Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Armenia 01 - Liquidity Support
Armenia 01A - Short-term lending
Armenia 01B - Support policies for short-term lending 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 - Forex operations 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 - Credit creation 25,000,000,000 51,123,841
Armenia 02A - Financial sector lending/funding 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 - Support policies for long-term lending IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 September 2020).

(i) No amount/estimate: The Central Bank of Armenia (CBA) reduced the policy rate by another 25 bps to 5% on April 28. The interbank market has been active, and the central bank has easily met liquidity needs so far; (ii) June 17, The CBA further reduced the policy rate by 50 bps to 4.5%. As of September 15, this rate was further reduced to 4.25%.

Armenia 02C - Loan guarantees
Armenia 03 - Direct long-term lending
Armenia 03A - Long-term lending
Armenia 03B - Forbearance
Armenia 04 - Equity support
Armenia 05 - Government support to income/revenue 30,000,000,000 61,348,610
Armenia 05A - Health
Armenia 05B - Non-health 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 - Budget reallocation
Armenia 07 - Central bank financing government
Armenia 07A - Direct lending & reserve drawdown
Armenia 07B - Secondary purchase: government securities
Armenia 08 - International Assistance Received 160,746,918,945 328,720,000
Armenia 08A - Swaps
Armenia 08B - International loans/grants 160,746,918,945 328,720,000
Armenia 08B1 - Asian Development Bank 20,910,009,291 42,760,000 ADB Table A1.3: Nonsovereign Operations, Table A1.5: Country Support under TA 9550-REG. (both accessed 12 November 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 (USD14.11 million OCR, USD28.08 million co-financed) [update]; (iii) Nonsovereign Operations: Trade Finance Program (Additional Financing) - loan (USD5.11 million, with USD5.44 million co-financed); (iv) May 28, USD45 million from the COVID-19 Working Capital Support Project (USD20 million OCR, USD25 million co-financed); (v) July 1, Promoting Digital Finance Solutions for Inclusive Finance among Partner Financial Institutions - USD0.05 million; (vii) July 13, Addressing Health Threats in the Central, West, and East Asia Region - USD0.13 million; (viii) July 24, Due Diligence and Capacity Development of Trade Finance Program Banks - USD0.11 million; (ix) August 3, COVID-19 Emergency Response - USD2 million; (x) August 6, Distance Education for Resilience Project in Armenia - USD0.75 million.

Armenia 08B2 - Other 139,836,909,655 285,960,000 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). Public Radio of Armenia. https://en.armradio.am/2020/08/27/canada-to-provide-260000-in-covid-19-relief-to-armenia/ (accessed 28 July 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; (iv) August 27, USD260,000 in COVID-19 relief from Canada.

Armenia 09 - International Assistance Provided
Armenia 09A - Swaps
Armenia 09B - International loans/grants
Armenia 10 - No breakdown 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 - Other Economic Measures 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 - Non-Economic Measures IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 10 June 2020). Asbarez. http://asbarez.com/196752/armenia-ends-covid-19-state-of-emergency-keeps-safety-measures-in-place/ (accessed 17 September 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. As of September 11, this state of emergency has been lifted, with continuing regulations mandating the use of facial coverings in public places, strict enforcement of social distancing and hygiene protocols.