Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Armenia 01 01 - Liquidity Support AMD
Armenia 01A 01A - Short-term lending AMD
Armenia 01B 01B - Support policies for short-term lending AMD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 05 May 2020).

No amount/estimate: Provided a few foreign exchange swap operations to assure sufficient liquidity in AMD and in foreign currency.

Armenia 01C 01C - Forex operations AMD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 05 May 2020).

(i) No amount/estimate: Provided a few foreign exchange swap operations to assure sufficient liquidity in AMD and in foreign currency. The CBA has undertaken some foreign exchange sales to limit excessive dram volatility since; (ii) the exchange rate has been allowed to adjust flexibly and has depreciated around 3% against the USD since the end of February. No balance of payment or capital control measures have been adopted.

Armenia 02 02 - Credit creation AMD 25,000,000,000 51,123,841
Armenia 02A 02A - Financial sector lending/funding AMD 25,000,000,000 51,123,841 JAM News. https://jam-news.net/armenian-govt-offers-stimulus-package-to-help-mitigate-corona-crisis/(accessed 16 April 2020).

Allocate a total of AMD25 billion (over USD50 million) to co-finance loans for companies that borrow money from Armenian banks in the national currency to pay salaries, taxes, bills and purchase raw materials. This amount includes subsidy for the interests of these of loans.

Armenia 02B 02B - Support policies for long-term lending AMD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 05 May 2020).

No amount/estimate: The Central Bank of Armenia (CBA) reduced the policy rate by another 25 bps to 5% on April 28 [update]. The interbank market has been active, and the central bank has easily met liquidity needs so far.

Armenia 02C 02C - Loan guarantees AMD
Armenia 03 03 - Direct long-term lending AMD
Armenia 03A 03A - Long-term lending AMD
Armenia 03B 03B - Forbearance AMD
Armenia 04 04 - Equity support AMD
Armenia 05 05 - Government support to income/revenue AMD 30,000,000,000 61,348,610
Armenia 05A 05A - Health AMD
Armenia 05B 05B - Non-health AMD 30,000,000,000 61,348,610 Asbarez. http://asbarez.com/193112/pashinyan-unveils-economic-aid-package-amid-state-of-emergency/ (accessed 16 April 2020).

(i) No amount/estimate: Subsidize the interest rates of co-financed loans for companies that borrow money from Armenian banks in the national currency to pay salaries, taxes, bills and purchase raw materials; (ii) a package of AMD30 billion (over USD60 million) for urgent social assistance for the impoverished. See Measure 9: No breakdown.

Armenia 06 06 - Budget reallocation AMD
Armenia 07 07 - Central bank financing government AMD
Armenia 07A 07A - Direct lending & reserve drawdown AMD
Armenia 07B 07B - Secondary purchase: government securities AMD
Armenia 08 08 - International Assistance Received AMD 164,864,371,664 337,140,000
Armenia 08A 08A - Swaps AMD
Armenia 08B 08B - International loans/grants AMD 164,864,371,664 337,140,000
Armenia 08B1 08B1 - Asian Development Bank AMD 25,154,604,255 51,440,000 ADB Table A1.3: Nonsovereign Operations, Table A1.5: Country Support under TA 9550-REG. (both accessed 12 June 2020). ADB. https://www.adb.org/news/adb-electric-networks-armenia-sign-20-million-working-capital-support-loan (accessed 4 June 2020)

(i) March 22, Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases (USD0.5 million); (ii) Nonsovereign Operations: Trade Finance Program (Additional Financing) - guarantee (USD10.21 million OCR, USD10.01 million co-financed) [update]; (iii) Nonsovereign Operations: Trade Finance Program (Additional Financing) - loan (USD0.73 million, with USD1.40 million co-financed); (iv) May 28, USD45 million from the COVID-19 Working Capital Support Project (USD20 million OCR, USD25 million co-financed); (v) June 2, USD20 million loan from to the Electric Networks of Armenia Closed Joint-Stock Company (ENA) for a working capital support facility to ensure vital supplies of energy as the country manages the impact of the novel coronavirus disease (COVID-19) pandemic. [update]

Armenia 08B2 08B2 - Other AMD 139,709,767,409 285,700,000 WB. https://www.worldbank.org/en/news/press-release/2020/04/03/world-bank-supports-armenia-to-combat-the-human-impact-of-the-covid19-pandemic (accessed 5 May 2020). IMF. https://www.imf.org/en/News/Articles/2020/05/18/pr20219-armenia-imf-execboard-concludes-2ndrev-under-sba-augments-access-address-impact-covid19 (accessed 21 May 2020)

(i) April 3, The World Bank allocated USD3 million to address the country’s urgent needs for equipment and supplies needed for the intensive care of people with a confirmed COVID-19 diagnosis; (ii) May 18, USD280 million in total aid immediately available after an augmentation of its Stand-By Arrangement with the IMF; (iii) As of May 26, USD2.7 million to prepare laboratory systems, activate case-finding and event-based surveillance, support technical experts for response and preparedness, bolster risk-communications, and more.

Armenia 09 09 - International Assistance Provided AMD
Armenia 09A 09A - Swaps AMD
Armenia 09B 09B - International loans/grants AMD
Armenia 10 10 - No breakdown AMD 245,000,000,000 501,013,646 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 April 2020); Asbarez. http://asbarez.com/193112/pashinyan-unveils-economic-aid-package-amid-state-of-emergency/ (accessed 16 April 2020)

Government assistance package with a headline amount of at least AMD300 billion (over USD300 million) to mitigate the socio-economic issues related to the pandemic, although this includes a variety of direct spending, state-sponsored loans and increased investment. The key measures include (i) direct labor subsidies to micro enterprises and SMEs that retain their employees and maintain their wage; (ii) strategic support to innovative companies, although the details of this last element are not yet final.

Armenia 11 11 - Other Economic Measures AMD KPMG. https://home.kpmg/xx/en/home/insights/2020/04/armenia-government-and-institution-measures-in-response-to-covid.html (accessed 14 May 2020)

May 14, Temporary restrictions on the export of medical masks, gloves and goggles, biohazard suits, medical robes, antiviral medicines, gauze and other medical products.

Armenia 12 12 - Non-Economic Measures AMD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 10 June 2020).

No amount/estimate: The government declared a national state of emergency on March 16, and imposed strict containment measures, including school closures, travel bans on foreign citizens from high risk countries, and imposed fines to those who violate isolation orders during the state of emergency. The state of emergency will be in place until June 14 and encompass movement restrictions. Effective May 4, the movement restrictions are removed and almost all business activities are allowed to operate. This decision is considered a test and stricter restrictions may be implemented again depending on the spread of the virus. Effective June 4, the government declared wearing a face mask in all open public spaces mandatory. [update]