of financial institutions, and (iii) see (iii) in Measure 1B.

Republic of Korea 02 - Credit creation 5,000,000,000,000 4,098,070,554
Republic of Korea 02A - Financial sector lending/funding 5,000,000,000,000 4,098,070,554 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 20 April 2020).

To augment available funding for small and medium-sized enterprises (SMEs), the BOK increased the ceiling of the Bank Intermediated Lending Support Facility by a total of KRW5 trillion (about 0.26% of gross domestic product [GDP]).

Republic of Korea 02B - Support policies for long-term lending IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020).

No amount/estimate: The BOK lowered the interest rate to 0.25% (from 0.5% to 0.75%) and lowered the Base Rate by 50 basis points, from 1.25% to 0.75%.

Republic of Korea 02C - Loan guarantees OECD. https://www.oecd.org/coronavirus/en/ (accessed 20 April 2020).

March 17: The National Assembly approved loans and guarantees for small businesses (Note that the amount is included in (ii.a) of Non-health under Measure 5) .

Republic of Korea 03 - Direct long-term lending 89,300,000,000,000 73,191,540,092 OECD. https://www.oecd.org/coronavirus/en/ (accessed 20 April 2020).

March 24, The government announced an additional financial support package of KRW100 trillion (USD80 billion) to boost local business and ease the financial burden on households and businesses: (i) expansion of financial loans and guarantees for SMEs and affected households and businesses (KRW58 trillion), (ii) creation of a bond market stabilisation fund (KRW20 trillion); and (iii) creation of a stock market stabilisation fund (KRW10.7 trillion; see also Measure 4).

Republic of Korea 03A - Long-term lending
Republic of Korea 03B - Forbearance
Republic of Korea 04 - Equity support 10,700,000,000,000 8,769,870,985 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 1 May 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 1 May 2020).

March 24, The government announced the creation of a stock market stabilisation fund (KRW10.7 trillion).

Republic of Korea 05 - Government support to income/revenue 40,000,000,000,000 32,784,564,431
Republic of Korea 05A - Health 2,100,000,000,000 1,721,189,633 OECD. https://www.oecd.org/coronavirus/en/ (accessed 20 April 2020); WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 20 April 2020).

(i) March 17, The National Assembly approved the budget of KRW2.1 trillion for disease control, i.e., epidemic prevention and treatment, support for medical institution and quarantined people; (ii) April 14, No amount/estimate: Temporary elimination of import tariffs on surgical and sanitary masks and melt blown filters until June 30, 2020.

Republic of Korea 05B - Non-health 37,900,000,000,000 31,063,374,798 OECD. https://www.oecd.org/coronavirus/en/ (accessed 20 April 2020).

(i) February, The government announced emergency support of KRW 20 trillion for households and damaged industries, such as tourism and export industries; (ii) In March 17: The National Assembly approved (a) loans and guarantees for small businesses, indirect support of wage and rent for small merchants (KRW4.1 trillion), (b) consumption coupons for the poor, emergency family care and employment retention support (KRW3.5 trillion), and (c) support for issuing local gift certificate, local government grants for infection prevention (KRW1.2 trillion); (iii) March 31, The government announced an emergency relief payment plan of KRW9.1 trillion (USD7.4 billion) to address the virus outbreak. The government plans to pay relief checks to households in the bottom 70% income bracket (around 14 million households), of up to KRW1 million (USD820) per household. For this, a second supplementary budget bill will be submitted to the National Assembly in April; and (iv) No amount/estimate: Some local governments have announced cash support for people (a) Gyeonggi province announced KRW100,000 (USD82) to all residents, and (b) Seoul and Daejeon have a similar plan without specific criteria.

Republic of Korea 06 - Budget reallocation
Republic of Korea 07 - Central bank financing government 1,500,000,000,000 1,229,421,166
Republic of Korea 07A - Direct lending & reserve drawdown
Republic of Korea 07B - Secondary purchase: government securities 1,500,000,000,000 1,229,421,166 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 20 April 2020).

The BOK is purchasing Korean Treasury Bonds (KRW1.5 trillion).

Republic of Korea 08 - International Assistance Received 73,205,181,818,182 60,000,000,000
Republic of Korea 08A - Swaps 73,205,181,818,182 60,000,000,000 Federal Reserve Bank of New York. https://apps.newyorkfed.org/markets/autorates/fxswap (accessed 20 April 2020).

The BOK opened a USD60 billion bilateral swap line with the United States (US) Federal Reserve.

Republic of Korea 08B - International loans/grants
Republic of Korea 08B1 - Asian Development Bank
Republic of Korea 08B2 - Other
Republic of Korea 09 - International Assistance Provided 9,233,613,600,000 7,568,000,000
Republic of Korea 09A - Swaps 9,233,613,600,000 7,568,000,000 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).

April 7, USD7.568 billion bilateral currency swap arrrangement with Bank Indonesia.

Republic of Korea 09B - International loans/grants
Republic of Korea 10 - No breakdown
Republic of Korea 11 - Other Economic Measures WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 1 May 2020).

April 14, Temporary export ban on surgical and sanitary masks and melt blown filters.

Republic of Korea 12 - Non-Economic Measures IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 20 April 2020).

The authorities have implemented comprehensive testing and tracking, which has enabled early isolation and treatment while minimizing widespread mobility restrictions.