Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Pakistan 01 01 - Liquidity Support PKR 100,000,000,000 602,653,968
Pakistan 01A 01A - Short-term lending PKR 100,000,000,000 602,653,968 State Bank of Pakistan. (accessed 11 September 2020).

19 August 2020, There is an increase in the limit of refinancing provided to banks under the Exports Finance Scheme by PKR100 billion.

Pakistan 01B 01B - Support policies for short-term lending PKR
Pakistan 01C 01C - Forex operations PKR
Pakistan 02 02 - Credit creation PKR 691,711,500,000 4,168,626,799
Pakistan 02A 02A - Financial sector lending/funding PKR 661,653,000,000 3,987,478,056 State Bank of Pakistan. (accesssed 15 May 2020); State Bank of Pakistan. (accessed 5 February 2021); State Bank of Pakistan. (accessed 18 September 2020).

The State Bank of Pakistan's (SBP's) refinancing facilities: (i) 17 March 2020, Refinance Facility for Combating COVID-19 (RFCC) to support hospitals and medical centers to purchase equipment to detect, contain, and treat COVID-19 (3% end-user rate for 5 years). On 6 July 2020, the SBP enhanced the scope of the refinancing facility to support health facilities, now allowing manufacturers of protective gears and equipment, including items such as masks, dresses, testing kits, hospital beds, ventilators etc. to avail financing under RFCC. Moreover, to cope with the rising needs of the health facilities in general in the country, SBP has allowed even hospitals serving non-COVID-19 patients to avail this facility. Peak approved financing amounted to PKR10.073 billion (28 January 2021) [update]; (ii) Temporary Economic Refinancing Facility (TERF) to stimulate investment in new manufacturing plants and machinery (7% for 10 years with a total size of PKR100 billion). On 8 May 2020, the SBP allowed financing for Balancing, Modernization and Replacement (BMR) and expansion under its Temporary Economic Relief Facility (TERF) to provide further stimulus to the economy in the context of COVID-19's impact on the economy, to support investment in the country for modernizing or expanding manufacturing/production units. As of 21 January 2021, approved financing amounted to PKR323.344 billion [update]; (iii) Refinance scheme (SBP Rozgar scheme) to support employment and prevent layoff of workers (to finance 3 months of wages; loan repayment will start from January 2020 and can be made in equal 24-month or 8-quarter installments). Under the Refinance scheme to support employment and prevent layoff of workers, SBP enhanced its refinance limits to finance up to 100% of wages and salaries of businesses with average 3-month wage bill of up to PKR500 million. On 30 June 2020, the SBP decided to extend the Rozgar scheme for another three months and, in collaboration with the Government of Pakistan, increased the risk coverage for SMEs under the scheme. As of 13 November 2020, approved financing amounted to PKR238.236 billion; (iv) 19 August 2020, To promote export-oriented investment, PKR90 billion has been allocated under the Long Term Financing Facility (LTFF).

Pakistan 02B 02B - Support policies for long-term lending PKR 58,500,000 352,553
Pakistan 02B1 02B1 - Interest rate adjustments PKR State Bank of Pakistan. (accessed 28 May 2020, 25 June 2020); State Bank of Pakistan. (accessed 9 July 2020); International Monetary Fund (IMF). (accessed 8 May 2020);

(i) No amount/estimate: The SBP has responded to the crisis by cutting the policy rate: from 13.25% to 12.5% on March 17, 11% on March 24, 9% on April 16, 8.0% on May 15, and 7% on June 25; (ii) 8 July 2020, SBP has reduced the end user markup rates on Temporary Economic Refinance Facility to 5% from the existing 7% and on Long Term Financing Facility (LTFF) for non-textile sector to 5% from 6%.

Pakistan 02B2 02B2 - Other policies to support long-term lending PKR 58,500,000 352,553 State Bank of Pakistan. (accessed 28 May 2020, 25 June 2020); State Bank of Pakistan. (accessed 9 July 2020); International Monetary Fund (IMF). (accessed 8 May 2020);

(i) SBP introduced temporary regulatory measures to maintain banking system soundness and sustain economic activity, as follows: (a) reducing the capital conservation buffer by 100 basis points to 1.5%, (b) increase the regulatory limit on extension of credit to SMEs by 44% to PKR180 million ((PKR180 million/1.44) = PKR125 million; PKR180 million - PKR125 million = PKR55 million), (c) relaxation of the debt burden ratio for consumer loans from 50% to 60%, (d) relaxation of regulatory criteria for restructured/rescheduled loans for borrowers who require relief beyond the extension of principal repayment for one year, and (e) May 2020, Suspension of bank dividends for the first two quarters of 2020 to shore up capital; (ii) 18 August 2020, the SBP also enhanced the concessional financing limit under its Refinance and Credit Guarantee Scheme for Women Entrepreneurs from PKR1.5 million to PKR5 million.

Pakistan 02C 02C - Loan guarantees PKR 30,000,000,000 180,796,190 State Bank of Pakistan. (accessed 8 May 2020). Dawn News. (accessed 11 December 2020)

6 May 2020, Under the SBPs Refinance Scheme to Support Employment and Prevent Layoff of Workers, the Ministry of Finance has stepped forward to shoulder risk sharing with banks. The Federal Government has allocated PKR30 billion under a credit risk sharing facility for the banks spread over four years to share the burden of losses due to any bad loans in future. Under this risk sharing arrangement, the Federal Government will bear 40% first loss on principal portion of disbursed loan portfolio of the banks.

Pakistan 03 03 - Direct long-term lending PKR 885,473,000,000 5,336,338,166
Pakistan 03A 03A - Long-term lending PKR
Pakistan 03B 03B - Forbearance PKR 885,473,000,000 5,336,338,166 State Bank of Pakistan. (accesssed 24 April 2020); State Bank of Pakistan. (accessed 9 July 2020); State Bank of Pakistan (accessed 11 August 2020); State Bank of Pakistan. (accessed 20 August 2020); State Bank of Pakistan. (accessed 22 January 2021).

(i) 20 April 2020, Borrowers from corporate, consumer, agriculture, SMEs, and microfinance sectors can avail deferment of principal amount for one year while continue servicing mark up. 7 July 2020, the State Bank of Pakistan extends the availability of deferment of principal amount of loans facility until September 2020. This applies to Small & Medium Enterprise Financing, Consumer Financing, Housing Finance, Agriculture Finance and Micro financing only. The facility is not being extended to corporates and commercial borrowers since a significant amount of their loans and advances has already been deferred. 10 August 2020, the SBP relief package for microfinance banks, which included deferment of principal and restructuring of microfinance loans to deal with the adverse implications of the ongoing COVID-19 pandemic, have been expanded with additional measures. First, the relief measures that were earlier available from 15 February 2020 have now been allowed to borrowers who were regular on 31 December 2019. Second, to facilitate microfinance banks (MFBs) during these testing times, the provisioning requirements have been extended by 2 months; and third, client’s consent through recorded lines has been allowed to facilitate the customers to avail the relief package. As of 29 January 2021, PKR228.312 billion was the amount approved for restructuring/rescheduling, while PKR657.161 billion was the amount of principal approved for deferment up to one year [update]; (ii) No amount/estimate: SBP extends time for settlement of foreign currency loans amid COVID-19 pandemic. Banks can now allow extension up to 180 days to exporters in settlement of their FE-25 loans in case they are facing delay in realization of export proceeds due to COVID-19.

Pakistan 04 04 - Equity support PKR
Pakistan 05 05 - Health and income support PKR 1,324,943,005,000 7,984,821,587
Pakistan 05A 05A - Health support PKR 24,943,005,000 150,320,009 IMF. (accessed 8 & 15 May, 24 June 2020), 4 January 2021); Government of Pakistan, Finance Division. (accessed 12 June 2020, 15 January 2021). Reuters. (accessed 13 December 2020); Reuters. (accessed 8 January 2021); Mint. (accessed 1 February 2021); The Hindu Business Line. (accessed 29 January 2021).

(i) 10 June 2020, The Economic Coordination Committee (ECC) approved an amount of PKR480.566 million to cover the risk allowance of health care workers performing duties related to COVID-19. This is already part of the fiscal stimulus package dated 24 March 2020; (ii) 2 December 2020, USD150 million was approved to buy COVID-19 vaccines, initially to cover the most vulnerable 5% of the population. 31 December 2020, Pakistan will purchase 1.2 million COVID-19 vaccine doses from China’s Sinopharm. 28 January 2021, The government announced that it would begin its COVID-19 vaccination drive in February. 30 January 2021, Pakistan secured 17 million doses of AstraZeneca vaccine through COVAX,a sharing scheme coordinated by the World Health Organization to suppport low-income countries [update]; (iii) 16 December 2020, PKR53.10 million for procurement of medical equipment, machinery, and medicines to combat COVID-19; (iv) No amount/estimate: 24 December 2020, The ECC approved the duty and tax free import of cryogenic oxygen tanks for better handling of COVID-19 situation .

Pakistan 05B 05B - Income support PKR 1,115,000,000,000 6,719,591,738
Pakistan 05B1 05B1 - Tax and contribution deferrals and policy changes PKR
Pakistan 05B2 05B2 - Tax and contribution rates reduction PKR 100,000,000,000 602,653,968 IMF. (accessed 8 & 15 May, 24 June 2020).

24 March 2020, The relief package includes PKR100 billion accelerated tax refunds to the export industry.

Pakistan 05B3 05B3 - Subsidies to individuals and households PKR 560,000,000,000 3,374,862,218 IMF. (accessed 8 & 15 May, 24 June 2020, 8 January 2021); Government of Pakistan, Finance Division. (accessed 12 June 2020).

(i) 24 March 2020, a relief package including: (a) PKR200 billion relief to daily wage workers, including PKR75 billion of approved cash disbursements to 6.2 million workers; (b) PKR150 billion in cash transfers to 12 million low-income families; (c) PKR70 billion, relief in fuel prices; (d) PKR110 billion, electricity bill payments relief; (ii) June 2020, PKR50 billion agriculture package for farmers and crop growers, likely consisting of reduction of electricity tariff for tube-wells, reduction of import duty on fertilizers, reduction of mark-up and waiver of agricultural loans, and deregulation of the import and export of agricultural products and livestock. This is already part of the fiscal stimulus package dated 24 March 2020; (iii) 18 June 2020, The FY 2021 budget includes a housing package to subsidize mortgages (PKR30 billion).

Pakistan 05B4 05B4 - Subsidies to businesses PKR 50,000,000,000 301,326,984 IMF. (accessed 8 & 15 May, 24 June 2020).

24 March 2020, The relief package includes PKR50 billion financial support to utility stores.

Pakistan 05B5 05B5 - Indirect income support PKR 305,000,000,000 1,838,094,601 IMF. (accessed 8 & 15 May, 24 June 2020); Government of Pakistan, Finance Division. (accessed 12 June 2020).

(i) 24 March 2020, a relief package including: (a) PKR280 billion, resources for an accelerated procurement of wheat; (b) PKR25 billion, transfer to the National Disaster Management Authority (NDMA) for the purchase of necessary equipment to deal with the pandemic.

Pakistan 05B6 05B6 - No breakdown (income support) PKR 100,000,000,000 602,653,968 IMF. (accessed 8 & 15 May, 24 June 2020).

24 March 2020, The relief package includes PKR100 billion financial support to SMEs, in the form of relief on electricity bill payments, bank lending support, and subsidies and tax incentives.

Pakistan 05C 05C - No breakdown (health and income support) PKR 185,000,000,000 1,114,909,840 IMF. (accessed 8 & 15 May, 24 June 2020); Government of Pakistan, Finance Division. (accessed 12 June 2020).

(i) 24 March 2020, a relief package including: (a) PKR100 billion, emergency contingency fund; (b) PKR15 billion total support for health and food supplies; (ii) 18 June 2020, The FY 2021 budget includes further tariff and custom duty reductions on food items and a PKR70 billion allocation for ‘COVID-19 Responsive and Other Natural Calamities Control Program’, as well as the provision of tax incentives to the construction sector to address the acute employment needs generated by the lockdowns.

Pakistan 06 06 - Budget reallocation PKR
Pakistan 07 07 - Central bank financing government PKR
Pakistan 07A 07A - Direct lending and reserve drawdown PKR
Pakistan 07B 07B - Secondary purchase: government securities PKR
Pakistan 08 08 - International Assistance Received PKR 888,078,447,708 5,352,040,000
Pakistan 08A 08A - Swaps PKR
Pakistan 08B 08B - International loans/grants PKR 888,078,447,708 5,352,040,000
Pakistan 08B1 08B1 - Asian Development Bank PKR 252,888,072,108 1,524,040,000 ADB.

(i) 23 March 2020, USD0.01 million - Preparing Health Sector Assessment; (ii) 30 March 2020, USD2 million - Special Assistance from the Asia Pacific Disaster Response Fund; (iii) 7 April 2020, USD30 million - National Disaster Risk Management Fund (loan; repurposing of ongoing projects); (iv) April-May 2020, USD669.59 million - Trade Finance Program (Additional Financing), Guarantee (with USD351.05 million cofinancing). January 2021 Commitment date, USD15.79 million (with USD23.07 cofinancing) [update]; (v) April 2020, TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases, Pakistan - USD3.18 million [update] (estimated support); (vi) 19 May 2020, USD300 million Emergency Assistance for Fighting Against COVID-19 Pandemic; (vii) 29 May 2020, USD1 million - Capacity Building of Disaster Management Institutions; (viii) 3 June 2020, USD0.07 million - Developing A Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region (additional financing); (ix) 10 June 2020, USD500 million - COVID-19 Active Response and Expenditure Support Program; (x) 7 July 2020, USD0.30 million - Preparing the Trade Competitiveness Program (Additional Financing); (xi) 7 July 2020, USD0.30 million - Capacity Building of Disaster Management Institutions (Additional Financing); (xii) 13 July 2020, USD0.38 million - Addressing Health Threats in the Central, West and East Asia Region; (xiii) 24 July 2020, USD0.21 million - Due Diligence and Capacity Development of Trade Finance Program Banks (Subproject 3); (xiv) 9 September 2020, Strengthening the Enabling Environment for Disaster Risk Financing (Phase 2) (0.13 million); (xv) 6 October 2020, USD0.26 million - Capacity Development for the Supply Chain Finance Program (Phase 2) (Subproject 3); (xvi) 5 November 2020, USD0.21 million - Creating Investable Cities in Post-COVID-19 Asia-Pacific: Enhancing Competitiveness and Resilience through Quality Infrastructure; (xvii) 18 November 2020, USD0.05 million - Supporting Startup Ecosystem in the Central Asia Regional Economic Cooperation Region to Mitigate Impact of COVID-19 and Support Economic Revival; (xviii) 26 November 2020, USD0.04million - Addressing Health Threats in the Central, West, and East Asia Region (Additional Financing); (xix) 2 December 2020, USD0.02 million - Promoting Transformative Gender Equality Agenda in Asia and the Pacific (Supplementary); (xx) 9 December 2020, USD0.50 million (with an additional USD0.10 million co-financed) - Strengthening Food Security Post-COVID-19 and Locust Attacks.

Pakistan 08B2 08B2 - Other PKR 635,190,375,600 3,828,000,000 Asian Infrastructure Investment Bank (AIIB). (accessed 24 June 2020); AIIB. (acccessed 24 July 2020); IMF. (accessed 28 August 2020); USAID. (accessed 30 May 2020); World Bank. (accessed 19 April 2020); World Bank. (accessed 28 May 2020); World Bank. (accessed 25 June 2020); World Bank. (accessed 17 July 2020); World Bank. (accessed 7 August 2020).

(i) 2 April 2020, World Bank Pandemic Response Effectiveness Project (PREP): (a) USD200 million concessional credit provided through the COVID-19 Fast-Track Facility, and (b) USD38 million, repurposed from existing projects; (ii) 16 April 2020, IMF Executive Board approves USD1.386 billion disbursement to Pakistan to address the COVID-19 pandemic under the Rapid Financing Instrument; (iii) 21 May 2020, USD500 million World Bank's Securing Human Investments to Foster Transformation will support policy reforms to help Pakistan’s COVID-19 emergency response and protect human capital investments (30-year loan with a 5-year grace period); (iv) As of 29 May 2020, nearly USD18 million in total assistance, which includes USD5 million contribution by USAID to the agreement between the Department of International Development of the United Kingdom with the Government of Pakistan to support its emergency cash-assistance program, USD10 million in health assistance, and USD2.9 million from the Migration and Refugee Assistance account to help vulnerable people; (v) 16 June 2020, USD500 million COVID-19 Active Response and Expenditure Support (CARES) Program, Asian Infrastructure Investment Bank (AIIB); (vi) 23 June 2020, USD236 million Most Vulnerable Households in Balochistan and Khyber Pakhtunkhwa to Benefit from Improved Learning, Healthcare and COVID-19 Response, World Bank; (vii) 29 June 2020, USD500 million from the World Bank's Resilient Institutions for Sustainable Economy, which aims to bolster fiscal resilience and COVID-19 recovery (loan); (viii) 16 July 2020, USD250 million Resilient Institutions for Sustainable Economy (RISE) program of AIIB, which constitutes one element of Pakistan’s response to and recovery from the impact of COVID 19 pandemic; (ix) 31 July 2020, USD200 million from the World Bank for the Actions to Strengthen Performance for Inclusive and Responsive Education Program (ASPIRE), which will address school disruptions due to COVID-19 by accelerating virtual and distance learning opportunities for students.

Pakistan 09 09 - International Assistance Provided PKR
Pakistan 09A 09A - Swaps PKR
Pakistan 09B 09B - International loans/grants PKR
Pakistan 10 10 - No breakdown PKR
Pakistan 11 11 - Other Economic Measures PKR IMF. (accessed 8 May and 24 June 2020); State Bank of Pakistan. (accessed 18 June 2020).

(i) April 2020, Provincial governments have also announced fiscal measures, broadly consisting of cash grants to the low-income households, tax relief and additional health spending that includes increased compensation to healthcare workers. The government of Punjab, announced a tax relief package of PKR18 billion and a cash grants program of PKR10 billion, while the government of Sindh has announced a cash grant and ration distribution program of PKR1.5 billion for the low-income households; (ii) Elimination of the duties on imports of emergency health equipment; (iii) 10 June 2020, The State Bank of Pakistan has announced an elaborate arrangement of teams of focal persons who will be responsible to address isues faced by businesses in availing the financing under the SBP ROZGAR scheme (refinance schemes for payment of wages and salaries to prevent layoffs); (iv) June 2020, Allowing banks to approve an Electronic Import Form (EIF) for the import of equipment donated by international donor agencies and foreign governments.

Pakistan 12 12 - Non-Economic Measures PKR
Pakistan 12A 12A - Measures affecting travel and transport (local and international) PKR IMF. (accessed 8 May 2020; 15 May 2020); Tribune. (accessed 1 June 2020); The Express Tribune. (accessed 28 July 2020).

(i) April 2020, Closed borders with neighboring countries, international travel restrictions, and varying levels of lockdown in cities and provinces across the country; (ii) 29 May 2020, The country resumes international flight operations.

Pakistan 12B 12B - Measures affecting business and workplace PKR Reuters. (accessed 26 May 2020); The Express Tribune. (accessed 2 June 2020); SAMAA. (accessed 4 August 2020); Samaa. (accessed 12 November 2020).

(i) April 2020, The federal government in coordination with provinces had partially eased the lockdown since 15 April 2020, by allowing ‘low-risk industries’ to restart operation with newly developed Standard Operating Procedures (SOPs). This partial lockdown will be further eased on 9 May 2020, to allow the opening of several industrial units and small retail shops in phases and using proper SOPs; (ii) 19 May 2020, The Supreme Court ordered the government to lift some remaining restrictions imposed on business, in particular shopping malls be reopened and curbs to be lifted on business opening on the weekends; (iii) 2 June 2020, The government announced that all the businesses would be open except the ones that are considered in the negative list;

Pakistan 12C 12C - Others PKR IMF. (accessed 4 January 2021); The Express Tribune. (accessed 24 September 2020); The Express Tribune. (accessed 8 January 2021); ; Dawn. (accessed 21 January 2021); Khaleej Times. (accessed 25 January 2021).

(i) April 2020, School and university closures and cancellation and banning of public events. Quarantines in localized areas and social distancing measures. Educational institutes were expected to reopen starting 15 July 2020; (ii) 27 July 2020, Strict lockdown imposed in Punjab for 10 days; (iii) 4 August 2020, Balochistan will extend the smart lockdown until 17 August; (iv) 23 September 2020, Middle schools will reopen; (v) November 2020, The government has placed a ban on gatherings at wedding halls from 20 November 2020 in big cities, including Karachi, Lahore, Islamabad, Hyderabad, Multan and Rawalpindi; (vi) 4 January 2021, The federal and provincial governments have agreed to reopen educational institutions across the country in a phased manner from 18 January 2021; (vii) 18 January 2021, The Drug Regulatory Authority of Pakistan approved for emergency use the COVID-19 vaccines of Oxford University-AstraZeneca and Sinopharm; (viii) 24 January 2021, Sputnik V is the third vaccine to be approved for the emergency use in the country.