Other Economies

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 11,514.33
% of GDP (2019): 3.34%
% of Regional Total Package: N/A
Package Per Capita in USD: 256.22
Note: Measures 9 and 10 are added to the sum of Measures 1-5.
Measure Amount (Local) Amount (USD) Details Update Source
01 - Liquidity Support info_outline ARS343,000,000,000 USD5,466,135,458
01A - Short-term lending info_outline ARS343,000,000,000 USD5,466,135,458

(i) ARS1 billion working capital lines for SME through Bank of Investment and Foreign Trade (BICE) with a guarantee from the Reciprocal Guarantee Societies (SGR), and a term of up to 12 months; (ii) Mandatory credit lines through the Central Bank (ARS320 billion); (iii) Established a credit line for MSMEs, PyME Plus line, that do not have bank credit at a subsidized rate of 24%. The Central Bank authorized a special line for ARS22 billion with minimum requirements so that they can take their first credit and for the MSMEs that obtain the FOGAR guarantee, the banks cannot deny it; (iv) 2 June 2020, No amount/estimate: launched a special line of credit for work cooperatives at a subsidized rate of 18%; (v) 11 June 2020, No amount/estimate: created the PyMEs Plus program to support microbusinesses and SMEs by providing new lines of credit to eligible applicants; (vi) 13 August 2020, launched a zero-rate credit line for the cultural industries sector.

01B - Support policies for short-term lending info_outline

No amount/estimate: (i) Reduced reserve requirements for financial entities that offered special lines of credit to micro, small and medium-sized enterprises at maximum 24% interest; (ii) the combined divestiture of LELIQ holdings and release of reserve requirements could generate credit volumes more than 50% of current bank financing.

01C - Forex operations info_outline

See (i) in Measure 11.

02 - Credit creation info_outline ARS34,000,000,000 USD541,832,669
02A - Financial sector lending/funding info_outline
02B - Support policies for long-term lending info_outline
02B1 - Interest rate adjustments

13 November 2020, raised the benchmark Leliq rate to 38% from 36%, along with increases in repo rates and retail certificate deposits.

02B2 - Other policies to support long-term lending

No amount/estimate: (i) Provided new incentives for financial entitites to increase their loans to micro, small, and medium-sized enterprises (MiPyMEs) for the payment of salaries, as long as those entities are payment agents of the company that requests it; (ii) the Central Bank also temporarily added 60 days to each category of debtor in arrears; (iii) Developed the Conformed Invoice as a credit instrument to discount in financial entities or the capital market.

02C - Loan guarantees ARS34,000,000,000 USD541,832,669

No amount/estimate: (i) See (i) in Actions that increase liabilities in Measure 1; (ii) Created a Special Affectation Fund, which will transfer ARS30 billion to the Argentine Guarantee Fund. The guarantees have the objective of facilitiating the repayment of loans for working capital. Eligible parties include companies listed in the small and medium-sized enterprise registry (MiPyMES Registry); (iii) No amount/estimate: FOGAR provides a guarantee that covers 100% of the credit in (iv) of Measure 1A; (iv) 13 October 2020, ARS3 billion in (viii) of Measure 3A.

03 - Direct long-term lending info_outline ARS40,620,000,000 USD647,330,677
03A - Long-term lending info_outline ARS40,620,000,000 USD647,330,677

(i) Offered ARS2.25 billion loans at a fixed rate of 12% and non-refundable contributions to companies, small and medium-sized enterprises (SMEs), cooperatives, and research and development instituions that contribute to the COVID-19 health emergency; (ii) Allocated ARS25 billion from the state-owned bank BNA for producers of food, personal hygiene and cleaning, and producers of medical supplie; (iii) Allocated ARS5 billion to support teleworking and ARS2.8 billion to develop infrastructure in industrial parks; (iv) granted a total of ARS70 million Non-Refundable Contributions (ANRs) for a maximum amount for high impact or associative projects; (v) increased the monthly non-remunerative financial to temporary workers in the agricultural and agro-industrial sector; (vi) No amount/estimate: 11 May 2020, launched the the Recuperar program, a sector-specific helpline with non-bank financing at an interest rate of 3% per year, for machines, tools or capital goods; (vii) 10 September 2020, ARS2.5 billion expansion of the National Program for the Development of Suppliers to to assist companies that provide industrial goods and services in strategic value chains; (vii) 13 October 2020, Announced a ARS3 billion credit line for tourism SMEs with a one-year grace period and zero rate in the first 12 installments and a 100% guarantee from FOGAR.

03B - Forbearance

No amount/estimate: (i) Extended maturities for debt issued under the Debt Regulatization Regime of Law No. 27,541 to small and medium-sized enterprises (SMEs) and micro-SMEs until June 30, 2020; (ii) Required financial institutions to automatically refinance unpaid credit card balances with a one-year term with 3 months grace, 9 equal and consecutive monthly installments and an annual nominal rate of 43%; (iii) Suspended punitive interest charges on unpaid balances of credits granted by financial entities, whose installments were due between April 1, 2020 and June 30, 2020.

04 - Equity support info_outline
05 - Health and income support ARS169,284,000,000 USD2,697,752,988
05A - Health support ARS6,000,000,000 USD95,617,530

(i) authorized ARS 6 billion to Argentine provinces to strengthen municipal health systems and finances; (ii) increase in budget items for therapeutic communities, homes with coexistence and homes for care and community accompaniments; (iii) No amount/estimate: 8 August 2020, Established a subsidy of ARS 15,000 for the relatives of people who died due to COVID-19, who at the time of their death, were unemployed, worked in the informal economy or were monotaxists; (iv) No amount/estimate: 15 September 2020, Extended the Stimulus Allowance for Healthcare workers by 90 days and expanded the scope of the allowance to reach 700,000 people when before it reached 500,000. This is a monthly 5,000 Peso allowance for healthcare workers. (v) No amount/estimate: 3 November 2020, purchase of 25 million doses of Russian COVID-19 vaccine "Sputnik V"; (vi) No amount/estimate: 18 February 2021, receveid 580,000 doses of COVID Astrazeneca vaccine from India's Serum Institute.

05B - Income support ARS163,284,000,000 USD2,602,135,458
05B1 - Tax and contribution deferrals and policy changes
05B2 - Tax and contribution rates reduction

(i) 1 May 2020, declared that Emergency Family Income (IFE), Universal Child Allowance (AUH), and the Complementary Salary (SC) are not taxable as part of gross income; (ii) No amount/estimate: June 9, exempted temporarily from payment of income tax for overtime, guards and additional personnel of Health, Armed, and Security Forces and other activities related to the health emergency; (iii) exempted the payment of employment contributions to sectors criticaly affected by the coronavirus pandemic;

05B3 - Subsidies to individuals and households

(i) created an Emergency Family Income (IFE) to compensate the loss or serious decrease in the income of people linked to the informal sector; (ii) implemented Universal Child Allowance (AUH) and Universal Pregnancy Allowance (AUE) payments, worth ARS3,103 per month for each child; (iii) increased the monthly non-remunerative financial to temporary workers in the agricultural and agro-industrial sectors; (iv) suspended fees and commissions for ATM operations (deposits, withdrawals, inquiries, etc.) through June 30, 2020; (v) reinforced unemployment insurance; (vi) ordered an extraordinary payment to the holders of the Food Card; (vii) May 1, established emergency economic assistance within the framework of the Self-Managed Work Program; (viii) No amount/estimate: 12 May 2020, required Banks to refund fees ass (ix) No amount/estimate: 18 May 2020, announced an increase of 6.12% for all retirees and pensioners according to the scale of the pyramid, which brings the minimum retirement to 16,864 pesos and the maximum credit to 113,479 pesos, also includes increases in non-contributory pensions, the Universal Child Allowance, the Universal Pregnancy Allowance and the Family Allowances;ociated with the National Social Security Administration (ANSES) and Emergency Family Income (IFE) benefit; (x) No amount/estimate: 5 June 2020, ordered payment of 3 thousand pesos for those under the Empower Work Program and did not receive IFE; (xi) No amount/estimate: 9 June 2020, national government extended the right to double compensation for individuals who are dismissed from their jobs without just cause; (xii) No amount/estimate: created assistance programs for individuals with disabilities affected by COVID-19; (xiii) No amount/estimate: 18 June 2020, extended until September 30 the suspension of the collection of all charges to operate in ATMs; (xiv) No amount/estimate: 22 June 2020, increase of ARS3000 in the monthly non-contributory financial aid under Training and Employment Insurance; (xv) 24 August 2020, an increase of 7.50% for pension benefits as of September; (xvi) September 20, utilities with up to 7 months of past-due payments from March 1 2020 onwards cannot be discontinued; (xvi) 23 February 2021, employment termination bans and other employment measures are extended including duplication of severance payments and treating COVID-19 as an occupational disease. [update]

05B4 - Subsidies to businesses

No amount/estimate: 5 May 2020, expanded the Emergency Assistance Program for Work and Production to cover more companies and activities.

05B5 - Indirect income support ARS149,171,000,000 USD2,377,227,092

(i) Increased budget for public investment in road works, economic infrastructure, construction and renovation of houses, schools, kindergartens, and tourism by ARS100 billion; (ii) No amount/estimate: 11 May 2020, updated the amounts of economic aid provided under the Job Insertion Program; (iii) 14 May 2020, ARS29 billion federal program which includes the construction of 5,500 new homes, the financing of 42,900 parts that include gas, electricity and sanitary infrastructure works, the granting of microcredits for the acquisition of construction materials and the carrying out of small-scale works, as well as the conditioning of community spaces in popular neighborhoods. Estimated to generate 750 thousand direct and indirect jobs between 2020 and 2021; (iv) 22 May 2020, ARS21 million for the acquisition of 70,000 new computers, within the framework of the federal connectivity program "Juana Manso" that carries out the educational portfolio. (v) 15 July 2020, extended until October 2020 loan benefits under the Emergency Assistance to Work and Production (ATP) program for the performing arts sector; (vi) 19 August 2020, ARS20 billion to rehabilitate the infrastructure projects in the provinces of Chaco, Misiones, Córdoba, La Pampa and Salta; (vii) 22 October 2020, ARS150 million under the Development Fund under the MInistry of Culture to grant economic support to cultural spaces.

05B6 - No breakdown (income support) ARS14,113,000,000 USD224,908,367

(i) Established Emergency Assistance Program for Work and Production for employers and workers affected by the health emergency; (ii) 12 June 2020, ARS900 million, emergency measures to face the COVID-19 pandemic and its sanitary, economic and housing consequences; (iii) 28 June 2020, ARS1.9 billion grant to province of Mendoza under the the Trust Fund for Financial Development; (iv) 30 June 2020, ARS313 million to launch the Program to Promote Work in the province of Cordova; (v) 7 July 2020, ARS4 billion budget for 2020 to support the reactivation and completion of National Housing Plan projects; (vi) 16 July 2020, ARS6.4 billion for the provinces of Jujuy, La Rioja, Tierra del Fuego, and Salta under the Trust Fund for Provincial Development (FFDP); (vii) 27 July 2020, ARS500 million for the program "Empower Work" in Chaco; (viii) 7 August 2020, ARS100 million for Created the Program for the Promotion of Work, Rooting and Local Supply (PROTAAL).

05C - No breakdown (health and income support)
06 - Budget reallocation info_outline
07 - Central bank financing government
07A - Direct lending and reserve drawdown
07B - Secondary purchase: government securities
08 - International Assistance Received ARS47,062,500,000 USD750,000,000
08A - Swaps info_outline

No amount/estimate: 6 August 2020, Signed a currency swap agreements with the Bank of the People's Republic of CHINA (PBC). The new agreements will be valid for 3 years.

08B - International loans/grants ARS47,062,500,000 USD750,000,000

(i) 3 May 2020, instead of defaulting to its creditors, the government proposed a three-year grace period on sovereign debt, a 5.5% reduction in bond principal, and a 62% reduction in interest payments; (ii) 22 May 2020, Argentina went into technical default when the 30-day grace period expired on $500 million interest due on $65 billion owed to private creditors.

08B1 - Asian Development Bank
08B2 - Other ARS47,062,500,000 USD750,000,000

(i) World Bank Group approved a USD300 million operation to support Argentina’s efforts to strengthen its social protection system and minimize the impact of the crisis on the most vulnerable families through the "Children and Youth Protection Project”; (ii) USD300 million from USAID in new MRA humanitarian assistance will support COVID-19 response efforts for refugees and host communities; (iii) 26 February 2021, USD30 million loan from World Bank to expand and improve water and sanitation services in Metropolitan ​​Buenos Aires, additional USD120 million for construction of social housing. [update]

09 - International Assistance Provided
09A - Swaps info_outline
09B - International loans/grants
10 - No breakdown ARS135,620,000,000 USD2,161,274,900

(i) Created the Provincial Financial Emergency Program, which allocates ARS120 billion to provincial administrations from the National Treasury Contribution Fund and the Fund Trustee for Provincial Development aimed at sustaining provincial finances and meet the needs caused by the COVID-19 pandemic; (ii) 12 June 2020, ARS120 million to create Trust Fund for Provincial Development, which provides financial assistance for the provinces; (iii) 16 June 2020, ARS13.6 billion, included the provinces of Córdoba, Santa Fe, Misiones and Santa Cruz in the Provincial Financial Emergency Program.

11 - Other Economic Measures

(i) Capital Flow Management Measures (CFMs) that were already in place since August 2019 have largely protected Argentina so far from the impact of capital outflows; (ii) Adopted anti-price gouging policies, including price controls for food and medical supplies and ringfencing of essential supplies, including certain export restrictions on medical supplies and equipment and centralization of the sale of essential medical supplies.; (iii) 28 April 2020, Ordered that the Common Investment Funds (FCI) in pesos must invest at least 75% of their assets in financial instruments and negotiable securities issued in the Argentine Republic; (iv) Extended deadline of filing financial statements for small and medium-sized corporations; (v) 16 May 2020, extended validity of Maximum Prices until June 20; (vi) 18 May 2020, suspended price increases mobile and fixed telephony, Internet and pay TV services until August 31; June 18, extended until end of the year ; (v) 19 May 2020, set the domestic price of a barrel of oil at USD45 with the objective of reactivating the national hydrocarbon industry, guaranteeing the continuity of jobs and promoting self-sufficiency; (vi) 18 June 2020, extended the suspension of the closure and disabling of bank accounts until December 31, 2020, inclusive; (vii) 23 July 2020, extension of 15 days for presentation and payment of tax returns on earnings and personal and identity assets.

12 - Non-Economic Measures
12A - Measures affecting travel and transport (local and international)

(i) The country has adopted full closure of borders and a nation-wide quarantine, beginning on 20 March 2020 and lasting until at least 26 April 2020, including closed borders.

12B - Measures affecting business and workplace

(i) 11 October 2020, schools and other education activities can be resumed, if certain epidemiological criteria are fulfilled. (ii) 15 October 2020, almost 8 months after lockdown, reopening of large shopping centers and the return of regular internal flights and public transport.

12C - Others

(i) 17 February 2021, schoolchildren from five of Argentina's 24 regional districts returned to classrooms after almost a year; (ii) 22 February 2021, authorized use of China's Sinopharm COVID-19 Vaccine; (iii) 1 March 2021, Social, Preventive and Mandatory Distancing measures are extended until March 12; (iv) Early March 2021, 16 provinces returned to in-school learning. [update]