Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
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. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed15 May 2020). Government of Argentina. https://www.argentina.gob.ar/noticias/el-gobierno-nacional-lanza-linea-de-credito-tasa-cero-para-el-sector-de-las-industrias (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) 2 June 2020, No amount/estimate: launched a special line of credit for work cooperatives at a subsidized rate of 18%; (v) 11 June 2020, No amount/estimate: created the PyMEs Plus program to support microbusinesses and SMEs by providing new lines of credit to eligible applicants; (vi) 13 August 2020, launched a zero-rate credit line for the cultural industries sector.

Argentina 01B 01B - Support policies for short-term lending ARS BCRA. https://www.bcra.gob.ar/Noticias/Coronavirus-BCRa-medidas-directorio.asp (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
Argentina 02B1 02B1 - Interest rate adjustments ARS Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 15 November 2020).

13 November 2020, raised the benchmark Leliq rate to 38% from 36%, along with increases in repo rates and retail certificate deposits.

Argentina 02B2 02B2 - Other policies to support long-term lending ARS BCRA. https://www.bcra.gob.ar/Noticias/Coronavirus-BCRA-creditos-mipymes.asp (Accesed 27 April 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (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. https://www.argentina.gob.ar/coronavirus/medidas-gobierno (Accessed 27 April 2020). Government of Argentina. https://www.argentina.gob.ar/noticias/el-gobierno-anuncio-una-linea-de-creditos-para-pymes-turisticas-con-un-ano-de-gracia-y-tasa (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) 13 October 2020, ARS3 billion in (viii) of Measure 3A.

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. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 15 May 2020). Government of Argentina. https://www.argentina.gob.ar/noticias/el-gobierno-anuncio-una-linea-de-creditos-para-pymes-turisticas-con-un-ano-de-gracia-y-tasa (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: 11 May 2020, 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) 10 September 2020, 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) 13 October 2020, 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.

Argentina 03B 03B - Forbearance ARS Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (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
Argentina 05 05 - Health and income support ARS 169,284,000,000 2,697,752,988
Argentina 05A 05A - Health support ARS 6,000,000,000 95,617,530 Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 5 May 2020). Argentine Government. https://www.argentina.gob.ar/noticias/el-gobierno-extendio-el-subsidio-de-contencion-familiar-dispuesto-en-2006 (accessed 14 August 2020). Argentine Government. https://www.boletinoficial.gob.ar/detalleAviso/primera/227193/20200327 (accessed 25 September 2020). MENAFN. https://menafn.com/1101062851/Argentina-inks-deal-with-Russia-to-purchase-25-mln-doses-of-coronavirus-vaccine&source=30 (accessed 06 November 2020).

(i) authorized ARS 6 billion to Argentine provinces to strengthen municipal health systems and finances; (ii) increase in budget items for therapeutic communities, homes with coexistence and homes for care and community accompaniments; (iii) No amount/estimate: 8 August 2020, Established a subsidy of ARS 15,000 for the relatives of people who died due to COVID-19, who at the time of their death, were unemployed, worked in the informal economy or were monotaxists; (iv) No amount/estimate: 15 September 2020, Extended the Stimulus Allowance for Healthcare workers by 90 days and expanded the scope of the allowance to reach 700,000 people when before it reached 500,000. This is a monthly 5,000 Peso allowance for healthcare workers. (v) No amount/estimate: 3 November 2020, purchase of 25 million doses of Russian COVID-19 vaccine "Sputnik V".

Argentina 05B 05B - Income support ARS 163,284,000,000 2,602,135,458
Argentina 05B1 05B1 - Tax and contribution deferrals and policy changes ARS
Argentina 05B2 05B2 - Tax and contribution rates reduction ARS Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 May 2020, 19 June 2020, 26, June).

(i) 1 May 2020, declared that Emergency Family Income (IFE), Universal Child Allowance (AUH), and the Complementary Salary (SC) are not taxable as part of gross income; (ii) No amount/estimate: June 9, exempted temporarily from payment of income tax for overtime, guards and additional personnel of Health, Armed, and Security Forces and other activities related to the health emergency; (iii) exempted the payment of employment contributions to sectors criticaly affected by the coronavirus pandemic;

Argentina 05B3 05B3 - Subsidies to individuals and households ARS Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 May 2020, 19 June 2020, 26, June). Argentine Government. https://www.boletinoficial.gob.ar/detalleAviso/primera/234035/20200825 (accessed 28 August 2020).Argentine Government. https://www.boletinoficial.gob.ar/detalleAviso/primera/227120/20200325?busqueda=1 (accessed 25 September 2020).

(i) created an Emergency Family Income (IFE) to compensate the loss or serious decrease in the income of people linked to the informal sector; (ii) implemented Universal Child Allowance (AUH) and Universal Pregnancy Allowance (AUE) payments, worth ARS3,103 per month for each child; (iii) increased the monthly non-remunerative financial to temporary workers in the agricultural and agro-industrial sectors; (iv) suspended fees and commissions for ATM operations (deposits, withdrawals, inquiries, etc.) through June 30, 2020; (v) reinforced unemployment insurance; (vi) ordered an extraordinary payment to the holders of the Food Card; (vii) May 1, established emergency economic assistance within the framework of the Self-Managed Work Program; (viii) No amount/estimate: 12 May 2020, required Banks to refund fees ass (ix) No amount/estimate: 18 May 2020, announced an increase of 6.12% for all retirees and pensioners according to the scale of the pyramid, which brings the minimum retirement to 16,864 pesos and the maximum credit to 113,479 pesos, also includes increases in non-contributory pensions, the Universal Child Allowance, the Universal Pregnancy Allowance and the Family Allowances;ociated with the National Social Security Administration (ANSES) and Emergency Family Income (IFE) benefit; (x) No amount/estimate: 5 June 2020, ordered payment of 3 thousand pesos for those under the Empower Work Program and did not receive IFE; (xi) No amount/estimate: 9 June 2020, national government extended the right to double compensation for individuals who are dismissed from their jobs without just cause; (xii) No amount/estimate: created assistance programs for individuals with disabilities affected by COVID-19; (xiii) No amount/estimate: 18 June 2020, extended until September 30 the suspension of the collection of all charges to operate in ATMs; (xiv) No amount/estimate: 22 June 2020, increase of ARS3000 in the monthly non-contributory financial aid under Training and Employment Insurance; (xv) 24 August 2020, an increase of 7.50% for pension benefits as of September; (xvi) September 20, utilities with up to 7 months of past-due payments from March 1 2020 onwards cannot be discontinued.

Argentina 05B4 05B4 - Subsidies to businesses ARS Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 May 2020)

No amount/estimate: 5 May 2020, expanded the Emergency Assistance Program for Work and Production to cover more companies and activities.

Argentina 05B5 05B5 - Indirect income support ARS 149,171,000,000 2,377,227,092 Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 May 2020, 19 June 2020, 26, June). Argentine Government. https://www.argentina.gob.ar/noticias/guzman-y-de-pedro-firmaron-con-el-gobernador-de-mendoza-un-nuevo-acuerdo-del-fondo (accessed 03 Jul 2020). Argentine Government. https://www.argentina.gob.ar/noticias/mas-de-300-millones-de-pesos-para-poner-en-marcha-el-programa-potenciar-trabajo-en-cordoba (accessed 03 July 2020). Official Bulletin of Argentina. https://www.boletinoficial.gob.ar/detalleAviso/primera/231883/20200708 (accessed 17 July 2020). Argentine Government. https://www.argentina.gob.ar/noticias/el-presidente-anuncio-obras-para-chaco-misiones-cordoba-la-pampa-y-salta-por-20-mil (accessed 28 August 2020). Argentine Govenrment. https://www.boletinoficial.gob.ar/detalleAviso/primera/236440/20201023?anexos=1 (accessed 23 October 2020).

(i) Increased budget for public investment in road works, economic infrastructure, construction and renovation of houses, schools, kindergartens, and tourism by ARS100 billion; (ii) No amount/estimate: 11 May 2020, updated the amounts of economic aid provided under the Job Insertion Program; (iii) 14 May 2020, ARS29 billion federal program which includes the construction of 5,500 new homes, the financing of 42,900 parts that include gas, electricity and sanitary infrastructure works, the granting of microcredits for the acquisition of construction materials and the carrying out of small-scale works, as well as the conditioning of community spaces in popular neighborhoods. Estimated to generate 750 thousand direct and indirect jobs between 2020 and 2021; (iv) 22 May 2020, ARS21 million for the acquisition of 70,000 new computers, within the framework of the federal connectivity program "Juana Manso" that carries out the educational portfolio. (v) 15 July 2020, extended until October 2020 loan benefits under the Emergency Assistance to Work and Production (ATP) program for the performing arts sector; (vi) 19 August 2020, ARS20 billion to rehabilitate the infrastructure projects in the provinces of Chaco, Misiones, Córdoba, La Pampa and Salta; (vii) 22 October 2020, ARS150 million under the Development Fund under the MInistry of Culture to grant economic support to cultural spaces.

Argentina 05B6 05B6 - No breakdown (income support) ARS 14,113,000,000 224,908,367 Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 May 2020, 19 June 2020, 26, June). Argentine Government. https://www.argentina.gob.ar/noticias/guzman-y-de-pedro-firmaron-con-el-gobernador-de-mendoza-un-nuevo-acuerdo-del-fondo (accessed 03 Jul 2020). Argentine Government. https://www.argentina.gob.ar/noticias/mas-de-300-millones-de-pesos-para-poner-en-marcha-el-programa-potenciar-trabajo-en-cordoba (accessed 03 July 2020). Official Bulletin of Argentina. https://www.boletinoficial.gob.ar/detalleAviso/primera/231883/20200708 (accessed 17 July 2020). Argentine Government. https://www.argentina.gob.ar/noticias/el-gobierno-nacional-firmo-acuerdos-de-asistencia-financiera-con-jujuy-la-rioja-tierra-0 (accessed 24 July 2020). Argentine Government. https://www.argentina.gob.ar/noticias/arroyo-y-capitanich-firmaron-la-implementacion-del-potenciar-trabajo-en-chaco (accessed 31 July 2020). Argentine Government. https://www.boletinoficial.gob.ar/detalleAviso/primera/233459/20200811 (accessed 14 August 2020). Argentine Government. https://www.argentina.gob.ar/noticias/el-presidente-anuncio-obras-para-chaco-misiones-cordoba-la-pampa-y-salta-por-20-mil (accessed 28 August 2020). Argentine Govenrment. https://www.boletinoficial.gob.ar/detalleAviso/primera/236440/20201023?anexos=1 (accessed 23 October 2020).

(i) Established Emergency Assistance Program for Work and Production for employers and workers affected by the health emergency; (ii) 12 June 2020, ARS900 million, emergency measures to face the COVID-19 pandemic and its sanitary, economic and housing consequences; (iii) 28 June 2020, ARS1.9 billion grant to province of Mendoza under the the Trust Fund for Financial Development; (iv) 30 June 2020, ARS313 million to launch the Program to Promote Work in the province of Cordova; (v) 7 July 2020, ARS4 billion budget for 2020 to support the reactivation and completion of National Housing Plan projects; (vi) 16 July 2020, ARS6.4 billion for the provinces of Jujuy, La Rioja, Tierra del Fuego, and Salta under the Trust Fund for Provincial Development (FFDP); (vii) 27 July 2020, ARS500 million for the program "Empower Work" in Chaco; (viii) 7 August 2020, ARS100 million for Created the Program for the Promotion of Work, Rooting and Local Supply (PROTAAL).

Argentina 05C 05C - No breakdown (health and income support) ARS
Argentina 06 06 - Budget reallocation ARS
Argentina 07 07 - Central bank financing government ARS
Argentina 07A 07A - Direct lending and reserve drawdown ARS
Argentina 07B 07B - Secondary purchase: government securities ARS
Argentina 08 08 - International Assistance Received ARS 37,650,000,000 600,000,000
Argentina 08A 08A - Swaps ARS Central Bank of the Republic of Argentina. https://www.bcra.gob.ar/Noticias/nuevo-acuerdo-swap-banco-republica-popular-china.asp (accessed 14 August 2020).

No amount/estimate: 6 August 2020, Signed a currency swap agreements with the Bank of the People's Republic of CHINA (PBC). The new agreements will be valid for 3 years.

Argentina 08B 08B - International loans/grants ARS 37,650,000,000 600,000,000 Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 5 May 2020). Wall Street Journal. https://www.wsj.com/articles/argentina-moves-closer-to-sovereign-debt-default-amid-coronavirus-crisis-11590160035 (accessed 29 May 2020).

(i) 3 May 2020, instead of defaulting to its creditors, the government proposed a three-year grace period on sovereign debt, a 5.5% reduction in bond principal, and a 62% reduction in interest payments; (ii) 22 May 2020, Argentina went into technical default when the 30-day grace period expired on $500 million interest due on $65 billion owed to private creditors.

Argentina 08B1 08B1 - Asian Development Bank ARS
Argentina 08B2 08B2 - Other ARS 37,650,000,000 600,000,000 World Bank. https://www.worldbank.org/en/news/press-release/2020/03/25/banco-mundial-fortalece-apoyo-a-las-familias-mas-vulnerables-de-argentina (Accesed 27 April 2020). USAID. https://www.usaid.gov/news-information/coronavirus/fact-sheets/update-united-states-continues-lead-global-response-covid-19 (accessed 29 May 2020).

(i) World Bank Group approved a USD300 million operation to support Argentina’s efforts to strengthen its social protection system and minimize the impact of the crisis on the most vulnerable families through the "Children and Youth Protection Project”; (ii) USD300 million from USAID in new MRA humanitarian assistance will support COVID-19 response efforts for refugees and host communities.

Argentina 09 09 - International Assistance Provided ARS
Argentina 09A 09A - Swaps ARS
Argentina 09B 09B - International loans/grants ARS
Argentina 10 10 - No breakdown ARS 135,620,000,000 2,161,274,900 Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 27 April 2020).

(i) Created the Provincial Financial Emergency Program, which allocates ARS120 billion to provincial administrations from the National Treasury Contribution Fund and the Fund Trustee for Provincial Development aimed at sustaining provincial finances and meet the needs caused by the COVID-19 pandemic; (ii) 12 June 2020, ARS120 million to create Trust Fund for Provincial Development, which provides financial assistance for the provinces; (iii) 16 June 2020, ARS13.6 billion, included the provinces of Córdoba, Santa Fe, Misiones and Santa Cruz in the Provincial Financial Emergency Program.

Argentina 11 11 - Other Economic Measures ARS Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 9 May 2020, 26 June 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 27 April 2020). Official Bulletin of Argentina. https://www.boletinoficial.gob.ar/detalleAviso/primera/232522/20200724 (accesed 31 July 2020). Official Bulletin of Argentina. https://www.boletinoficial.gob.ar/detalleAviso/primera/230897/20200619 (accessed 2 October 2020).

(i) Capital Flow Management Measures (CFMs) that were already in place since August 2019 have largely protected Argentina so far from the impact of capital outflows; (ii) Adopted anti-price gouging policies, including price controls for food and medical supplies and ringfencing of essential supplies, including certain export restrictions on medical supplies and equipment and centralization of the sale of essential medical supplies.; (iii) 28 April 2020, Ordered that the Common Investment Funds (FCI) in pesos must invest at least 75% of their assets in financial instruments and negotiable securities issued in the Argentine Republic; (iv) Extended deadline of filing financial statements for small and medium-sized corporations; (v) 16 May 2020, extended validity of Maximum Prices until June 20; (vi) 18 May 2020, suspended price increases mobile and fixed telephony, Internet and pay TV services until August 31; June 18, extended until end of the year ; (v) 19 May 2020, set the domestic price of a barrel of oil at USD45 with the objective of reactivating the national hydrocarbon industry, guaranteeing the continuity of jobs and promoting self-sufficiency; (vi) 18 June 2020, extended the suspension of the closure and disabling of bank accounts until December 31, 2020, inclusive; (vii) 23 July 2020, extension of 15 days for presentation and payment of tax returns on earnings and personal and identity assets.

Argentina 12 12 - Non-Economic Measures ARS
Argentina 12A 12A - Measures affecting travel and transport (local and international) ARS IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 27 April 2020).

(i) The country has adopted full closure of borders and a nation-wide quarantine, beginning on 20 March 2020 and lasting until at least 26 April 2020, including closed borders.

Argentina 12B 12B - Measures affecting business and workplace ARS Republic World. https://www.republicworld.com/world-news/south-america/argentina-malls-back-in-business-as-lockdown-eases.html (accessed 16 October 2020).

(i) 11 October 2020, schools and other education activities can be resumed, if certain epidemiological criteria are fulfilled. (ii) 15 October 2020, almost 8 months after lockdown, reopening of large shopping centers and the return of regular internal flights and public transport.

Argentina 12C 12C - Others ARS