Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Indonesia 01 01 - Liquidity Support IDR 222,422,636,190,480 14,638,293,840
Indonesia 01A 01A - Short-term lending IDR 56,000,000,000,000 3,685,526,208 Bank Indonesia. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx (accessed 16 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020).

Bank Indonesia (BI) has injected liquidity to the money market and banking industry through various policy measures including (i) more than IDR56 trillion through a term-repo mechanism with underlying SBN transactions held by the banking industry; No amount/estimate: (ii) increasing the maximum duration for repo and reverse repo operations (up to 12 months); (iii) increasing the size of of the main weekly refinancing operations as needed; and (iv) A Presidential decree has expanded BI’s authority to maintain the stability of the financial system including by facilitating BI liquidity assistance to banks.

Indonesia 01B 01B - Support policies for short-term lending IDR 117,800,000,000,000 7,752,767,631 International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 April 2020); Bank Indonesia. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx (accessed 15 April 2020); https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Indikator-Stabilitas-Nilai-Rupiah-8-Mei-2020.aspx (accessed 11 May 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 5 May 2020).

BI announced increasing monetary easing through quantitative easing as follows: (i) No amount/estimate: Expand monetary operations by providing banks and the corporates a term-repo mechanism with government bonds (SUN) or sharia bonds (SBSN) underlying transactions of tenors up to 1 year; (ii) Lower the reserve requirement ratios effective April 1 to generate IDR22 trillion in additional liquidity and further reductions that took effect on May 1, 2020; (iii) As of May 8, IDR95.8 trillion from the relaxation of the additional demand deposit obligations to meet the Macroprudential Intermediation Ratio (MIR) for conventional commercial banks as well as Islamic banks/Islamic business units for a period of 1 year, effective from May 1, 2020 (Note that SBSN refers to government Islamic securities); and (iv) BI raised the the liquidity buffer ratio by 200 basis points for conventional banks and 50 basis points for islamic banks to be fulfilled only via government bonds purchased in the primary market.

Indonesia 01C 01C - Forex operations IDR 48,622,636,190,476 3,200,000,000 Bank Indonesia. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx (accessed 16 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020).

(i) BI lowered the foreign currency reserve requirement by 4% to increase foreign currency liquidity in the banking industry by around USD3.2 billion; No amount/estimate: (ii) BI announced increasing the frequency of foreign exchange swap auctions for 1, 3, 6, and 12 month tenors from three times per week to daily auctions; and (iii) BI has intervened in the spot and domestic non-deliverable foreign exchange markets, and in the domestic government bond market to maintain orderly market conditions.

Indonesia 02 02 - Credit creation IDR 250,000,000,000,000 16,453,242,002
Indonesia 02A 02A - Financial sector lending/funding IDR
Indonesia 02B 02B - Support policies for long-term lending IDR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 April 2020). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_224620.aspx (accessed 18 June 2020). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_225220.aspx (accessed 16 July 2020).

No amount/estimate: (i) BI reduced the policy rate by 100 bps cumulatively in February, March, June, and July 2020, to 4.0%; (ii) Otoritas Jasa Keuangan (OJK) has relaxed loan classification and loan restructuring procedures for banks to encourage loan restructuring and extended the deadline, by 2 months, for publicly listed companies to release their annual financial reports and hold annual shareholders meetings.

Indonesia 02C 02C - Loan guarantees IDR 250,000,000,000,000 16,453,242,002 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 April 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/pemerintah-jamin-kredit-modal-kerja-yang-diberikan-perbankan-untuk-umkm/ (accessed 22 May 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/lpei-bersinergi-dengan-bank-mandiri-untuk-penjaminan-kredit-pembiayaan-ekspor/ (accessed 3 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/penjaminan-kredit-modal-kerja-umkm-resmi-diluncurkan/ (accessed 9 July 2020). Reuters. https://www.reuters.com/article/us-indonesia-economy-loans/indonesia-launches-7-billion-loan-guarantee-scheme-for-priority-companies-idUSKCN24U0EP?il=0 (accessed 29 July 2020).

(i) The third stimulus package (see Measure 5) includes IDR150 trillion (0.9% of GDP) additional financing for a national economic program, including to support credit guarantees for the private sector. As of June 26, the Indonesian Exports Financing Agency (LPEI) announced it will provide credit guarantees for PT Bank Mandiri Tbk to increase export financing to support the National Economic Recovery program. On July 7, IRD123.46 trillion UMKM credit guarantee program for working capital loans under the National Economic Recovery plan. (ii) May 19, Guarantees for working capital loans provided by banks for debtors, especially MSMEs. (iii) July 29, INR100 trillion loan guarantee scheme for targeted businesses in priority sectors such as tourism, automotive, textile and garment, and electronics.

Indonesia 03 03 - Direct long-term lending IDR 695,200,000,000,000 45,753,175,358
Indonesia 03A 03A - Long-term lending IDR 695,200,000,000,000 45,753,175,358 Reuters. https://www.reuters.com/article/us-indonesia-economy/indonesia-says-to-lend-more-to-regions-to-support-economy-idUSKCN24S0EO?il=0 (accessed 27 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/pinjaman-ke-daerah-salah-satu-upaya-pemerintah-dukung-pemulihan-ekonomi-nasional/; https://www.kemenkeu.go.id/publikasi/berita/ini-relaksasi-pinjaman-daerah-yang-meringankan-pemerintah-daerah/ (accessed 7 August 2020).

July 27, INR15 trillion loan scheme for the provincial governments of Jakarta and West Java and INR11.5 trillion lending for provincial governments to support economic recovery to be funded by proceeds from central bank purchases of government bonds. These are part of the new IDR695.2 trillion loan program announced by the government as part of the National Economic Recovery (PEN) program consisting of financing support to regional and local goverments, and fund placements in regional development banks.

Indonesia 03B 03B - Forbearance IDR
Indonesia 04 04 - Equity support IDR
Indonesia 05 05 - Health and income support IDR 591,533,200,000,000 38,930,555,566 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 27 May 2020). MOF (as of June 4).

In addition to the first two fiscal packages amounting to IDR33.2 trillion (0.2% of GDP), the government announced a major stimulus package of IDR405 trillion (2.6% of GDP) on March 31, 2020, including IDR255 trillion (1.6% of GDP) in additional spending and tax reliefs, which was further expanded to IDR641 trillion (3.9% of GDP) on May 19. As of June 4, the government's fiscal package amounted to IDR677.2 trillion according to the Ministry of Finance. The stimulus packages comprise (i) support to the health care sector to boost testing and treatment capability for COVID-19 cases, (ii) increased benefits and broader coverage of existing social assistance schemes to low-income households such as food aid, conditional cash transfers, and electricity subsidy, (iii) expanded unemployment benefits, including for workers in the informal sector, (iv) tax reliefs, including for the tourism sector and individuals (with an income ceiling), and (v) permanent reductions of the corporate income tax rate from 25% to 22% in 2020−21 and 20% starting in 2022.

Indonesia 05A 05A - Health support IDR OECD. http://www.oecd.org/coronavirus/en/ (accessed 5 May 2020). WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 21 May 2020).

(i) March 13, The second fiscal package includes incentives for medical staff dealing with COVID-19 (IDR 15 million to medical specialists, IDR 10 million to physicians and dentists, IDR 7.5 million to nurses and IDR 5 million to other medical staff members; IDR 300 million in case of death of a medical worker) for a budget of IDR 6.1 trillion; (ii) March 31, Under the third fiscal package, authorities announced an additional IDR75 trillion for healthcare; (iii) May 13, See (ii) under Measure 5B.

Indonesia 05B 05B - Income support IDR OECD. http://www.oecd.org/coronavirus/en/ (accessed 5 May 2020). WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 21 May 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/bumn-juga-masuk-program-pemulihan-ekonomi-nasional/ (accessed 22 May 2020). Ministry of Finance. https://www.kemenkeu.go.id/publikasi/berita/ini-cara-agar-umkm-bisa-mengajukan-pembebasan-pph-final-0-5/ (accessed 25 June 2020). Ministry of Finance. https://www.kemenkeu.go.id/publikasi/berita/pmk-652020-harapan-bagi-umkm-bertahan-dengan-subsidi-bunga-pemerintah/ (accessed 25 June 2020). Ministry of Finance. https://www.kemenkeu.go.id/publikasi/berita/pemerintah-siapkan-subsidi-bunga-umkm-total-rp35-2-triliun/ (accessed 25 June 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-indonesia-taxbreak/indonesia-gives-tax-break-to-makers-of-personal-protective-equipment-idUSKBN23Q1KN?il=0 (accessed 19 June 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/menkeu-tempatkan-rp30-triliun-di-bank-himbara-di-tahap-pertama/ (accessed 3 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/pp-292020-memberi-5-fasilitas-pajak-penghasilan-di-masa-pandemi/ (accessed 3 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/dukung-pen-melalui-umi-pip-tandatangani-akad-pembiayaan-baru-dengan-pt-pegadaian-senilai-rp400-miliar/ (accessed 3 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/pph-badan-untuk-perusahaan-publik-bisa-turun-19-jika-memenuhi-persyaratan-ini/ (accessed 3 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/pmk-85pmk052020-mempermudah-umkm-mendapat-keringanan-subsidi-bunga/ (accessed 16 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/presiden-luncurkan-bantuan-subsidi-gaji-pekerja/ (accessed 28 August 2020).

No amount/estimate: (i) The government announced plans to reduce the number of restricted import goods by up to 50 percent on steel producers, and their derivatives, strategic food products (manufacturing industry inputs); horticultural commodities; animals & animal products; medicine, medicinal ingredients food. (ii) May 13, Postponing the payment of excise duties on imports of certain goods and temporary elimination of import tariffs, VAT and income taxes on certain medical and pharmaceutical products used in the treatment of COVID-19. (iii) May 19, The Ministry of Finance will provide subsidies, compensation, State Capital Inclusion, and bailout fund to maintain the sustainability of state-owned enterprises (SOEs) under the expanded fiscal package announced in May 19 in Measure 5. Total government support to SOEs is IDR104.38 trillion for Above The Line funds and IDR44.92 trillion for Below The Line funds. (iv) June 17, Final income tax exemption of 0.5% of the gross circulation borne by the government for April to September 2020 for MSMEs conditional on gross income not exceeding IDR4.6 billion a year. (v) June 18, IDR10 billion interest rate subsidy for MSMEs in as part of the National Economic Recovery Program. (vi) June 19, IDR35.2 trillion in interest rate subsidies for banks and non-bank financial institutions as part of the National Economic Recovery Program. (vii) June 19, Authorities announced a taxbreak for manufacturers of personal protective equipment and household antiseptic products by offsetting 30% of production costs between March and September 2020 against taxable income. (viii) June 24, IDR30 trillion allocated to HIMBARA (State-owned Banks Association) for lending and interest subsidies to MSMEs. (ix) No amount/estimate: June 25, A series of tax incentives and relief measures for producers of medical devices, taxpayer contributions to COVID-19 relief efforts, any income from government compensation, incentives and leases paid to those involved in handling COVID-19 efforts, and on the buyback of exchange-traded shares of WP Limited Companies. (x) June 25, IDR1.088 trillion in financing for ultra micro loans (UMi) through financial institutions UMi financing channels of which IDR400 billion is earmarked for PT Pegadian (state-owned pawnbroker). (xi) No amount/estimate: June 29, Corporate income tax discounts for publicly listed companies: 19% in the tax year 2020 and 2021, and 17% in the 2022 tax year; conditional on certain ownership criteria. (xii) July 14, Interest subsidy and loan principal payment relief scheme for MSMEs as part of the Nationa Economic Recovery (PEN) program involving a total amount of INR 35.28 trillion for 60.66 million accounts. (xiii) August 27, The President announced an expanded wage subsidy program targeting 15.7 million workers earning under IDR5 million and are compliant with mandated social security contributions. [update]

Indonesia 06 06 - Budget reallocation IDR 182,460,000,000,000 12,008,234,142 The Jakarta Post. https://www.thejakartapost.com/news/2020/04/01/indonesias-covid-19-stimulus-playbook-explained.html (accessed 27 April 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/menkeu-laporkan-refocusing-tkdd-penanganan-covid-19-ke-dpd/; https://www.kemenkeu.go.id/publikasi/berita/menkeu-laporkan-refocusing-tkdd-penanganan-covid-19-ke-dpd/;https://www.kemenkeu.go.id/publikasi/berita/dau-dan-dbh-berpotensi-ditunda-bagi-pemda-yang-belum-lapor-dan-tidak-memenuhi-syarat-laporan-apbd-terkait-covid-19/ (accessed 12 May 2020).

(i) The 2020 state budget allocated IDR17.73 trillion worth of state capital injections (PMN) to several state-owned enterprises (SOEs); (ii) Reallocations of IDR62 trillion for state budget, IDR72 trillion for village funds, IDR17.2 trillion for healthcare; May 5: (iii) No amount/estimate: Postponed the distribution of part of the General Allocation Fund and/or Revenue Sharing Funds to local governments that do not meet the provisions of the 2020 Budget Year Budget; and May 8: (iv) further reallocations of IDR4.18 trillion from the Regional Incentive Fund to COVID-19 handling and IDR9.35 from the Special Allocation Fund to health activities.

Indonesia 07 07 - Central bank financing government IDR 783,770,000,000,000 51,582,229,935
Indonesia 07A 07A - Direct lending and reserve drawdown IDR 617,560,000,000,000 40,643,456,522 The Jakarta Post. https://www.thejakartapost.com/news/2020/04/23/bank-indonesia-buys-108m-of-government-bonds-at-auction-first-time-since-rule-change.html (accessed 27 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020). BI. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-28-Mei-2020.aspx (accessed 2 June 2020). BI. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-5-Juni-2020.aspx (accessed 10 June 2020). Reuters. https://www.reuters.com/article/us-indonesia-economy/indonesia-unveils-40-billion-bond-scheme-to-fund-recovery-from-pandemic-idUSKBN2471AZ?il=0 (accessed 6 July 2020). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_225220.aspx (accessed 16 July 2020). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_226420.aspx (accessed 19 August 2020).

(i) April 21, BI directly purchased IDR1.7 trillion (USD108 million) worth of sharia sovereign bonds during an auction held by the government for the first time. As of August 18, BI has purchased IDR42.96 trillion in the primary market through auction schemes, greenshoe options and private placements under the April 16 Joint Decree with the Ministry of Finance. ii) No amount/estimate: In line with BI's expanded financial stability mandate as mentioned in (v) of Measure 1A, BI is authorized to finance the deposit insurance agency (LPS) for bank solvency problems. (vi) July 6, BI agreed to directly purchase IDR397.6 trillion worth of government bonds at 0% interest and be a standby buyer for IDR177 trillion in auctions at 1 percentage point below the benchmark rate to help finance the central government's pandemic response efforts under the July 7 Joint Decree with the Ministry of Finance. As of August 18, BI has made IDR82.1 trillion in primary market purchases through private placements under this agreement.

Indonesia 07B 07B - Secondary purchase: government securities IDR 166,210,000,000,000 10,938,773,412 Bank Indonesia. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx; https://www.bi.go.id/id/ruang-media/info-terbaru/Pages/BI-Terbitkan-Ketentuan-Pelaksanaan-Lelang-SUN-dan-atau-SBSN-Jangka-Panjang-di-Pasar-Perdana.aspx (accessed 27 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020).

(i) From January to April, IDR166.21 trillion purchases of government securities (SBN) in the secondary market by BI.

Indonesia 08 08 - International Assistance Received IDR 2,128,181,657,249,200 140,061,951,321
Indonesia 08A 08A - Swaps IDR 2,075,251,967,166,700 136,578,491,321 Bank Indonesia. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-07042020.aspx (accessed 11 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 April 2020). US Fed. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200729b.htm (accessed 31 July 2020).

April 7, (i) Repurchase agreement line facilities with several institutions: USD60 billion repo line facility for Foreign and International Monetary Authorities (FIMA) with the United States Federal Reserve (On July 29, The Federal Reserve announced the extension of its dollar liquidity swap lines and FIMA repo facility to March 31, 2021) ); USD2.5 billion with the Bank of International Settlements; USD3 billion with the Monetary Authority of Singapore (MAS); and USD0.5-1 billion with other central banks in the region. (ii) Bilateral currency swap arrangements with several central banks: CNY200 billion (equivalent to USD30 billion) with the People's Bank of China; USD22.76 billion with the Bank of Japan; USD10 billion with the MAS; and KRW10.7 trillion (equivalent to INR115 trillion) with the Bank of Korea.

Indonesia 08B 08B - International loans/grants IDR 52,929,690,082,524 3,483,460,000
Indonesia 08B1 08B1 - Asian Development Bank IDR 23,102,741,694,429 1,520,460,000 ADB. https://www.adb.org/news/adb-approves-3-million-grant-support-indonesias-fight-against-covid-19 (accessed 24 April 2020); ADB. https://www.adb.org/news/adb-approves-1-5-billion-indonesias-covid-19-response (accessed 24 April 2020).

(i) March 30, The ADB approved a USD3 million grant under COVID-19 Emergency Response to finance procurement of testing kits, other goods and services for front line health workers and general population; (ii) April 23, The ADB approved a USD1.5 billion loan to support the Government of Indonesia’s efforts to alleviate the impact COVID-19 on public health, livelihoods, and the economy; (iii) April 24, USD750,000 grant under TA: Policy Advice for COVID-19 Economic Recovery in Southeast Asia; and (iv) USD1.5 million under TA: Regional Support to Address the Outbreak of COVID-19. (v) June 23, USD40,000 grant under the TA on Enhancing Public-Private Partnerships Projects through Support for Law and Policy Development and Transaction Advisory Services. (vi) June 30, USD100,000 grant under the TA on Quality of Jobs and the Future of Work. (vii) July 2, USD15 million loan for the Dairy Farmer Support and Food Security Project. July 24, USD70,000 grant under the TA on Due Diligence and Capacity Development of Trade Finance Program Banks (Subproject 3).

Indonesia 08B2 08B2 - Other IDR 29,826,948,388,095 1,963,000,000 World Bank. https://www.worldbank.org/en/news/press-release/2020/05/15/world-bank-approves-financing-to-support-indonesias-social-assistance-system-and-covid-19-coronavirus-response (accessed 21 May 2020). UN. http://mptf.undp.org/factsheet/project/00121443 (accessed 22 May 2020). WB. https://www.worldbank.org/en/news/press-release/2020/05/29/the-world-bank-approves-financing-for-indonesias-covid-19-coronavirus-emergency-response (accessed 28 May 2020). AIIB. https://www.aiib.org/en/projects/details/2020/approved/Indonesia-COVID-19-Active-Response-and-Expenditure-Support-Program.html (accessed 24 June 2020). AIIB. https://www.aiib.org/en/projects/details/2020/approved/Indonesia-Emergency-Response-to-COVID-19-Program.html (accessed 24 June 2020).

(i) May 11, USD2 million grant from the UN COVID-19 Response & Recovery Fund supporting the Government of Indonesia and key stakeholders to scale-up inclusive social protection programs. (ii) May 15, USD700 million loan from World Bank to support Indonesia's Social Assistance Sytem and COVID-19 response. (iii) USD11 million worth of grants from the United States Agency for International Development (USAID) for health and humanitarian assistance. (iv) May 22, USD250 million World Bank loan for Indonesia's Emergency Response to COVID-19 Program. (v) May, USD750 million loan from the Asian Infrastructure Investment Bank (AIIB) as co-financing for the ADB loan in (ii) under Measure 8B1. (vi) June 22, USD250 million loan from the AIIB co-financed with the World Bank under a COVID-19 Crisis Recovery Facility for Indonesia.

Indonesia 09 09 - International Assistance Provided IDR
Indonesia 09A 09A - Swaps IDR
Indonesia 09B 09B - International loans/grants IDR
Indonesia 10 10 - No breakdown IDR
Indonesia 11 11 - Other Economic Measures IDR WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 28 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020). The Jakarta Post. https://www.thejakartapost.com/news/2020/05/22/indonesia-may-lose-market-confidence-due-to-mounting-debts-world-bank.html (accessed 2 June 2020). Reuters. https://www.reuters.com/article/us-indonesia-tax-digital/indonesia-imposes-10-vat-on-amazon-google-netflix-and-spotify-idUSKBN2481A5?il=0 (accessed 7 July 2020).

(i) Effective 18 March 2020 to 31 May 2020, Temporary elimination of import certification requirements on imports of onions and garlic; (ii) Effective 18 March 2020 to 30 June 2020, Temporary export ban on antiseptic, raw materials to fabricate masks, personal protective equipment (PPE), ethyl alcohol and masks; (iii) Effective 23 March 2020 to 30 June 2020, Temporary elimination of import certification requirements on imports of certain products, e.g. masks and personal protective equipment; (iv) To ease stock market volatility, the regulator OJK has introduced a new share buyback policy (allowing listed companies to repurchase their shares without a prior shareholders’ meeting) and introduced limits on stock price declines. (iv) May 22, The government announced it willl start start charging 10 percent value-added tax (VAT) on imported digital goods and services, including video and music streaming subscriptions, starting July 1 in an attempt to boost state revenue. On July 7, authorities confirmed that it is imposing 10% value-added tax on sales by non-resident foreign firms which sell digital products and services in Indonesia worth at least IDR600 million rupiah (USD41,667) a year or which generate yearly traffic from at least 12,000 users.

Indonesia 12 12 - Non-Economic Measures IDR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 5 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-indonesia-haj/indonesia-cancels-haj-pilgrimage-over-coronavirus-concerns-idUSKBN2390QO?il=0 (accessed 2 June 2020). The Straits Times. https://www.straitstimes.com/asia/se-asia/covid-19-jakarta-eases-restrictions-in-transition-phase-strict-health-protocols-remain (accessed 4 June 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-indonesia-flights/indonesia-resumes-domestic-air-travel-coronavirus-cases-jump-idUSKBN23G147?il=0 (accessed 9 June 2020). BI. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-5-Juni-2020.aspx (accessed 10 June 2020).

(i) The government has adopted various containment measures, including temporary bans on domestic and international air and sea travel, screening at ports of entry, school closures, other restrictions on public events, and obligations on masks and reduced transportation. The government has also banned Indonesia’s traditional annual exodus for Muslim holidays in an effort to curb the spread of the virus from Jakarta and other high-risk regions. (ii)) June 2, The government canceled the haj pilgrimage to Mecca due to COVID-19. . (iii) June 4, The government an easing of restrictions in Jakarta by gradually allowing workplaces, places of worship, shopping centres and recreational venues with strict health guidelines such as a 50% capacity limit and ensuring physical distancing. (iv) June 9, Domestic flights resumed at 70% capacity with observance of strict health protocols.

Spain 01 01 - Liquidity Support EUR
Spain 01A 01A - Short-term lending EUR
Spain 01B 01B - Support policies for short-term lending EUR
Spain 01C 01C - Forex operations EUR
Spain 02 02 - Credit creation EUR 153,220,000,000 169,491,150,442
Spain 02A 02A - Financial sector lending/funding EUR
Spain 02B 02B - Support policies for long-term lending EUR Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 30 April 2020); International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 July 2020).

No amount/estimate: (i) April 21, Authorized the Insurance Compensation Consortium to act as a reinsurer of credit insurance risks to strengthen the channelling of resources to commercial credit; (ii) June, the Bank of Spain will apply to the banks it supervises the flexibility provided by the legal system in relation to the setting of transition periods and the intermediate minimum requirements for own funds and eligible liabilities (MREL) targets; and banks will be allowed to apply expert judgement for the credit-risk classification of forborne exposures.

Spain 02C 02C - Loan guarantees EUR 153,220,000,000 169,491,150,442 OECD. http://www.oecd.org/coronavirus/en/ (accessed 14 May 2020, 21 May 2020); European Commission. https://bit.ly/2NfaZ7Q (accessed 25 May 2020); Ministry of Economic Affairs and Digital Transformation. https://bit.ly/3dy8loe (accessed 25 June 2020); La Moncloa. https://www.lamoncloa.gob.es/lang/en/gobierno/councilministers/Paginas/2020/20200703council-extr.aspx (accessed 12 July 2020); La Moncloa. https://www.lamoncloa.gob.es/lang/en/presidente/news/Paginas/2020/20200618tourism-plan.aspx (accessed 12 July 2020); Ministry of Transport, Mobility, and Urban Agenda. https://www.mitma.gob.es/el-ministerio/sala-de-prensa/noticias/mar-07072020-1430 (accessed 20 July 2020); Third Government Vice Presidency - Ministry of Economic Affairs and Digital Transformation. https://www.mineco.gob.es/portal/site/mineco/menuitem.ac30f9268750bd56a0b0240e026041a0/?vgnextoid=5b686ae35d493710VgnVCM1000001d04140aRCRD&vgnextchannel=864e154527515310VgnVCM1000001d04140aRCRD (accessed 30 July 2020).

(i) March 17, EUR100 billion in Instituto de Crédito Oficial (ICO), Spain's official financial agency, credit guarantee programs for companies and the self-employed, both for refinancing and new credit. The first tranche is up to EUR20 billion, divided into the following subtranches: (a) EUR10 billion for renewals and new loans granted to the self-employed and small and medium-sized enterprises (SMEs) and (b) EUR10 billion for renewals and new loans granted to companies that do not to qualify as an SME. The second tranche of guarantees (EUR 20 billion) for SMEs and self-employed only, for whom the guarantee will cover 80% of new loans and renewals. May 5, Third tranche (EUR24.5 billion) of the EUR100 billion ICO guarantee: EUR10 billion for SMEs and self-employed, EUR10 billion for other companies, EUR 4 billion for the issue of promissory notes of NFCs in fixed income markets, and EUR0.5 billion for CERSA. May 19, Fourth tranche, at EUR20 billion, which is part of the EUR100 billion guarantees via ICO in item (i), for SMEs and the self-employed only. June 16, Fifth tranche, at EUR15.5 billion earmarked as follows: (a) EUR7.500 billion to guarantee loans from SMEs and the self-employed and 5,000 million for the rest, (b) EUR2.5 billion to boost tourism sector by guaranteeing loans to SMEs and the self-employed for liquidity or investments; and (c) EUR500 million to boost the automotive sector; (ii) March 17, EUR2 billion in guarantees through the Spanish Export Insurance Credit Company; (iii) March 31, Allocate EUR1.2 billion from the existing loan guarantee line to the guarantee of loans for tenants; (iv) March 31, Compania Espanola de Reafianzamiento (CERSA) will assume around EUR1 billion of risk that will allow mobilizing EUR2 billion benefiting some 20,000 SMEs and the self-employed; (v) April 21, No amount/estimate: Expand the coverage of the previously announced guarantee line to Alternative Fixed Income Market commercial paper; (vi) Strengthen counter-guarantees granted by CERSA to increase the capacity of regional mutual guarantee entities; (vii) May 6, To guarantee the liquidity of companies in the culture sector, the government injected EUR20 million to CREA to guarantee loans of up to EUR880 million; (viii) July 3, Creation of a new guarantee for lines of credit from ICO for EUR40 billion, designed to boost investment activity and promote it in areas that create the greatest added value, based on two main cornerstones - environmental sustainability and digitalisation. This is within the framework of the Agreement on Economic Reactivation and Employment; (ix) July 7, The Royal Decree on the economic reactivation measures to face the impact of COVID-19 in the areas of transport and housing includes a provision to increase debt capacity of Renfe (national rail transport) to EUR1 billion (contingent liability) in order to compensate for the drop in demand and boost the recovery of services; (x) July 28, The Government launches the new line of guarantees, amounting to EUR8 bllion, of which EUR5 billion will be used to guarantee investments by the self-employed and SMEs, and EUR3 billion from other companies. The State guarantee covers 80% of new self-employment and SME loans, and 70% for other companies. The guarantee line will be managed by ICO.

Spain 03 03 - Direct long-term lending EUR 12,750,000,000 14,103,982,301
Spain 03A 03A - Long-term lending EUR 11,439,000,000 12,653,761,062 OECD. http://www.oecd.org/coronavirus/en/ (accessed 14 May 2020); La Moncloa.https://www.lamoncloa.gob.es/lang/en/presidente/news/Paginas/2020/20200618tourism-plan.aspx (accessed 12 July 2020); La Moncloa. https://www.lamoncloa.gob.es/lang/en/gobierno/councilministers/Paginas/2020/20200703council-extr.aspx (accessed 12 July 2020);La Moncloa. https://www.lamoncloa.gob.es/presidente/actividades/Paginas/2020/090720-sanchezciencia.aspx (accessed 18 July 2020).

(i) March 12, EUR200 million specific ICO financing facility to support, through liquidity provision, firms and self-employed workers in the tourism sector affected by COVID-19 (loans 1–4 years); (ii) March 17, EUR10 billion increase in the net borrowing limit of the ICO to increase existing lines of credit; (iii) June 18, The Tourism Sector Promotion Plan includes EUR515 million to provide loans for projects that improve the sustainability and the competitiveness of the sector; (iv) July 3, A financing system will be introduced for digitalisation and innovation projects in the tourism sector, by granting of a maximum of 1,100 loans for each financial year (EUR216 million); (v) July 9, Shock Plan for Science and Innovation is announced, which includes an allocation of EUR508 million in loans to companies.

Spain 03B 03B - Forbearance EUR 1,311,000,000 1,450,221,239 OECD. http://www.oecd.org/coronavirus/en/ (14 May 2020); La Moncloa. https://www.lamoncloa.gob.es/lang/en/presidente/news/Paginas/2020/20200618tourism-plan.aspx (accessed 12 July 2020); La Moncloa. https://www.lamoncloa.gob.es/serviciosdeprensa/notasprensa/industria/Documents/2020/20062020_PlanTurismo.pdf (accessed 16 July 2020); Ministry of Transport, Mobility, and Urban Agenda. https://www.mitma.gob.es/el-ministerio/sala-de-prensa/noticias/mar-07072020-1430 (accessed 20 July 2020).

(i) March 17, No amount/estimate: moratorium on mortgage loan payments on primary homes for those identified as economically vulnerable, facing extraordinary difficulties procuring payment as a result of the COVID-19 pandemic; (ii) March 12, No amount/estimate: Deferral of the repayment of principal and/or interest of loans received from the Ministry of Industry, Trade and Tourism; (iii) July 3, A mortgage moratorium has been approved for properties associated with tourist activity, by granting a grace period of up to 12 months for financial transactions for mortgages signed with credit institutions. The amount of moratoriums is estimated to a total of up to EUR731 million; (iv) July 7, The Royal Decree on the economic reactivation measures to face the impact of COVID-19 in the areas of transport and housing includes a moratorium in the payment of the principal of the installments of the contracts of loans, leasing and renting of vehicles dedicated to the discretionary public transport of passengers by bus and to the public transport of goods of more than 3.5 tons of maximum authorized mass, in those cases in which they experience financial difficulties as a consequence of the health emergency. This measure would allow a deferral of up to EUR250 million for the discretionary transport of passengers and up to EUR330 million in the case of the transport of goods.

Spain 04 04 - Equity support EUR 10,000,000,000 11,061,946,903 La Moncloa. https://www.lamoncloa.gob.es/lang/en/gobierno/councilministers/Paginas/2020/20200703council-extr.aspx (accessed 12 July 2020); Ministerio de Hacienda.https://www.hacienda.gob.es/en-GB/Prensa/En%20Portada/2020/Paginas/20200721_FONDO_SOLVENCIA_EMPRESAS.aspx (accessed 30 July 2020); European Commission. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1426 (accessed 8 August 2020).

July 3, Creation of a Fund to Support the Solvency of Strategic Companies. This is a new instrument with a provision of EUR10 billion that seeks to provide temporary public support to enhance the solvency of non-financial companies affected by the COVID-19 pandemic, within the framework of the Agreement on Economic Reactivation and Employment. This Fund will be attached to the Ministry of the Treasury and will be managed by the State Company for Industrial Participations (SEPI). The Fund will be structured through different instruments, such as the concession of equity loans, the acquisition of subordinated debt and the subscription of shares and other capital instruments. The amount of the dividends, interest and capital gains from these investments will be paid in to the Public Treasury. July 21, The companies benefiting from the EUR10 billion solvency support may not distribute dividends and the members of the Board of Directors will be prohibited from collecting variable premiums or remuneration. July 31, The European Commission approves the EUR10 billion Solvency Support Fund to provide debt and capital support to companies affected by the coronavirus outbreak.