Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
France 01 01 - Liquidity Support EUR
France 01A 01A - Short-term lending EUR OECD. (accessed 15 April 2020).

No amount/estimate: Wider access to Banque de France refinancing for SMEs.

France 01B 01B - Support policies for short-term lending EUR
France 01C 01C - Forex operations EUR
France 02 02 - Credit creation EUR 330,715,000,000 365,835,176,991
France 02A 02A - Financial sector lending/funding EUR
France 02B 02B - Support policies for long-term lending EUR
France 02B1 02B1 - Interest rate adjustments EUR
France 02B2 02B2 - Other policies to support long-term lending EUR IMF. (accessed 15 April 2020); Banque de France. (accessed 6 August 2020).

(i) No amount/estimate: April 2020, Reducing the counter-cyclical bank capital buffer to 0% (an increase from 0.25 percent to 0.5 percent, effective April 2020); (ii) No amount/estimate: Credit mediation to support renegotiation of SMEs’ bank loans; (iii) No amount/estimate: 28 June 2020, L'ACPR, Banque de France, required financial institutions under its supervision to follow the recent EU directive and refrain until 1 January 2021 from paying dividends, buying back shares or granting new variable remuneration to the main risk takers within them.

France 02C 02C - Loan guarantees EUR 330,715,000,000 365,835,176,991 OECD. (accessed 15 April 2020) EC. (accessed 2 May 20200; Le Figaro (accessed 2 May 2020); European Commission (accessed 14 May 2020); Economie. (accessed 4 July 2020); Economie. (accessed 28 November 2020); EIB. (accessed 9 January 2021); Economie. (accessed 15 January 2021).

(i) EUR300 billion in the state guarantee mechanism for new liquidity loans granted by credit institutions between 16 March and 31 December 2020 to companies registered in France. 28 November 2020, The State guaranteed loan measure will be available until June 2021; (ii) EUR15 billion (from EUR12 billion) in specific guarantees for export insurance and credit insurance; (iii) 29 April 2020, EUR5 billion loan guarantee for Renault; (iv) 6 May 2020, EUR4 billion state guarantee on loans and a subordinated shareholder loan to Air France-KLM by the French state; (v) No amount/estimate: 6 June 2020, The State guarantee system for credit insurance is strongly reinforced to allow companies to keep their cover. This measure is very important for construction companies whose cash flow is very dependent on inter-company credit. The measure will be implemented immediately by decree for SMEs and medium-sized enterprises; (vi) EUR6.2 billion loan guarantees for tourism industry; (vii) 7 January 2021, EIB Group and BNP Paribas signed a synthetic securitisation which consists of an EIB group guarantee on an existing portfolio of loans enabling BNP Paribas to free up part of the regulatory capital allocated to this portfolio and deploy EUR515 million new loans to SMEs and mid-caps; (vii) No amount/estimate: 14 January 2021, The grace period for government-guaranteed loans is extended one additional year.

France 03 03 - Direct long-term lending EUR 84,780,000,000 93,783,185,841
France 03A 03A - Long-term lending EUR 84,780,000,000 93,783,185,841 OECD. (accessed 15 April 2020); Economie. (accessed 15 April 2020); Economie. (accessed 29 June 2020); Economie. (accessed 5 July 2020); Economie. (accessed 4 July 2020); EC. (accessed 11 December 2020).

(i) See item (i) of Loan Guarantees in Measure 2; (ii) 25 March 2020, EUR80 billion in loans for startups; (iii) EUR3 billion loan to Air France; (iv) No amount/estimate: 2 July 2020, Repayable advances and loans for SME companies with liquidity problems; (v) EUR1.6 billion tourism loan offered by Bpifrance and the Groupe Caisse des Dépôts et Consignations; (vi) Additional EUR100 million loan for startups. (vi) 11 December 2020: (a) EUR18 million of soft loan and (b) EUR62 million of participating loan as part of France’s EUR106.7 million state aid measure.

France 03B 03B - Forbearance EUR
France 04 04 - Equity support EUR 22,270,000,000 24,634,955,752 OECD. (update as of 14 May 2020); Economie. (accessed 4 July 2020).

(i) EUR20 billion for the temporary increase in state-ownership for some firms facing exceptional difficulties; (ii) 5 June 2020, EUR150 million worth of investment funds for companies developing sovereign technologies of the future whose risk associated with investment is high (quantum, health, cybersecurity, artificial intelligence, etc.) and of start-ups at any stage of development; (iii) EUR200 million equity support to SMEs in the aeronautics sector; (iv) EUR1.3 billion equity investments in the tourism industry; (v) EUR270 million to EUR620 million equity support under the Programme de soutien à l’innovation majeure PSIM (EUR120 million) & French Tech Souveraineté (EUR150 million, extendable up to a maximum of EUR500 million).

France 05 05 - Health and income support EUR 241,324,400,000 266,951,769,912
France 05A 05A - Health support EUR 14,360,000,000 15,884,955,752 OECD. (accessed 15 April 2020); Economie. (accessed 12 September 2020).

April 2020, (i) EUR260 million (from the unspent reserves in the 2019 budget) and EUR3.5 billion (from the 2020 budget allocation) for the healthcare system; (ii) EUR4.5 billion of additional funds for the purchase of equipment and other health expenses; (iii) creation of an additional emergency fund of EUR50 million for research on COVID-19; (iv) 3 September 2020, EUR6 billion for public expenditure for health security and EUR50 million for health security projects under the Cohesion component of the EUR100 billion recovery plan.

France 05B 05B - Income support EUR 226,964,400,000 251,066,814,159
France 05B1 05B1 - Tax and contribution deferrals and policy changes EUR 521,900,000 577,323,009 OECD. (accessed 14 May 2020); EC. (accessed 11 December 2020).

(i) EUR0.5 billion for postponement of part of the unemployment insurance reform; (ii) 11 December 2020, EUR21.9 million of tax deferrals which is included in France's EUR106.7 million restructuring aid in favour of French airline Corsair.

France 05B2 05B2 - Tax and contribution rates reduction EUR 9,885,000,000 10,934,734,513 OECD. (accessed 14 May 2020); Economie. (accessed 15 April 2020); Economie. (accessed 26 July 2020); MINEFI. (accessed 1 October 2020); MINEFI. (accessed 7 November 2020); Economie. (accessed 8 December 2020). EC. (accessed 11 December 2020); Economie. (accessed 15 January 2021).

(i) No amount/estimate: Tax exemptions for bonuses in “essential” sectors; (ii) 25 March 2020, EUR1.75 billion in tax breaks and grants to startups; (i) 6 June 2020, The government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR2.2 billion exemption from social security contributions in the tourism industry; (iii) 23 July 2020, EUR3.9 billion in measures to cancel charges, in particular intended for companies in the tourism, hotel, cultural and events sectors; (iv) No amount/estimate: 25 September 2020, Exemption from social security contributions during the period of legal restrictions to operations of very small enterprises (VSEs) and SMEs with a loss of revenue of at least 50%. A request for exemption can be requested for those companies which experienced a loss of revenue of less than 50%. 30 October 2020, extended and strengthened the social security contribution exemption system estimated at about EUR1 billion; (v) 30 October 2020, EUR1 billion for a tax credit to encourage lessors to cancel part of their rents; (vi) No amount/estimate: 8 December 2020, 0% VAT rate on Covid-19 screening tests and vaccines. (vii) 11 December 2020, France’s state aid measures in favour of French airline Corsair have been approved by the European Commission. The first measure consists in EUR106.7 million of restructuring aid which includes EUR4.8 million of tax credit. The second measure consists of a EUR30.2 million tax credit to compensate for damages suffered due to coronavirus outbreak; (viii) No amount/estiamte: 14 January 2021, All companies in the S1 and S1bis sector which are administratively closed or which experience a decrease of at least 50% of their turnover will benefit from exemptions and aid for the payment of contributions.

France 05B3 05B3 - Subsidies to individuals and households EUR 9,973,000,000 11,032,079,646 OECD. (accessed 14 May 2020); Economie. (accessed 26 July 2020).

(i) EUR8.5 billion for short-time work scheme; (ii) 23 July 2020, Support measures for young people and strengthening of measures for the most vulnerable: EUR1.14 billion will be allocated to the financing of bonuses for the hiring of apprenticeship contracts (EUR400 million) or professionalization contracts (EUR744 million); EUR50 million will be mobilized in particular to finance the 1 euro meal for scholarship students; EUR283 million are committed to implement the "learning holidays" program which will accommodate students during the summer holidays in schools, leisure centers, camps and cultural outings.

France 05B4 05B4 - Subsidies to businesses EUR 23,358,000,000 25,838,495,575 Economie. (accessed 30 June 2020);  (accessed 21 December 2020); MINEFI. (accessed 7 November 2020); Economie. (accessed 28 November 2020). Economie. (accessed 29 June 2020); MINEFI. (accessed 19 August 2020); MINEFI. (accessed 7 November 2020); MINEFI. (accessed 19 November 2020); MINEFI. (accessed 19 November 2020); Economie. (accessed 15 January 2021).

(i) 6 June 2020, The government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR2.632 billion support to aeronautics sector including for R&D (EUR1.5 billion), to aeronautics SMEs (EUR300 million); EUR230 million to support the book industry; EUR295 million grants to startups: FrenchTechBridge (EUR80 million), i-Nov (EUR20 million), ChallengesIA (EUR15 million), SATT (EUR65 million), French Tech Accélération (EUR100 million) & call for projects (EUR15 million). (ii) 10 June 2020, EUR8 billion (increased from EUR7 billion) for the solidarity fund to support income for the self-employed and smallest firms. 25 September 2020, The government implemented a change in access to Component 1 of the Solidarity For business employing fewer than 20 persons which have revenues less than EUR2 million, the fund will cover losses of revenue at rates according to the following conditions: businesses closed by government order will be compensated for a loss of revenue up to EUR10,000 per month; businesses in S1 and S1bis sectors which can justify a loss of revenue of more than 80% can receive 60% of revenue lost up to 10,000 Euro; businesses in S1 and S1bis which cannot justify such losses of revenue, or those benefiting from tourism, UNHCR, culture, events, and sports sectors can still receive the normal EUR1,500 per month as long as they can justify revenue losses of 50% or more (list of bis sectors: 30 October 2020, Additional EUR6 billion for the Solidarity Fund, which allows 1.6 million SMEs and freelancers to ask for state aid of up to EUR10,000. 25 November 2020, Strengthening and extension of businesses support measures. The solidarity fund will be available for all businesses that remain administratively closed (from restaurant, tourism, events, culture and sport industries), regardless of their size. As for the rest of businesses, those losing at least 50% of their turnover can benefit from the solidarity fund. 14 January 2021, The government will cover up to 70% of the fixed costs of administratively closed companies with a turnover of more than EUR1 million per month. This aid has a maximum ceiling of EUR3 million over the period from January to June 2021 and is addition to the solidarity fund; Companies in the S1bis sector losing at least 70% of their turnover will be entitled to compensation covering 20% ​​of their 2019 turnover up to a limit of EUR200,000 per month. They will be able to benefit from this aid from December 2020, regardless of their size; (iii) No amount/estimate: 10 June 2020, To maintain skills within companies and their renewal, the Government announced the creation of an aid for the recruitment of apprentices, from EUR5000 to EUR8000 per contract preparing for a diploma up to the professional license; (iv) No amount/estimate: 17 August 2020, Ministry of Economy and Finance allowed SMEs to spread, over a period of up to 3 years, the payment of their taxes due during the period of health crisis; (v) 30 October 2020, EUR7 billion for the partial-unemployment scheme - which allows companies to reduce employees' salaries and hours, with the government making up part of the difference; (vi) No amount/estimate: 5 November 2020, The ministries of the Economy, Finance & Recovery and of Culture announced that the government would assume the delivery costs of booksellers during the lockdown; (viii) 10 November 2020, The National Assembly adopted its fourth budget amendment in 2020. In part, it will fund UrgencESS, an EUR30 million fund for firms with fewer than 10 employees. Aid to individual recipients will fall between EUR5,000 and EUR8,000 and directed at firms that have not received other supports. The fund will begin operations in early 2021 (les tous premiers jours de 2021). It is a follow-up to the emergency system created by the Secretariat to the Minister of the Economy, Finance, and Recovery, which centralized resources to hard-hit businesses as France faced rising case counts.

France 05B5 05B5 - Indirect income support EUR 102,503,500,000 113,388,827,434 Economie. (accessed 26 July 2020); Economie. (accessed 26 July 2020); Economie. (accessed 5 September 2020); Economie. (accessed 12 September 2020); MINEFI. (accessed 15 November 2020).

(i) 6 June 2020, government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR1 billion to support the structuring investments of communities relating to health, ecological transition, in particular the thermal renovation of public buildings, and the renovation of heritage; EUR1.3 billion to support the cultural sector. 23 July 2020, (i) EUR490 million for greening of industry and to support industrial relocations; (ii) EUR4.5 billion support for local authorities including nearly EUR2.7 billion in advances will be deployed for communities experiencing loss of revenue from property transfer tax and EUR750 million to compensate for the loss of fiscal and state revenue municipalities and public inter-municipal cooperation establishments in difficulty; (iii) 23 July 2020, Support measures for young people and strengthening of measures for the most vulnerable: EUR86.5 million are planned for the political districts of the city; additional EUR200 million are notably devoted to emergency accommodation and the purchase of basic necessities; EUR7 million dedicated to the fight against violence against women, including EUR4 million additional to support associations, psychological support, support for accommodation and care for perpetrators of violence; (iv) 12 August 2020, A call for projects of EUR100 million to support specific industries: health, agrofood, electronics, essential inputs (chemicals, metals, raw materials). The COVID-19 crisis has highlighted the industrial and technological dependence of the French economy, and the fragility of certain global value chains. The strengthening of all or part of critical value chains by supporting the establishment or re-establishment in France of some of their links appears necessary. The objective: to reduce our degree of dependence on non-European suppliers, while developing the sectors of the future guaranteeing the creation of value in France and in Europe; (v) 3 September 2020, In order to quickly and sustainably recover the French economy, an exceptional recovery plan of EUR100 billion (EUR93.95 billion under this category) has been deployed by the government around 3 main components: ecology - the strategic objective of this plan - to support the transition to a greener and more sustainable economy, competitiveness to give companies the most favorable conditions to develop their activities and thus preserve the employment of employees, and cohesion to guarantee solidarity between generations, between territories, and between all French (for the details:; (vi) 11 November 2020, EUR120 million to support the digitalization of retailers and municipalities.

France 05B6 05B6 - No breakdown (income support) EUR 80,723,000,000 89,295,353,982 OECD. (accessed 14 May 2020); Figaro. (accessed 2 May 2020).

(i) EUR48.5 billion in postponement of social and fiscal deadlines and the early reimbursements of tax credits (2.0% of 2019 GDP); (ii) 20 April 2020, EUR390 million road transport fund (liquidity for road transport sector); (iii) 6 June 2020, government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR2.632 billion support to aeronautics sector including government purchase of military planes, helicopters and drones (EUR832 million); EUR1 million of public expense to promote start-ups employment; EUR31 billion for emergency measures in favor of employees and companies.

France 05C 05C - No breakdown (health and income support) EUR
France 06 06 - Budget reallocation EUR
France 07 07 - Central bank financing government EUR
France 07A 07A - Direct lending and reserve drawdown EUR
France 07B 07B - Secondary purchase: government securities EUR
France 08 08 - International Assistance Received EUR
France 08A 08A - Swaps EUR
France 08B 08B - International loans/grants EUR
France 08B1 08B1 - Asian Development Bank EUR
France 08B2 08B2 - Other EUR
France 09 09 - International Assistance Provided EUR
France 09A 09A - Swaps EUR
France 09B 09B - International loans/grants EUR
France 10 10 - No breakdown EUR 29,368,000,000 32,486,725,664 Economie. (accessed 30 June 2020). Economie. (accessed 7 November 2020).

(i) 6 June 2020, The government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR5.168 billion to support the aeronautic sector; EUR4.5 billion support for the resumption of activities of local authorities; EUR8 billion to support the automotive sector; construction companies subject to corporation tax will be able to request, from 2020, the immediate reimbursement of their stock of receivables to carry back their deficits, as well as receivables that would come to be recognized in 2020 due to the losses linked to this health crisis; EUR6.7 billion to support the tourism industry; (ii) October 30, EUR5 billion for government guaranteed loans and direct government loans.

France 11 11 - Other Economic Measures EUR AMF. (accessed 1 June 2020).

18 May 2020, Suspended the ban on creating or increasing net short positions

France 12 12 - Non-Economic Measures EUR
France 12A 12A - Measures affecting travel and transport (local and international) EUR IMF. (accessed 21 May 2020); France Government. (6 January 2020)

(i) The government has implemented a range of measures to reduce the spread of COVID-19, including school closures, the ban of all non-essential outings and long-distance travel, and the introduction of night-time curfews in some cities. On 11 May 2020, France started to gradually ease the containment measures, beginning with the reopening of primary schools, shops, and industry, on a differentiated regional basis. Internal travel restrictions have also been relaxed and the use of masks is obligatory for public transport. Most major domestic restrictions were lifted as of 22 June 2020. Internal and intra-European travel restrictions have also been lifted; (ii) 28 December 2020, Internal European borders remain open but with some exceptions external borders are closed. All travelers arriving in France will be tested at airports and ports.

France 12B 12B - Measures affecting business and workplace EUR IMF. (accessed 3 October 2020); Politico EU. (accessed 15 October 2020); Politico EU. (accessed 31 October 2020); IMF. (accessed 28 November 2020); France Government. (6 January 2020).

(i) In response to the recent uptick in infections, limits on large gatherings have been extended until the end of October 2020, testing ramped up, and mask mandates tightened with the use of masks obligatory in most public spaces and indoor areas (including workplaces). A digital contact tracing application was launched by the government on 2 June 2020. Selective regional restrictions have also been imposed in high-infection areas including Paris. (ii) 14 October 2020, announced a curfew in nine major urban centers starting 16 October 2020 as a new state of health emergency was declared to combat a second wave of coronavirus infections. A curfew will apply to the Paris region and eight major urban centers: Grenoble, Lille, Lyon, Aix-Marseille, Rouen, Montpellier, St Etienne and Toulouse. (iii) 28 October 2020, announced a national lockdown starting 30 October 2020. Schools remain open but non-essential retail and services are ordered to close. While intra EU borders remain open, extra-European borders are closed, and circulation between France’s regions is not allowed; (iv) 28 December 2020, a nightly curfew between 8 pm and 6 am has been enforced; work from home or staggered work patterns is encouraged; kindergarten to high schools are open during lockdown; Shops, services (private and public), and public libraries are open, but bars, restaurants, cinemas, theatres, museums and gyms remain closed.

France 12C 12C - Others EUR