Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Norway 01 01 - Liquidity Support NOK 30,660,477,273 3,000,000,000
Norway 01A 01A - Short-term lending NOK Ministry of Finance. https://www.regjeringen.no/en/aktuelt/mandate-established-for-management-of-government-bond-fund/id2695345/ (accessed 11 April 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 19 April 2020).

March 27, The Government Bond Fund will contribute to increased liquidity and capital in the bond market by purchasing interest-bearing securities issued by Norwegian companies on market-based terms.

Norway 01B 01B - Support policies for short-term lending NOK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020).

No amount/estimate: (i) Provision of additional liquidity to banks in the form of loans of differing maturities; (ii) The possibility for banks to borrow in USD against collateral; (iii) The possibility that banks can temporarily breach the liquidity coverage ratio (LCR).

Norway 01C 01C - Forex operations NOK 30,660,477,273 3,000,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 May 2020).

(i) March 31, Norges Bank annonces that it will purchase foreign currency during April, the equivalent of NOK 2 billion per day; (ii) The possibility for banks to borrow in USD against collateral; (iii) May 26, Norges Bank issued a max of USD3 billion US dollar denominated loans against approved collateral.

Norway 02 02 - Credit creation NOK 50,500,000,000 4,941,214,667
Norway 02A 02A - Financial sector lending/funding NOK
Norway 02B 02B - Support policies for long-term lending NOK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020; 8 May 2020); OECD. http://www.oecd.org/coronavirus/en/ (accessed 19 April 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 25 June 2020).

No amount/estimate: (i) Reduction of the policy rate by 1.25% to 0.25%; (ii) March 13, Easing of countercyclical capital buffer by 1.5%; (iii) March 18, Lighter security pledges for access to loans from Norges Bank; (iv) March 23, Temporary easing of mortgage regulations, in particular increase in the percent of mortgages that can deviate from the regulations; (iv) May, reduction of the policy rate by an additional 0.25% to 0%; (v) Reduced lending rates for both risk and low-risk loans by 25 basis points each; (vi) June 11, increased flexibility quotas for loan mortgage regulations to the third quarter of 2020. This flexible quotas refer to requirements set by the Consumer Loan Regulations, including loan-to-value ratio, installment payment, and the customer's ability to service debt in relation to income; (vii) June 19, adopted new rules to simplify reconstruction negotiations for small businesses.

Norway 02C 02C - Loan guarantees NOK 50,500,000,000 4,941,214,667 Ministry of Finance. https://www.regjeringen.no/en/aktuelt/economic-measures-in-norway-in-response-to-covid-192/id2695355/ (accessed 12 April 2020). Innvation Norway. https://www.innovasjonnorge.no/no/om/nyheter/2020/risikoavlastning-til-banker-skal-bidra-til-naringsvekst/ (accessed 19 June 2020).

(i) March 27, In the state guarantee scheme for bank loans to small and medium-sized enterprises the state guarantees 90% of the loans within a total guarantee framework of NOK50 billion; (ii) May 20, Extended the loan guarantee scheme to apply to loans granted before June 1, 2020, and permitted banks to provide guaranteed loans even after June 1, 2020; (iii) Existing guarantee scheme for 90% corporate loans will be extended until further notice for the year; (iv) June 2, Agreement between Innovation Norway and the European Investment Fund to expand Norway's Growth Guarantee Scheme (GGS). For 2 years, the GGS will cover up to 75% of the loss of 14 Norwegian banks extending loans to innovative Norwegian companies. The GGS was already expanded by NOK 500 million, bringing the total program funding to NOK 1.9 billion.

Norway 03 03 - Direct long-term lending NOK 1,600,000,000 156,553,336
Norway 03A 03A - Long-term lending NOK 1,600,000,000 156,553,336 Ministry of Finance. https://www.regjeringen.no/en/aktuelt/economic-measures-in-norway-in-response-to-covid-192/id2695355/ (accessed 12 Apr2020); Innovation Norway. https://www.innovasjonnorge.no/en/start-page/ (accessed 11 April 2020).

March 27, Increase borrowing limit in Innovation Norway’s loans scheme by NOK1.6 billion (Innovation Norway is the government's instrument for innovation and development of Norwegian enterprises and industry).

Norway 03B 03B - Forbearance NOK
Norway 04 04 - Equity support NOK
Norway 05 05 - Health and income support NOK 132,138,639,773 12,929,215,543
Norway 05A 05A - Health support NOK 1,100,000,000 107,630,418 Ministry of Finance. https://www.regjeringen.no/en/aktuelt/economic-measures-in-norway-in-response-to-covid-192/id2695355/ (accessed 12 Apr2020).

NOK1.1 billion for critical sectors: Health and social services have been given permission to exceed their budgets.

Norway 05B 05B - Income support NOK 131,038,639,773 12,821,585,125 Ministry of Finance. https://www.regjeringen.no/en/aktuelt/economic-measures-in-norway-in-response-to-covid-192/id2695355/ (accessed 12 April 2020); Ministry of Finance. https://www.regjeringen.no/en/aktuelt/additional-financial-measures-to-mitigate-the-economic-effects-of-the-coronavirus-crisis/id2696548/ (accessed 12 April 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 May 2020). Business Compensation Scheme. https://kompensasjonsordning.no/en/ (accessed 29 June 2020). Ministry of Finance. https://www.regjeringen.no/no/aktuelt/enighet-om-avtale-som-sikrer-videre-drift-for-haugesund-lufthavn/id2721182/ (accessed 02 Jul 2020). Government of Norway. https://www.regjeringen.no/no/aktuelt/na-kan-bedrifter-og-organisasjoner-fa-stotte-for-a-ta-permitterte-tilbake-i-jobb/id2721664/ (accessed 02 July 2020). Government of Norway. https://www.regjeringen.no/no/aktuelt/fylkene-far-906-millioner-for-a-fa-flere-tilbake-i-jobb/id2722196/ (accessed 09 July 2020). Government of Norway. https://www.regjeringen.no/no/aktuelt/regjeringen-gir-250-millioner-kroner-til-vedlikehold-av-alpinanlegg-og-tivoli/id2722678/ (accessed July 17). Government of Norway. https://www.regjeringen.no/no/aktuelt/innforing-av-midlertidig-startavskrivning/id2723448/ (accessed 23 July 2020). Government of Norway. https://www.regjeringen.no/no/aktuelt/torp-far-statlig-stotte/id2723878/ (accessed 06 August 2020). Government of Norway. https://www.regjeringen.no/no/aktuelt/forhoyet-dagpengesats-ut-aret/id2737121/ (accessed 03 September 2020).

March 27: (i) NOK30.7 billion, mitigating income loss for businesses; (ii) NOK20.8 billion, mitigating income loss for persons; (iii) NOK5.5 billion, other compensation schemes; (iv) NOK2.7 billion, aviation sector support excluding guarantee portion; (iv) Automatic stabilizers: (a) NOK37 billion reduced tax revenues (Includes increased taxes due to the extensions of the unemployment benefit scheme and new income protection schemes for self-employed and freelancers), (b) NOK18  billion, increased expenditure on unemployment benefits, (c) NOK4 billion, increased sickness allowance; April 3: (v) Additional spending in the following areas: (a) help for students who have lost work income (NOK1 billion), (b) a temporary benefit for apprentices (NOK250 million), (c) compensation for reduced parental payment to after-school care (NOK1 billion), (d) skill development measures (NOK190 million), (e) home-based instruction (NOK 3 billion), (f) coronavirus information for immigrant groups (NOK6.6 million), (g) temporary purchase of basic rail transport services (NOK550 million), (h) deferrals for beverage taxes (NOK14 million), (i) deferral of fuel and mineral product taxes (NOK18 million), (j) exemption on natural gas taxes (NOK40 million), (k) suspension of the horse-racing tax(NOK 100 million), (l) support for temporarily laid-off employees with private pensions, and (m) support for the reindeer industry (NOK20 million); (vi) May 14; NOK500 million housing support funds to increase number of elibible to receive housing assistance; (vii) May 15, NOK15 million paid to six universities to provide education to the laid-off and unemployed; (viii) May 18, NOK20 million increased the support scheme for small and large companies that develop defense technology; (ix) June 8, NOK50 million to Norwegeian school and universities to pay for online training for unemployed and laid-off workers; (x) No amount/estimate: June 17, Business Compensation Scheme for companies facing decreasing turnover has been made more generous for seasonal companies. (xi) June 25, Lufthavndrift AS will receive approximately NOK70 million in grants in 2020 from Avinor AS, a state-owned company; (xii) No amount/estimate: June 26, expanded the compensation scheme to include organizers from cultural sector. Sports and volunteering are now also eligible; (xiii) No amount/estimate: July 1, companies and organizations can receive support for re-employing laid-off workers; (xix) July 6, NOK1.6 billion Ministry of Education spending on schools, education and research related to coronavirus, of which NOK906 million to Norwegian Counties to support laid-off employees; (xx) July 6, USD250 million fiscal stimulus package worth to the tourism industry; (xxi) July 13, NOK250 million additional grants to finance the maintenance of resorts and amusement parks; (xxii) July 20, NOK100 million subsidy for bus and passenger boat companies; (xxiii) July 20, No amount/estimate: owners of machinery and industrial equipment allowed to depreciate the value of these assets by an additional 10%; (xxiv) August 3, NOK90 million support to Torp Sandefjord Airport; (xxv) August 19, NOK900 million new stimulation scheme and continuation of the compensation scheme for the cultural sector; (xxix) No amount/estimate: August 24, extended the temporary unemployment benefit scheme through the rest of the year 2020. [update]

Norway 06 06 - Budget reallocation NOK
Norway 07 07 - Central bank financing government NOK
Norway 07A 07A - Direct lending and reserve drawdown NOK
Norway 07B 07B - Secondary purchase: government securities NOK
Norway 08 08 - International Assistance Received NOK 306,604,772,727 30,000,000,000
Norway 08A 08A - Swaps NOK 306,604,772,727 30,000,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020); Federal Reserve Bank of New York. https://apps.newyorkfed.org/markets/autorates/fxswap (accessed 5 May 2020).

March 19, Establishment of a swap facility of USD30 billion between Norges Bank and the US Federal Reserve (mutual currency arrangement). Amount outstanding as of June 11: USD5.4 billion.

Norway 08B 08B - International loans/grants NOK
Norway 08B1 08B1 - Asian Development Bank NOK
Norway 08B2 08B2 - Other NOK

See (iv) in Loan Guarantees of Measure 2.

Norway 09 09 - International Assistance Provided NOK 5,444,104,243 532,682,925
Norway 09A 09A - Swaps NOK
Norway 09B 09B - International loans/grants NOK 5,444,104,243 532,682,925 United Nations MPTF. http://mptf.undp.org/factsheet/fund/COV00 (accessed 28 May 2020). Government of Norway. https://www.regjeringen.no/no/aktuelt/100-millioner-kroner-til-lav--og-mellominntektsland/id2721369/ (accessed 02 Jul 2020). Government of Norway. https://www.regjeringen.no/no/aktuelt/norge-inngar-ny-laneavtale-med-imfs-lavinntektslandsordninger/id2722193/ (accessed 09 July 2020).

(i) As of May 28, USD14.1 million committed to the United Nations (UN) COVID-19 Response and Recovery Multi-Partner Trust Fund (COVID-19 MPTF); (ii) June 29, NOK100 million to ensure that low and middle-income countries have access to COVID-19 vaccines when they are developed; (iii) July 6, NOK5.2 billion for IMF's Poverty Reduction and Growth Trust loan schemes.

Norway 10 10 - No breakdown NOK
Norway 11 11 - Other Economic Measures NOK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020); Ministry of Finance. https://www.regjeringen.no/en/aktuelt/economic-measures-in-norway-in-response-to-covid-192/id2695355/ (accessed 12 Apr2020); Ministry of Finance.https://www.regjeringen.no/en/aktuelt/mandate-established-for-management-of-government-bond-fund/id2695345/ (accessed 12April 2020).

(i) The Government Bond Fund bond fund was created with a starting capital of NOK50 billion. The fund will be managed by Folketrygdfondet, a state-owned asset manager; (ii) Urging from the Ministry of Finance to banks and insurance companies to not distribute profits; (iii) Automatic stabilizers: NOK37 billion reduced tax revenues; NOK18  billion,increased expenditure on unemployment benefits; NOK4 billion, increased sickness allowance; (iv) May, The government has announced that oil production will be reduced until the end of the year.

Norway 12 12 - Non-Economic Measures NOK Source: OECD. http://www.oecd.org/coronavirus/en/ (accessed 12 April 2020; 8 May 2020; 15 May 2020)

(i) Restrictions on stays outside resident municipality; (ii) 2. Border control measures included substantial restrictions on incoming foreigners; (iii) Schools and universities closed from 13 March to 13 April.; (iv) Curtailment of public events/gatherings; (iv) Reopening of daycare centres is scheduled progressively between the 20th and 27th April and reopening of primary schools and out-of-school programmes is scheduled for 27th April; (v) All schools and universities have reopened by May 8.

Norway 01 01 - Liquidity Support NOK 30,660,477,273 3,000,000,000
Norway 01A 01A - Short-term lending NOK Ministry of Finance. https://www.regjeringen.no/en/aktuelt/mandate-established-for-management-of-government-bond-fund/id2695345/ (accessed 11 April 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 19 April 2020).

March 27, The Government Bond Fund will contribute to increased liquidity and capital in the bond market by purchasing interest-bearing securities issued by Norwegian companies on market-based terms.

Norway 01B 01B - Support policies for short-term lending NOK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020).

No amount/estimate: (i) Provision of additional liquidity to banks in the form of loans of differing maturities; (ii) The possibility for banks to borrow in USD against collateral; (iii) The possibility that banks can temporarily breach the liquidity coverage ratio (LCR).

Norway 01C 01C - Forex operations NOK 30,660,477,273 3,000,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 May 2020).

(i) March 31, Norges Bank annonces that it will purchase foreign currency during April, the equivalent of NOK 2 billion per day; (ii) The possibility for banks to borrow in USD against collateral; (iii) May 26, Norges Bank issued a max of USD3 billion US dollar denominated loans against approved collateral.

Norway 02 02 - Credit creation NOK 50,500,000,000 4,941,214,667
Norway 02A 02A - Financial sector lending/funding NOK
Norway 02B 02B - Support policies for long-term lending NOK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020; 8 May 2020); OECD. http://www.oecd.org/coronavirus/en/ (accessed 19 April 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 25 June 2020).

No amount/estimate: (i) Reduction of the policy rate by 1.25% to 0.25%; (ii) March 13, Easing of countercyclical capital buffer by 1.5%; (iii) March 18, Lighter security pledges for access to loans from Norges Bank; (iv) March 23, Temporary easing of mortgage regulations, in particular increase in the percent of mortgages that can deviate from the regulations; (iv) May, reduction of the policy rate by an additional 0.25% to 0%; (v) Reduced lending rates for both risk and low-risk loans by 25 basis points each; (vi) June 11, increased flexibility quotas for loan mortgage regulations to the third quarter of 2020. This flexible quotas refer to requirements set by the Consumer Loan Regulations, including loan-to-value ratio, installment payment, and the customer's ability to service debt in relation to income; (vii) June 19, adopted new rules to simplify reconstruction negotiations for small businesses. [update]

Norway 02C 02C - Loan guarantees NOK 50,500,000,000 4,941,214,667 Ministry of Finance. https://www.regjeringen.no/en/aktuelt/economic-measures-in-norway-in-response-to-covid-192/id2695355/ (accessed 12 April 2020). Innvation Norway. https://www.innovasjonnorge.no/no/om/nyheter/2020/risikoavlastning-til-banker-skal-bidra-til-naringsvekst/ (accessed 19 June 2020).

(i) March 27, In the state guarantee scheme for bank loans to small and medium-sized enterprises the state guarantees 90% of the loans within a total guarantee framework of NOK50 billion; (ii) May 20, Extended the loan guarantee scheme to apply to loans granted before June 1, 2020, and permitted banks to provide guaranteed loans even after June 1, 2020; (iii) Existing guarantee scheme for 90% corporate loans will be extended until further notice for the year; (iv) June 2, Agreement between Innovation Norway and the European Investment Fund to expand Norway's Growth Guarantee Scheme (GGS). For 2 years, the GGS will cover up to 75% of the loss of 14 Norwegian banks extending loans to innovative Norwegian companies. The GGS was already expanded by NOK 500 million, bringing the total program funding to NOK 1.9 billion. [update]

Norway 03 03 - Direct long-term lending NOK 1,600,000,000 156,553,336
Norway 03A 03A - Long-term lending NOK 1,600,000,000 156,553,336 Ministry of Finance. https://www.regjeringen.no/en/aktuelt/economic-measures-in-norway-in-response-to-covid-192/id2695355/ (accessed 12 Apr2020); Innovation Norway. https://www.innovasjonnorge.no/en/start-page/ (accessed 11 April 2020).

March 27, Increase borrowing limit in Innovation Norway’s loans scheme by NOK1.6 billion (Innovation Norway is the government's instrument for innovation and development of Norwegian enterprises and industry).

Norway 03B 03B - Forbearance NOK
Norway 04 04 - Equity support NOK