Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline|
|01A - Short-term lending info_outline|
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline|
|02 - Credit creation info_outline|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline|
|02B1 - Interest rate adjustments|
|02B2 - Other policies to support long-term lending|
|02C - Loan guarantees|
|03 - Direct long-term lending info_outline|
|03A - Long-term lending info_outline|
|03B - Forbearance|
|04 - Equity support info_outline|
|05 - Health and income support||USD45,800,000||USD45,800,000||
April 2020, The government has formulated a Coronavirus Disease Preparedness and Response Plan and is preparing preventive measures amounting to about USD7 million, including construction of quarantine units, purchases of medical equipment, installment of washing stations, and funding for overtime of health workers. 19 May 2020, The cost of the Plan (also being referred to as COVID-19 Pandemic Response Plan) that currently stands at USD37 million now includes education and logistics cluster needs. The funds from the reprogrammed 1st and 2nd quarter unused salaries from the General Fund and the financial assistance from bilateral and multilateral partners have assisted the Government with its preparatory work for the entire Marshall Islands, as well as, provide some economic relief to the private sector most affected by the COVID-19. June 2020, The government approved the Coronavirus Disease Preparedness and Response Plan amounting to about USD45.8 million.
|05A - Health support||USD21,100,000||USD21,100,000||
June 2020, USD21.1 million is allocated to strengthen the health system’s capacity for enhanced surveillance, infection control, and case management, particularly in Majuro and Ebeye, the country’s largest population centers and main points of entry.
|05B - Income support||USD24,700,000||USD24,700,000|
|05B1 - Tax and contribution deferrals and policy changes|
|05B2 - Tax and contribution rates reduction|
|05B3 - Subsidies to individuals and households||USD12,300,000||USD12,300,000||
June 2020: (i) USD8.3 million to safeguard the wellbeing of vulnerable communities and households, including those in the more remote parts of the Marshall Islands; (ii) USD4.0 million to ensure the continuity of essential services, including utilities, and support consular assistance and possible evacuation of citizens abroad.
|05B4 - Subsidies to businesses||USD12,400,000||USD12,400,000||
June 2020, USD12.4 million to provide economic relief and recovery assistance to businesses adversely affected by prevailing travel restrictions. No amount/estimate: As of 7 August 2020, 23 local businesses received financial assistance under the Pandemic (COVID-19) Economic Relief Program (PCERP).
|05B5 - Indirect income support|
|05B6 - No breakdown (income support)|
|05C - No breakdown (health and income support)|
|06 - Budget reallocation info_outline||USD2,200,000||USD2,200,000||
19 May 2020, The Cabinet approved a reprogramming of USD2.2 million from 1st to 2nd quarter unused salaries from the General Fund to finance the Coronavirus Disease Preparedness and Response Plan.
|07 - Central bank financing government|
|07A - Direct lending and reserve drawdown|
|07B - Secondary purchase: government securities|
|08 - International Assistance Received||USD75,553,813||USD75,553,813|
|08A - Swaps info_outline|
|08B - International loans/grants||USD75,553,813||USD75,553,813|
|08B1 - Asian Development Bank||USD32,120,000||USD32,120,000||
(i) 31 March 2020, USD0.37 million under the COVID-19 Emergency Response project; (ii) 15 April 2020, USD0.02 million under the Strengthening Social Protection in the Pacific project; (iii) 21 April 2020, USD6 million under the Pacific Disaster Resilience Program (Phase 2); (iv) 24 April 2020, USD0.13 million under the Developing the Pacific Health Sector (Additional Financing) project; (v) 30 April 2020, USD0.71 million is the estimated support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases. As of 12 February 2021, the estimated support amounted to USD0.73 million; (vi) 5 June 2020, USD0.14 million under Pacific Economic Management, Phase 3 (Additional Financing); (vii) 24 July 2020, USD0.04 million under the Strengthening Social Protection in the Pacific (Additional financing); (viii) 29 July 2020, USD0.63 million under the COVID-19 Emergency Response; (ix) 10 August 2020, USD0.20 million under the Knowledge and Support Technical Assistance for Strengthening Water, Sanitation, and Hygiene Practices and Hygiene Behavioral Change in the Pacific; (x) 12 August 2020, USD0.06 million under the Support for gender sensitive responses to COVID-19 in the Pacific Developing Member Countries; (xi) 24 November 2020, USD6 million under the Pacific Disaster Resilience Program (Phase 3); (xii) 8 December 2020, USD1.5 million under the Ebeye Solid Waste Management Project in the Marshall Islands; (xiii) 11 December 2020, USD16 million under the Health Expenditure and Livelihood Support Program; (xiv) 17 December 2020, USD0.13 million under the Supporting Recovery by Micro, Small and Medium-sized Enterprises in the Pacific from the Effects of the COVID-19 Pandemic; (xv) 18 December 2020, USD0.17 million under the Assessing and Improving COVID-response Capacity in the North Pacific.
|08B2 - Other||USD43,433,813||USD43,433,813||
(i) 24 March 2020, USD73,802 under Marshall Islands Coronavirus (COVID-19) Awards through the Health Resources and Services Administration (HRSA); (ii) 27 March 2020, USD3,894,720 through the DOI Office of Insular Affairs’ Technical Assistance Program under the CARES Act; (iii) Announced on 16 March 2020 and supplemented on 1 April 2020, USD1,103,263.40 through the Centers for Disease Control and Prevention (CDC); (iv) 30 March 2020, USD26,168 through the Department of Health and Human Services (HHS), Office of the Assistant Secretary for Preparedness and Response (ASPR); (v) 8 April 2020, USD853,055 under Marshall Islands CARES Supplemental Funding Awards through the Health Resources and Administration; (vi) 18 April 2020, The World Bank approved a USD2.5 million emergency project for the Republic of Marshall Islands to support the country’s fight against COVID-19. The grant will provide rapid support to better prevent and respond to the threat posed by the coronavirus and support longer term systems strengthening for public health emergencies; (vii) May 2020, USD216,139 under Marshall Islands Expanding Capacity for Coronavirus Testing Awards through the Health Resources and Services Administration; (viii) 12 June 2020, Approximately USD3 million under the Government of Japan’s Economic and Social Development Program for procuring medical equipment that is particularly timely during this COVID-19 pandemic; (ix) No amount/estimate: The RMI received GeneXpert testing kits from the Government of Australia which are part of the Australian Government’s support to strengthen the RMI’s capability in combating COVID-19; (x) 25 June 2020, USD1 million from Taipei,China that will be utilized by Neighboring Islands Preparedness Plan under the RMI Coronavirus (COVID-19) Pandemic Preparedness and Response Plan; (x) No amount/estimate: 22 August 2020, The US Department of Labor approved the RMI’s Implementation Plan further to the RMI’s eligibility for the Pandemic Unemployment Assistance (PUA) under the CARES Act. PUA benefits are payable up to 39 weeks; (xi) 1 September 2020, The US Department of Labor announced USD100,000 in funding to support state efforts to combat fraud and recover improper payments in the Unemployment Insurance (UI) program, including those programs created under the Coronavirus Aid, Relief and Economic Security (CARES) Act; (xii) 5 September 2020, USD666,666 is awarded as airport safety and infrastructure grants through the US Federal Aviation Administration (FAA) under the Airport Improvement Program (AIP); (xiii) 31 August 2021, The World Bank approved a USD30 million project in Marshall Islands, where access to high-speed internet remains extremely limited and costly, which will secure faster, more reliable, and more affordable internet access across the country [update].
|09 - International Assistance Provided|
|09A - Swaps info_outline|
|09B - International loans/grants|
|10 - No breakdown|
|11 - Other Economic Measures||
April 2020, Since U.S. dollar is the legal tender of Marshall Islands, there is no monetary measure, as well as no exchange rate and BOP measures.
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
(i) 24 January 2020, Travel restrictions from affected countries have been imposed; (ii) 8 March 2020, Entry of all international travelers by commercial flight has been suspended; (iii) April 2020, To ensure food and other supplies, container vessels and fuel tankers have been exempted from entry restrictions, but with strict safety requirements including prohibition of human contacts and a minimum of 14 days between departure from ten restricted countries and arrival in Marshall Islands; (iv) May 2020, To ensure continuity of transshipment services, a limited number of carrier vessels and purse seiners can enter Marshall Islands for transshipment, after spending 14 days at sea and only after clearance by corresponding agencies; and (v) Container vessels and fuel tankers that have a history of entering Majuro and Ebeye ports with same crew and corresponding health records can enter ports (no disembarkation) without a 14-day quarantine.
|12B - Measures affecting business and workplace|
|12C - Others||
29 January 2021, The National Disaster Committee (NDC) will submit a recommendation to the Cabinet for the extension of State of Emergency (SOE), including an updated RMI National Pandemic Response Plan and Budget, and Travel Advisory, as it expires on 7 February 2021.