Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Brazil 01 01 - Liquidity Support BRL 601,809,194,527 123,240,283,788
Brazil 01A 01A - Short-term lending BRL 2,500,000,000 511,957,465 International Monetary Fund (IMF). (accessed 29 April 2020). BCB (accessed 15 January 2021)

(i) No amount/estimate: The central bank also opened a facility to provide loans to financial institutions backed by private corporate bonds as collateral (iii) Maxmimum outstanding loans from the BCB's standing facility reached BRL2.5 billion in March 2020.

Brazil 01B 01B - Support policies for short-term lending BRL 288,800,000,000 59,141,326,324 IMF. (Accessed 29 April 2020). BCB (accessed May 29). BCB. (accessed June 25); BCB (accessed June 25)

(i) 20 February 2020, the reserve requirement on time deposits was reduced from 31% to 25% and restrictions on applying reserve requirements to the Liquidity Coverage Ratio were relaxed; BCB estimates the effect will be to increase lending by BRL 135 billion; (ii) 26 March 2020, the reserve requirement on time deposits was reduced further from 25% to 17%; BCB estimates the effect will be to increase lending by BRL 68 billion; (iii) 26 March 2020, the upper limit of the repurchase of Financial Letters of their own issuance for bank from Segment S1 was raised from 5% to 50%; BCB estimates an increase in liquidity of BRL 30 billion; (iv) No amount/estimate: 23 June 2020, BCB reduced the Risk-Weighting Factor (FPR) from 50% to 35% for Time Deposits with Special Guarantees (DPGE) exposures when the depositor is an institution associated with the Credit Guarantee Fund (FGC); (v) 23 June 2020, BCB now allows credit operations for financing working capital for companies with annual sales of up to BRL50 million contracted from 29 June to 31 December 2020 to be deducted from compulsory reserve requirements on saving deposits for a period of 3 years; the measure has maximum estimated potential increase to lending potential of BRL55.8 billion.

Brazil 01C 01C - Forex operations BRL 310,509,194,527 63,587,000,000 IMF. (Accessed 29 May 2020) . Mercopress (accessed October 31). BCB (Accessed 15 January 2021)

(i) The central bank has intervened various times in the foreign exchange market since mid-February (both with spot and derivative contracts sales), by a total of nearly USD45 billion (10% of gross reserves) as of 28 May 2020; (ii) The central bank is resuming repo operations of Brazilian sovereign bonds denominated in US dollars, having released USD9 billion into the money market thus far; (iii) 31 October 2020, BCB sold USD1.787 billion across 28 October and 30 October 2020 to keep BRL below BRL5.8 per USD, which it had crossed for the first time since May; (iv) The BCB's March traditional foreign exchange swap auctions maturing on December 1, 2020 totalled the equivalent of USD7.8 billion.

Brazil 02 02 - Credit creation BRL 1,576,000,000,000 322,737,985,755
Brazil 02A 02A - Financial sector lending/funding BRL 120,000,000,000 24,573,958,306 BCB. (accessed 26 June 2020). BCB (accessed 20 July 2020). BCB (accessed 24 July 2020)

(i) No amount/estimate: 23 June 2020, BCB announced conditions for purchase of private financial assets in secondary markets, namely that assets with credit risk equivalent to BB- or higher, in a central depository, not convertible into shares, and with a maturity of 12 months or more will be eligible; (ii) 16 July 2020, BCB announced the Working Capital Program for the Preservation of Companies (CGPE) that provides access to credit for companies with revenues up to BRL 300 million; BCB estimates the CGPE can increase credit to these companies by BRL 120 billion; (iii) No amount/estimate: 21 July 2020, the BCB announced that it will regulate the CGPE--loans will be for a minimum of 36 months, with a minimum grace period of 6 months for the beginning of debt amortization; at least 80 percent of the program is targeted at smaller companies with annual revenus up to BRL100 million; new CGPE loans cannot have higher interest rates or terms longer than the original transaction; the value of the collateral pledged must observe the regulatory limit applicable to the original transaction.

Brazil 02B 02B - Support policies for long-term lending BRL 1,451,000,000,000 297,140,112,519
Brazil 02B1 02B1 - Interest rate adjustments BRL Minsitry of Economy (accessed March 20). IMF. (accessed 29 April 2020); BCB., (accessed May 29). BCB (accessed June 8), (accessed June 8). CVM (accessed 29 July 2020). BCB (accessed 6 Auguest 2020). BCB (accessed 28 January 2021)

(i) 17 March 2020, The Ministry of Economy reduced interest rates on payroll loans for retirees from 2.08% to 1.8%, and reduced the credit card rate from 3% to 2.7%; (ii) The central bank lowered the policy rate (SELIC) by 50bps a historical low of 3.75%; (iii) On 6 May 2020, The central bank decided to lowered the Selic rate to 3% p.a; (iv) No amount/estimate: 17 June 2020, BCB announced a 0.75% cut in the Selic rate to 2.25%; (v) No amount/estimate: 5 August 2020, BCB announced a 0.25% cut in the Selic rate to 2%; (vi) 20 January 2021: No amount/estimate; the BCB's policy committee, COPOM, announced that because various measures of underlying inflation are above the range compatible with meeting the inflation target, it therefore assesses that both inflation expectations and inflation projections are sufficiently close to its inflation target for the relevant monetary policy horizon--consequently, its previous forward guidance from mid 2020 (that COPOM would not reduce the degree of monetary stimulus provided that certain conditions were met) has been ended and monetary policy will henceforth follow the usual analysis of the risk balance for prospective inflation; the committe reiterated, however, that it is not inclined to raise its SELIC (policy rate) target above the current level of 2% at this time; COPOM also warned of fiscal risks due to the central government's large budget deficits used to respond to COVID-19.

Brazil 02B2 02B2 - Other policies to support long-term lending BRL 1,451,000,000,000 297,140,112,519 IMF. (accessed 29 April 2020); BCB., (accessed May 29). BCB (accessed June 8), (accessed June 8). CVM (accessed 29 July 2020). BCB (accessed 6 Auguest 2020);

(i) 26 March 2020, the New Term Deposit with Special Guarantees (NDPGE) was introduced as a new financing tool for financial institutions associated with the Credit Guarantee Fund (FCG). This is expected to raise credit supply by BRL 200 billion; (ii) 26 March 2020, the BCB offered loans backed by debentures to financial insitutions through the Temporary Liquidity Line; this is expected to increase credit by BRL 91 billion; (iii) 26 March 2020, the BCB allowed the temporary exemption of tax effects arising from overhedge of equity investments held abroad being deducted from equity -- This provides sufficient capital relief from currency depreciation that BCB estimates an increase of BRL 520 billion in credit creation; (iv) BCB reduced the factor applied to calculate the Capital Conservation buffer from 2.5% to 1.25% through March 2021 with gradual reversal until March 2022; BCB estimates this provides capital relief of about BRL 56 billion and increases credit supply by BRL640 billion; No amount/estimate: (v) 24 April 2020, the Banco Central de Brasil (BCB) raised the limit on collateralized lending for cooperative banks; (vi) 29 May 2020, BCB announced an extension of dividend restrictoins until December 2020 and temporary easing of rules on real estate financing; (vii) 2 June 2020, BCB announced it would maintain the countercyclical capital buffer addition at 0% for at least 1 year; (viii) No amount/estimate: 28 July 2020, the Securities and Exchange Commission (CVM) extended the suspension of requirement that a new public offering cannot occur within 4 months of the closing of a previous offering.

Brazil 02C 02C - Loan guarantees BRL 5,000,000,000 1,023,914,929 Ministry of Economy. (accessed 8 June 2020).

(i) 2 June 2020, Ministry of Economy provides BRL5 billion immediately and up to BRL20 billion in loan guarantees available to financial agents that lend to small and medium sized enterprises.

Brazil 03 03 - Direct long-term lending BRL
Brazil 03A 03A - Long-term lending BRL
Brazil 03B 03B - Forbearance BRL Ministry of Economy (accessed June 25). IMF. (accessed 16 April 2020).

No amount/estimate: (i) Local firms affected by the crisis were granted a 3-month moratorium on bank loan repayments (principal and interest); (ii) Exporters’ inventory financing is being supported by extending maturities for existing and new export rediscount credits; (iii) Debt enforcement and bankruptcy proceedings (except in alimony cases) have been suspended; (iv) 23 June 2020, the Ministry of Economy suspends for up to 6 months payment to the Board of Trustees of the Severance Pay Fund (FGTS) from private urban public transport companies; the impact of suspended payments is approximately BRL51 million (entered in category 5B).

Brazil 04 04 - Equity support BRL
Brazil 05 05 - Health and income support BRL 615,000,000,000 125,941,536,319 BCB. (accessed 30 January 2021)

(i) 29 January 2021: No amount/estimate, BCB announced the complete 2020 figures for the public sector's financed in 2020; the central government's primary deficit was BRL745.3 billion or 10% of GDP; the central government's total deficit is around 14% of GDP.

Brazil 05A 05A - Health support BRL 35,588,040,000 7,287,825,093 Ministry of Economy (accessed March 20) Ministry of Economy (Accessed March 21) OECD . Https:// (accessed May 28).

(i) 16 March 2020, Allocated BRL4.5 billion to directly fight coronavirus; (ii) 18 March 2020, Ministry of Economy announced another BRL2.3 billion to directly fight the pandemic; (iii) An additional 0.4% of GDP have been assigned to the public healthcare system, in addition to transfers to state and municipal governments who bear the main responsibility for public healthcare; (iv) Taxes and import duties on goods used by hospitals have been zeroed and import procedures eased. (v) Field hospitals are being built and efforts are underway to procure respirators and augment ICU capacity; (vi) The Health Ministry opened 5,800 vacancies for doctors; (vii) Resident doctors will receive a 20% bonus, worth USD130;

Brazil 05B 05B - Income support BRL 241,083,372,727 49,369,772,914
Brazil 05B1 05B1 - Tax and contribution deferrals and policy changes BRL
Brazil 05B2 05B2 - Tax and contribution rates reduction BRL
Brazil 05B3 05B3 - Subsidies to individuals and households BRL 230,707,545,455 47,244,980,024 Institute of International Finance (IIF) (Accessed 29 April 2020). Ministry of Finance (accessed June 25). Ministry of Economy (accessed 1 July 2020). Ministry of Economy (accessed 12 July 2020). Ministry of Economy (accessed 20 July 2020). Ministry of Economy (accessed 6 August 2020). Ministry of Infrastructure (accessed 7 August 2020); Ministry of Economy (accessed 25 November)

(i) Announced a comprehensive fiscal package worth USD30 billion, that includes expansion and front-loading of social assistance/benefit payments; (ii) Announced several measures, which include bringing forward the 13th pension payment to retirees, expanding the Bolsa Familia program, providing an emergency cash transfer to households; (iii) 30 June 2020, the Ministry of Economy announced extension of emergency aid for another 2 months to 64.3 million Brazilians, who receive an additional BRL600 per month (total = 64.3 million x BRL600 x 2 months = BRL77.16 billion; (iv) 3 July 2020, the Ministry of Economy announced a reduction in the IOF tax rate on credit operations had been extended 90 days; the estimated tax waiver for the 90 days is BRL7.051 billion; (v) No amount/estimate: 6 August 2020, Ministry of Infrastructure announced cancellation of the USD18 per ticket International Boarding Fare, starting in 2021; (vi) No amount/estimate: 24 November 2020, the Ministry of Economy announced that more than 600,000 persons insured by the National Social Security Institute (INSS) who had prepayments of the temporary disability benefit granted until 31 October 2020, will start receiving in December the payment of differences to which they are entitled under Joint Ordinance No. 84; (vii) Overall, the expanded Bolsa Familia program provided BRL600 per month to approximately 64 million people through September 2020; monthly benefits were cut to BRL300 per month in October 2020.

Brazil 05B4 05B4 - Subsidies to businesses BRL 7,324,827,273 1,500,000,000 Institute of International Finance (IIF) (Accessed 29 April 2020). Ministry of Finance (accessed June 25). Ministry of Economy (accessed 1 July 2020). Ministry of Economy (accessed 12 July 2020). Ministry of Economy (accessed 20 July 2020). Ministry of Economy (accessed 6 August 2020). Ministry of Infrastructure (accessed 7 August 2020); Ministry of Economy (accessed 25 November)

(i) Expanding the Bolsa Familia program with the inclusion of over 1 million more beneficiaries, cash transfers to informal and unemployed workers, and advance payments of salary bonuses to low income workers; (ii) USD1.5 billion to finance two months of payroll for firms impacted by COVID-19.

Brazil 05B5 05B5 - Indirect income support BRL 3,051,000,000 624,792,890 Institute of International Finance (IIF) (Accessed 29 April 2020). Ministry of Finance (accessed June 25). Ministry of Economy (accessed 1 July 2020). Ministry of Economy (accessed 12 July 2020). Ministry of Economy (accessed 20 July 2020). Ministry of Economy (accessed 6 August 2020). Ministry of Infrastructure (accessed 7 August 2020); Ministry of Economy (accessed 25 November)

(i) Introducing temporary tax breaks and credit lines through the state-owned banks, lowering taxes and import levies on essential medical supplies, and assisting state and local governments; (ii) 23 June 2020, the Ministry of Economy suspends for up to 6 months payment to the Board of Trustees of the Severance Pay Fund (FGTS) from private urban public transport companies; the impact of suspended payments is approximately BRL51 million (see Category 3B for link); (iii) No amount/estimate: 19 June 2020, the National Treasury updated the Manual for Instruction of Claims (MIP) to include specific guidelines and procedures under the Complementary Law No. 173/2020 that established the Federative Program to Combat Coronoavirus and altered the Fiscal Responsiblity Law (LRF) by waiving limits placed on "the Union, the States, the Federal District and Municipalities" in the event of a "public calamity"; (iv) 29 July 2020, Ministry of Economy announced the Aldir Blanc Law that provides amergency aid of BRL600 for people working in cultural establishments such as independent theaters, circuses, cinema clubs, cultural spaces in indigenous areas and popular festivals; total estimated expense is BRL3 billion.

Brazil 05B6 05B6 - No breakdown (income support) BRL
Brazil 05C 05C - No breakdown (health and income support) BRL 338,328,587,273 69,283,938,312 Ministry of Economy (accessed November 1); Ministry of Economy (accessed 25 November)

(i) 30 October 2020, Ministry of Economy announced that "measures adopted by the federal government to combat the economy and social effects of the crisis generated by COVID-19 reached BRL615 billion of primary impact, with BRL587.5 in new expenses and BRL27.5 billion in reduced revenue"; 24 November 2020, the Ministry of Economy added that BRL321.8 billion of this was emergency aid to the most vulnerable, transfers to states, municipalities and the Federal District equal to BRL60.2 billion, and BRL35.35 billion due to temporary suspension of state and municipal debt payments; The BRL figure for this entry is the net amount of those itemized above from the total BRL615 billion.

Brazil 06 06 - Budget reallocation BRL Reuters (accessed 10 October 2020).,renda-cidada-substituto-do-bolsa-familia-sera-pago-com-precatorios-e-dinheiro-do-fundeb,70003455291 (accessed 11 October 2020)

(i) No amount/estimate: 28 September 2020, Brazil's government proposed a new minimum income program called Renda Cidada to replace Bolsa Familia (the welfare programs of former President da Silva), which draws funds from the latter and from an education fund; the aim is for the program to begin on January 1, 2021; the intent is also to use parts of the budget earmarked for future debt payments; 7 October 2020, multiple potential sources of funds for Renda Cidada are being reported, but the government is said to be preparing to release details the week after local elections. First Renda Cidada payments are scheduled for 15 November 2020.

Brazil 07 07 - Central bank financing government BRL SPGlobal. (accessed 30 May 2020).

7 May 2020, Brazil's Congress approved a constitutional amendment to enable BCB to implement quantitative easing program.

Brazil 07A 07A - Direct lending and reserve drawdown BRL
Brazil 07B 07B - Secondary purchase: government securities BRL
Brazil 08 08 - International Assistance Received BRL 312,574,795,818 64,010,000,000
Brazil 08A 08A - Swaps BRL 292,993,090,909 60,000,000,000 IMF. (accessed 29 April 2020)

The Fed has arranged to provide up to USD60 billion to the central bank through a swap facility that will remain in place for the next six months; as of 6 August 2020, BCB has not borrowed from the Federal Reserve's swap facility

Brazil 08B 08B - International loans/grants BRL 19,581,704,909 4,010,000,000
Brazil 08B1 08B1 - Asian Development Bank BRL
Brazil 08B2 08B2 - Other BRL 19,581,704,909 4,010,000,000 Ministry of Economy (accessed June 8). Ministry of Economy (accessed 20 July 2020).

(i) 29 May 2020, USD4.01 billion in loans from the French Development Agency (AFD), Inter-American Development Bank (IDB), World Bank, Development Bank of Latin America (CAF), German Development Bank (KfW), and New Development Bank (NDB) for emergency income support programs; these expenses have already been incurred by the Brazilian government.

Brazil 09 09 - International Assistance Provided BRL
Brazil 09A 09A - Swaps BRL
Brazil 09B 09B - International loans/grants BRL
Brazil 10 10 - No breakdown BRL
Brazil 11 11 - Other Economic Measures BRL IMF. (Accessed 29 April 2020). AGB. (accessed 14 May 2020). Reuters. (accessed 14 May 2020). Ministry of Economy (accessed 20 July 2020)

(i) With congress declaring a state of “public calamity” on 20 March 2020, the government’s obligation to comply with the primary balance target in 2020 has been lifted. (ii) Proposed a bill creating a separate budget (“war-budget”) to expedite fiscal relief assistance and authorize the central bank to buy and sell government and corporate debt securities among other extraordinary measures. (iii) Pandemic leads 76% of Brazil’s industrial sector to cut production. (iv) Brazil’s government lowered its 2020 economic outlook on Wednesday, forecasting a gross domestic product contraction of 4.7%, which would signal the country’s biggest economic crash in more than a century; (v) 14 July 2020, the Ministry of Economy announced the extension of the proportional reduction of work and salary agreements and temporary suspension of the Benefit's employment contract via the Emergency Preservation of Employment and Income (BEm); (vi) 14 July 2020, the Ministry of Economy announced extension of the validity period of Negative Debt Certificates (CND) and Positive Certificates with Negative Effects (CNEND) for another 30 days, both relating to federal tax credits.

Brazil 12 12 - Non-Economic Measures BRL
Brazil 12A 12A - Measures affecting travel and transport (local and international) BRL KPMG. (accessed 29 April 2020).

(i) Several travel restrictions for individuals coming to Brazil (Venezuela, Argentina, Bolivia, Colombia, French Guiana, Guyana, Paraguay, Peru, and Suriname, Uruguay, the People’s Republic of China, the European Union member states, Iceland, Norway, Switzerland, the United Kingdom & Northern Ireland, Australia, Japan, and Malaysia).

Brazil 12B 12B - Measures affecting business and workplace BRL IMF. (Accessed 29 April 2020). AGB. (accessed 14 May 2020). Reuters. (accessed 14 May 2020). Ministry of Economy (accessed 20 July 2020)

(i) Brazil’s population has been advised to stay at home in self-isolation as much as possible; (ii) Businesses have largely adhered to this policy and have requested that their employees work remotely or take early vacation; (iii) No nationwide lockdown, but 23 of Brazil's 27 federative units (states) have imposed confinement measures.

Brazil 12C 12C - Others BRL IMF. (Accessed 29 April 2020). AGB. (accessed 14 May 2020). Reuters. (accessed 14 May 2020). Ministry of Economy (accessed 20 July 2020); (accessed 29 January 2021). REuters (accessed 29 January 2021)

(i) Schools are not closed nationwide, but several states and municipalities have closed educational institutions. For example, in São Paulo, schools have been closed since 23 March 2020; (ii) 28 January 2021, Brazil's Treasury Secretary, Bruno Funchal, claimed that the government's most effective economic policy right now is a vaccination program against the COVID-19 virus, not employment protection schemes or reviving emergency cash transfers; (vii) 19 January 2021; no amount/estimate, Brazilian pharmaceutical company União Quimica and Russian sovereign wealth fund RDIF filed for emergency use approval of Russia's Sputnik V COVID-19 vaccine from Brazilian health regulator Anvisa, but were told more documentation was needed; the company plans to press ahead with production of the vaccine with a view to exporting it to parts of South America (Argentina is already using the vaccine, and it is registered for use in Bolivia, Venezuela, and Paraguay).