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).

27 March 2020, 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) 31 March 2020, 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) 26 May 2020, 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
Norway 02B1 02B1 - Interest rate adjustments NOK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020; 8 May 2020); Norges Bank. https://www.norges-bank.no/en/news-events/news-publications/Press-releases/2021/2021-01-21-rate/ (accessed 28 January 2020).

No amount/estimate: (i) Reduction of the policy rate by 1.25% to 0.25%; (ii) May 2020, reduction of the policy rate by an additional 0.25% to 0%; (ii) Reduced lending rates for both risk and low-risk loans by 25 basis points each; (iv) 27 January 2021, policy rate unchaged at zero percent. [update]

Norway 02B2 02B2 - Other policies to support 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). Government of Norway. https://www.regjeringen.no/en/aktuelt/temporary-changes-to-the-mortgage-regulation-will-not-be-extended/id2741097 (accessed 17 September 2020).

(i) 13 March 2020, Easing of countercyclical capital buffer by 1.5%; (ii) 18 March 2020, Lighter security pledges for access to loans from Norges Bank; (iii) 23 March 2020, Temporary easing of mortgage regulations, in particular increase in the percent of mortgages that can deviate from the regulations; (iv) 11 June 2020, 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; (v) 19 June 2020, adopted new rules to simplify reconstruction negotiations for small businesses; (vi) 11 September 2020, temporary changes to the mortgage regulation will not be extended. The mortgage regulation allows a certain amount of a lender’s approved loans to deviate from the requirements in the regulation. Increased quotas (20%) will end on September 30.

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) 27 March 2020, 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) 20 May 2020, 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) 2 June 2020, 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).

27 March 2020, 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 133,038,639,773 13,017,276,795
Norway 05A 05A - Health support NOK 2,000,000,000 195,691,670 Ministry of Finance. https://www.regjeringen.no/en/aktuelt/economic-measures-in-norway-in-response-to-covid-192/id2695355/ (accessed 12 Apr2020). Norweigian Government. https://www.regjeringen.no/en/aktuelt/nok-825-million-for-mandatory-border-testing/id2830710/ (accessed 04 February 2021).

(i) NOK1.1 billion for critical sectors: Health and social services have been given permission to exceed their budgets; (ii) 31 January 2021, NOK825 million for mandatory border testing and NOK75 million to build national phone center for follow-up of entry quarantine. [update]

Norway 05B 05B - Income support NOK 131,038,639,773 12,821,585,125
Norway 05B1 05B1 - Tax and contribution deferrals and policy changes NOK 32,000,000 3,131,067 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). Government of Norway. https://www.regjeringen.no/no/aktuelt/innforing-av-midlertidig-startavskrivning/id2723448/ (accessed 23 July 2020).

3 April 2020, (a) deferrals for beverage taxes (NOK14 million), (b) deferral of fuel and mineral product taxes (NOK18 million),

Norway 05B2 05B2 - Tax and contribution rates reduction NOK 140,000,000 13,698,417 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).

(i) 3 April 2020, (a) exemption on natural gas taxes (NOK40 million), (b) suspension of the horse-racing tax (NOK 100 million); (ii) 20 July 2020, No amount/estimate: owners of machinery and industrial equipment allowed to depreciate the value of these assets by an additional 10%.

Norway 05B3 05B3 - Subsidies to individuals and households NOK 91,811,600,000 8,983,382,664 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 28 August 2020). Government of Norway. https://www.regjeringen.no/no/aktuelt/forhoyet-dagpengesats-ut-aret/id2737121/ (accessed 03 September 2020).

(i) NOK20.8 billion, mitigating income loss for persons; (ii) NOK5.5 billion, other compensation schemes; (iii) 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; (iv) April 3, 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) support for temporarily laid-off employees with private pensions; (iv) May 14; NOK500 million housing support funds to increase number of elibible to receive housing assistance; (v) 15 May 2020 , NOK15 million paid to six universities to provide education to the laid-off and unemployed; (vi) No amount/estimate: 24 August 2020, extended the temporary unemployment benefit scheme through the rest of the year 2020.

Norway 05B4 05B4 - Subsidies to businesses NOK 33,610,000,000 3,288,598,514 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/torp-far-statlig-stotte/id2723878/ (accessed 06 August 2020).

(i) 27 March 2020, NOK30.7 billion, mitigating income loss for businesses; (ii) NOK2.7 billion, aviation sector support excluding guarantee portion; (iii) 3 April 2020, support for the reindeer industry (NOK20 million); (iv) 18 May 2020, NOK20 million increased the support scheme for small and large companies that develop defense technology; (v) No amount/estimate: 17 June 2020, Business Compensation Scheme for companies facing decreasing turnover has been made more generous for seasonal companies. (vi) 25 June 2020, Lufthavndrift AS will receive approximately NOK70 million in grants in 2020 from Avinor AS, a state-owned company; (vii) No amount/estimate: 1 July 2020, companies and organizations can receive support for re-employing laid-off workers; (viii) 20 July 2020, NOK100 million subsidy for bus and passenger boat companies. (viv) 3 August 2020, NOK90 million support to Torp Sandefjord Airport.

Norway 05B5 05B5 - Indirect income support NOK 2,890,000,000 282,774,463 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).

(i) 8 June 2020, NOK50 million to Norwegeian school and universities to pay for online training for unemployed and laid-off workers; (ii) No amount/estimate: 26 June 2020, expanded the compensation scheme to include organizers from cultural sector. Sports and volunteering are now also eligible; (iii) 6 July 2020, 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; (iv) 13 July 2020, NOK250 million additional grants to finance the maintenance of resorts and amusement parks; (v) 19 August 2020, NOK900 million new stimulation scheme and continuation of the compensation scheme for the cultural sector.

Norway 05B6 05B6 - No breakdown (income support) NOK 2,555,039,773 250,000,000 Government of Norway. https://www.regjeringen.no/no/aktuelt/gir-250-millioner-til-reiselivsnaringen/id2722311/ (accessed 09 July 2020).

6 July 2020, USD250 million fiscal stimulus package worth to the tourism industry.

Norway 05C 05C - No breakdown (health and income support) NOK
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).

19 March 2020, Establishment of a swap facility of USD30 billion between Norges Bank and the US Federal Reserve (mutual currency arrangement). Amount outstanding as of 11 June 2020: 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 10,654,104,243 1,042,459,726
Norway 09A 09A - Swaps NOK
Norway 09B 09B - International loans/grants NOK 10,654,104,243 1,042,459,726 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). Government of Norway. https://www.regjeringen.no/en/aktuelt/support_sahel/id2773023/ (accessed 22 Oct 2020). Norwegian Governemnt. https://www.regjeringen.no/en/aktuelt/Norway-grants-debt-service-relief-to-Pakistan/id2826254/ (accessed 07 January 2021). Norwegian Government. https://www.regjeringen.no/en/aktuelt/Norway-increases-support-for-pandemic-response/id2814817/(accessed 07 January 2021). Norwegian Governemnet. https://www.regjeringen.no/en/aktuelt/norway-supports-international-finance-corporations-efforts-to-stimulate-local-production-and-job-creation-during-pandemic/id2815598/ (accessed 07 January 2021).

(i) As of 28 May 2020, 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) 6 July 2020, NOK5.2 billion for IMF's Poverty Reduction and Growth Trust loan schemes; (iv) 21 September 2020, NOK215 million in humanitarian aid to Yemen, a large proportion of this funding is being used by the Norwegian Red Cross to establish the field hospital; (v) 20 October 2020, NOK390 million support to crisis-affected people in the Sahel region; (vi) 22 December 2020, NOK72 million in support to the IFC’s new Global Health Platform. ; (vii)23 December 2020, NOK33 million of debt service relief provided to Pakistan. ; (viii) 23 December 2020, NOK4.5 billion contribution to Access to COVID-19 Tools (ACT) Accelerator.

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 2020, The government has announced that oil production will be reduced until the end of the year.

Norway 12 12 - Non-Economic Measures NOK
Norway 12A 12A - Measures affecting travel and transport (local and international) NOK OECD. http://www.oecd.org/coronavirus/en/ (accessed 12 April 2020; 8 May 2020; 15 May 2020). Norwegian Government. https://www.regjeringen.no/en/aktuelt/continuation-of-controls-at-the-internal-borders/id2783963/ (accessed 12 November 2020). Norwegian Government. https://www.regjeringen.no/en/aktuelt/new-statutory-authority-relating-to-requirements-for-a-negative-covid-19-test-result-prior-to-entry-into-norway-and-deportations-in-the-event-of-violations-of-quarantine-regulations/id2791384/ (accesed 14 December 2020). Norwegian Government. https://www.regjeringen.no/en/aktuelt/norway-to-ban-direct-flights-from-the-united-kingdom/id2815457/ (accessed 07 January 2021). Norwegian Government. https://www.regjeringen.no/en/aktuelt/new-quarantine-rules-will-contribute-to-more-travellers-being-tested/id2826283/ (accessed 07 January 2021). Norwegian Government. https://www.regjeringen.no/en/aktuelt/mandatory-testing-for-travellers-to-norway/id2826415/ (accessed 07 January 2021). Norwegian Government. https://www.regjeringen.no/en/aktuelt/mandatory-testing-at-the-border/id2828812/ (accessed 21 January 2021). Norwegian Government. https://www.regjeringen.no/en/aktuelt/stricter-rules-for-testing-and-quarantine-upon-arrival-to-stop-coronavirus-mutation/id2829765/ (accessed 28 January 2021).

(i) Restrictions on stays outside resident municipality; (ii) Border control measures included substantial restrictions on incoming foreigners; (iii) 26 October 2020, new national restrictions on labour immigration; (iv) 10 November 2020, decided to continue controls at the internal borders to limit spread of COVID-19; (v) 12 December 2020, requirement for a negative Covid-19 test result prior to entry into Norway and deportations in the event of violations of quarantine regulations. ; (vi) 21 December 2020, ban on direct flights from United Kigdom and registration requirement for all entering the country. ; (vii) 29 December 2020, introduced new quarantine rules; (viii) 31 December 2020, mandatory testing to all travellers to Norway; (ix) 16 January 2021, the government is introducing mandatory testing at the border for persons who have been to an area that necessitates quarantine upon arrival in Norway. This will apply from Monday 18 January; (x) 23 January 2021, the requirement to present a negative SARS-CoV-2 test prior to arrival when travelling to Norway is being amended to require a test taken 24 hours prior to departure instead of 72 hours. [update]

Norway 12B 12B - Measures affecting business and workplace NOK OECD. http://www.oecd.org/coronavirus/en/ (accessed 12 April 2020; 8 May 2020; 15 May 2020). Norwegian Government. https://www.regjeringen.no/en/aktuelt/new-national-restrictions/id2776995/ (Accesssed 05 November 2020).

(i) Schools and universities closed from 13 March 2020 to 13 April 2020; (ii) 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; (iii) All schools and universities have reopened by May 8; (iv) 27 October 2020, new national measures such as limit of number of guests at social gatherings in private homes and number of participants attending public events. Suggested local measures such as limiting social interaction, use of face masks in public transport and public places, and work from home arrangements.

Norway 12C 12C - Others NOK