Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Portugal 01 01 - Liquidity Support EUR 1,000,000,000 1,106,194,690
Portugal 01A 01A - Short-term lending EUR 1,000,000,000 1,106,194,690 Government of Portugal. https://www.portugal.gov.pt/pt/gc22/comunicacao/noticia?i=nova-linha-de-credito-para-micro-e-pequenas-empresas-vai-estar-disponivel (accessed 18 July 2020).

July 7, EUR1 billion new credit line for micro and small businesses.

Portugal 01B 01B - Support policies for short-term lending EUR
Portugal 01C 01C - Forex operations EUR
Portugal 02 02 - Credit creation EUR 3,863,000,000 4,273,230,088
Portugal 02A 02A - Financial sector lending/funding EUR
Portugal 02B 02B - Support policies for long-term lending EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 9 May 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 18 June 2020).

No amount/estimate: (i) The Banco de Portugal (BdP) has relaxed some aspects of its macroprudential measures for consumer credit; (ii) Series of measures directed to less significant banks under its supervision: (a) the possibility to temporarily operate below selected capital and liquidity requirements; (b) a recommendation to restrict dividend distributions; (c) extension of deadlines of some reporting obligations, (d) rescheduling of on-site inspections and the stress test exercise; (ii) June, new consumer credit (maturities up to 2 years), granted between 1/4-30/9 to mitigate households’ temporary liquidity shortages will not have to comply with the DSTI ratio threshold.

Portugal 02C 02C - Loan guarantees EUR 3,863,000,000 4,273,230,088 OECD. http://www.oecd.org/coronavirus/en/ (accessed 9 May 2020). European Commision. https://ec.europa.eu/commission/presscorner/detail/en/IP_20_1489 (accessed 29 August 2020).

(i) Direct state guaranteed credit support to companies that are most affected (EUR400 million) and for microenterprises in the tourism sector (EUR60 million); (ii) State guaranteed credit through the banking system: for restaurants (EUR600 million, EUR270 million for SMEs), tourism (EUR200 million, EUR75 million for SME), tourism accommodation (EUR900 million, EUR300 million for SME), industry (EUR1,300 million, EUR400 million for SME), fishing and aquiculture sectors (EUR20 million). Increased ceilings for export credit insurance schemes for metallurgic, mould, metal and mechanical industries (EUR100 million), construction abroad (EUR100 million), short-term exports (EUR50 million); (iii) August 18, EUR133 million in public guarantee on temporary loan for urgent liquidity needs of SATA airline. [update]

Portugal 03 03 - Direct long-term lending EUR 1,200,000,000 1,327,433,628
Portugal 03A 03A - Long-term lending EUR 1,200,000,000 1,327,433,628 Government of Portugal. https://www.portugal.gov.pt/pt/gc22/comunicacao/noticia?i=prejuizo-da-perda-da-tap-ultrapassaria-largamente-o-esforco-para-a-manter (accessed 04 July 2020)

July 2, EUR1.2 billion Loan to TAP (airline).

Portugal 03B 03B - Forbearance EUR OECD. http://www.oecd.org/coronavirus/en/ (accessed 30 April 2020, 18 June 2020).

(i) No amount/estimate: Rescheduling of banking loans, with maturities extended due in the next 6 months until 30/9, with a moratory on capital and interest, and maturities extended for extra 6 months, applicable to (a) housing credit for families most affected (unemployed, laid-off, in prophylactic isolation or ill due to COVID-19) and (b) loans to firms, self-employed and social institutions; (ii) No amount/estimate: June, BdP implemented EBA Guidelines on legislative and non-legislative moratoria on loan repayments, with conditions not to trigger default of obligor and assessment of distressed restructuring.

Portugal 04 04 - Equity support EUR 55,000,000 60,840,708 Government of Portugal. https://www.portugal.gov.pt/pt/gc22/comunicacao/noticia?i=prejuizo-da-perda-da-tap-ultrapassaria-largamente-o-esforco-para-a-manter (accessed 04 July 2020)

July 2, EUR55 million, government will buy shares of TAP (airline) reaching 72.5% in its capital.

Portugal 05 05 - Health and income support EUR 8,097,400,000 8,957,300,885
Portugal 05A 05A - Health support EUR 730,400,000 807,964,602 OECD. http://www.oecd.org/coronavirus/en/ (accessed 9 May 2020). Government of Portugal. https://www.portugal.gov.pt/pt/gc22/comunicacao/noticia?i=setor-de-medicina-intensiva-reforcado-com-26-milhoes-de-euros (accessed 22 August 2020). Servico Nacional de Saude. https://www.sns.gov.pt/noticias/2020/08/24/covid-19-expansao-da-capacidade-laboratorial/?utm_source=rss&utm_medium=rss&utm_campaign=covid-19-expansao-da-capacidade-laboratorial (accessed 28 August 2020).

(i) March 12, EUR296 million to increase the capacity of the health sector; (ii) May 14, over EUR400 million per month (0.2% GDP) of additional resources for the national health service; (iv) August 10, EUR8.4 million to double virus testing capacity; [update] (iv) August 20, EUR26 million for intensive care medicine.

Portugal 05B 05B - Income support EUR 7,367,000,000 8,149,336,283 OECD. http://www.oecd.org/coronavirus/en/ (accessed 21 May 2020). Portugal Governemnt. https://www.portugal.gov.pt/pt/gc22/comunicacao/noticia?i=governo-lanca-linha-de-apoio-para-contratacao-de-recursos-humanos-no-setor-social (accessed 29 June 2020). Portugal Government. https://www.portugal.gov.pt/pt/gc22/governo/comunicado-de-conselho-de-ministros?i=352 (accessed 29 June 2020). Government of Portugal. https://www.portugal.gov.pt/pt/gc22/comunicacao/noticia?i=125-me-para-reforcar-os-recursos-humanos-nas-escolas (accessed 04 July 2020). Government of Portugal. https://www.portugal.gov.pt/pt/gc22/comunicacao/noticia?i=estado-vai-gastar-7-milhoes-a-comprar-equipamento-de-protecao-para-o-primeiro-periodo-letivo (accessed 06 August 2020).

(i) EUR1 billion per month (0.5% GDP) in financial support for those temporarily furloughed by their employer; (ii) EUR6.2 billion (3.2% GDP) of (within-year) tax and social security contribution deferrals for companies and employees; (iii) No amount/estimate: Additional financial support is also provided for: the self-employed affected by the virus; people forced to stay home to care for children, and; those sick or in isolation; (iv) EUR25 million fiscal package to support the entrepreneurship ecosystem; (v) No amount/estimate: June 18, extension on the existing measures for maintaining jobs in companies suffering from the COVID-19 crisis. Moreover, two more instruments are created: (a) compensation for workers with wages below certain minimum and b) incentives for companies to reincorporate workers; (vi) June 21, EUR10 million grants for social companies to hire new employees and adapting to COVID-19; (vii) June 30, EUR125 million to increase investment in education; (viii) July 27, EUR7 milllion puchase of protective equipment for schools.

Portugal 06 06 - Budget reallocation EUR
Portugal 07 07 - Central bank financing government EUR
Portugal 07A 07A - Direct lending and reserve drawdown EUR
Portugal 07B 07B - Secondary purchase: government securities EUR
Portugal 08 08 - International Assistance Received EUR
Portugal 08A 08A - Swaps EUR
Portugal 08B 08B - International loans/grants EUR
Portugal 08B1 08B1 - Asian Development Bank EUR
Portugal 08B2 08B2 - Other EUR
Portugal 09 09 - International Assistance Provided EUR
Portugal 09A 09A - Swaps EUR
Portugal 09B 09B - International loans/grants EUR
Portugal 10 10 - No breakdown EUR 2,100,000,000 2,323,008,850 OECD. http://www.oecd.org/coronavirus/en/ (accessed 9 May 2020).

As of April 20, a EUR13 billion liquidity scheme, approved by European Commission, is available to provide direct grants and public guarantee loans to companies. Key measures include: (a) EUR1 billion a month financial support (see Non-health in Measure 5); (b) EUR3.7 billion of state-guaranteed credit lines (see Loan guarantees in Measure 2); (c) EUR6.2 billion of (within-year) tax and social security contribution deferrals for companies and employees. Out of EUR13 billion, allocation for EUR2.1 billion is not clear.

Portugal 11 11 - Other Economic Measures EUR
Portugal 12 12 - Non-Economic Measures EUR OECD. http://www.oecd.org/coronavirus/en/ (accessed 12 April 2020, 30 April 2020, 9 May 2020).

(i) Public containment has been implemented on the 19th of March after the announcement of the State of Emergency on the 18th of March; (ii) Border control with Spain through mutual agreement started on 17th of March. Suspended air, rail, and river connections; (iii) Suspension of all face-to-face school activities (teaching and non-teaching) from 16th of March to be reassessed on 9th of April; (iv) Closure of non-essential shops, and all national monuments and places of cultural activities (both public and private); (v) classes restarted on April 14 for high school, while TV schooling for primary education; (vi) From May 4, confinement measures have been eased. Small street shops, hairdressers, bookstores and car dealerships can reopen.

Portugal 01 01 - Liquidity Support EUR 1,000,000,000 1,106,194,690
Portugal 01A 01A - Short-term lending EUR 1,000,000,000 1,106,194,690 Government of Portugal. https://www.portugal.gov.pt/pt/gc22/comunicacao/noticia?i=nova-linha-de-credito-para-micro-e-pequenas-empresas-vai-estar-disponivel (accessed 18 July 2020).

July 7, EUR1 billion new credit line for micro and small businesses. [update]

Portugal 01B 01B - Support policies for short-term lending EUR
Portugal 01C 01C - Forex operations EUR
Portugal 02 02 - Credit creation EUR 3,730,000,000 4,126,106,195
Portugal 02A 02A - Financial sector lending/funding EUR
Portugal 02B 02B - Support policies for long-term lending EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 9 May 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 18 June 2020).

No amount/estimate: (i) The Banco de Portugal (BdP) has relaxed some aspects of its macroprudential measures for consumer credit; (ii) Series of measures directed to less significant banks under its supervision: (a) the possibility to temporarily operate below selected capital and liquidity requirements; (b) a recommendation to restrict dividend distributions; (c) extension of deadlines of some reporting obligations, (d) rescheduling of on-site inspections and the stress test exercise; (ii) June, new consumer credit (maturities up to 2 years), granted between 1/4-30/9 to mitigate households’ temporary liquidity shortages will not have to comply with the DSTI ratio threshold.

Portugal 02C 02C - Loan guarantees EUR 3,730,000,000 4,126,106,195 OECD. http://www.oecd.org/coronavirus/en/ (accessed 9 May 2020).

(i) Direct state guaranteed credit support to companies that are most affected (EUR400 million) and for microenterprises in the tourism sector (EUR60 million); (ii) State guaranteed credit through the banking system: for restaurants (EUR600 million, EUR270 million for SMEs), tourism (EUR200 million, EUR75 million for SME), tourism accommodation (EUR900 million, EUR300 million for SME), industry (EUR1,300 million, EUR400 million for SME), fishing and aquiculture sectors (EUR20 million). Increased ceilings for export credit insurance schemes for metallurgic, mould, metal and mechanical industries (EUR100 million), construction abroad (EUR100 million), short-term exports (EUR50 million).

Portugal 03 03 - Direct long-term lending EUR 1,200,000,000 1,327,433,628
Portugal 03A 03A - Long-term lending EUR 1,200,000,000 1,327,433,628 Government of Portugal. https://www.portugal.gov.pt/pt/gc22/comunicacao/noticia?i=prejuizo-da-perda-da-tap-ultrapassaria-largamente-o-esforco-para-a-manter (accessed 04 July 2020)

July 2, EUR1.2 billion Loan to TAP (airline).

Portugal 03B 03B - Forbearance EUR OECD. http://www.oecd.org/coronavirus/en/ (accessed 30 April 2020, 18 June 2020).

(i) No amount/estimate: Rescheduling of banking loans, with maturities extended due in the next 6 months until 30/9, with a moratory on capital and interest, and maturities extended for extra 6 months, applicable to (a) housing credit for families most affected (unemployed, laid-off, in prophylactic isolation or ill due to COVID-19) and (b) loans to firms, self-employed and social institutions; (ii) No amount/estimate: June, BdP implemented EBA Guidelines on legislative and non-legislative moratoria on loan repayments, with conditions not to trigger default of obligor and assessment of distressed restructuring.

Portugal 04 04 - Equity support EUR 55,000,000 60,840,708 Government of Portugal. https://www.portugal.gov.pt/pt/gc22/comunicacao/noticia?i=prejuizo-da-perda-da-tap-ultrapassaria-largamente-o-esforco-para-a-manter (accessed 04 July 2020)

July 2, EUR55 million, government will buy shares of TAP (airline) reaching 72.5% in its capital.