Other ADB Members
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||EUR53,000,000,000||USD58,628,318,584|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline||EUR1,000,000,000||USD1,106,194,690|
|02B1 - Interest rate reductions|
|02B2 - Other policies to support long-term lending||EUR1,000,000,000||USD1,106,194,690||
(i) The National Bank of Belgium announced the decision to reduce the counter-cyclical buffer to zero, releasing approximately EUR1 billion worth of capital available to Belgian banks to expand lending; (ii) As of 11 November 2020, Belgian authorities have also retracted a decision to increase the buffer by 0.5%, and provided guidance that this would remain unchanged until mid-2021.
|02C - Loan guarantees||EUR52,000,000,000||USD57,522,123,894||
(i) EUR50 billion (over 11% of GDP) of guarantees for new bank loans to companies and self-employed; (ii) Regional governments announced further bank-loan guarantees (around EUR2 billion, or 0.4% of GDP); (iii) No amount/estimate: A Reinsurance scheme for short-term trade credit insurance and other socio-economic measures further support these efforts; (iv) 6 November 2020, Extension of the SME guarantee scheme and the credit insurance guarantee scheme until 30 June 2021.
|03 - Direct long-term lending info_outline||EUR287,000,000||USD317,477,876|
|03A - Long-term lending info_outline||EUR287,000,000||USD317,477,876||
(i) 21 August 2020, European Commission approved the EUR287 million Belgian loan to SN Airholding and its sole subsidiary, Brussels Airlines in the context of the coronavirus outbreak.
|03B - Forbearance||
No amount/estimate: Postponement of debt repayment due to banks and insurers by affected households and companies to 30 September 2020. As of 24 July 2020, this has been extended to end-December 2020. As of 11 November 2020, the Minister of Finance will extend, in consultation with the financial sector, the current moratorium for loans to companies.
|04 - Equity support info_outline||EUR3,000,000||USD3,318,584||
(i) 21 August 2020, European Commission approved the EUR3 million equity injection by the Government to SN Airholding and its sole subsidiary, Brussels Airlines in the context of the coronavirus outbreak.
|05 - Health and income support||EUR11,066,070,000||USD12,241,227,876|
|05A - Health support||EUR1,413,070,000||USD1,563,130,531||
(i) EUR6.4 billion in total measures as part of the fiscal package outlined in the Stability Program to adress the crises. Key fiscal support measures include: boosting health expenditure and increasing support for those in temporary unemployment and self-employed. In addition, EUR3.8 billion (increased from EUR1.7 billion) regional governments' support to affected firms and sectors, and transfers to affected households. Of the total EUR10.2 billion packages, around EUR1.2 billion are dedicated to health initiatives, with EUR1 billion for federal intiatives and EUR0.2 billion for regional; (ii) 6 November 2020, Retained the right to reimbursement of health care costs until 31 December 2021, while offering payment plans for self-employed workers who have obtained a deferral of payment of social contributions; (iii) 6 November 2020, EUR200 million is planned for hospital staff (salaried and self-employed workers), aimed at providing support measures. Further, additional budget of EUR13.07 million for consumer vouchers in the healthcare sector and extension of the validity of consumer vouchers until the end of 2021.
|05B - Income support||EUR9,653,000,000||USD10,678,097,345|
|05B1 - Tax and contribution deferrals and policy changes||
(i) 9 June 2020, Support measures relating to payment periods have been approved, and extension of the payment periods for VAT and Excessive Duties extend to December 31.
|05B2 - Tax and contribution rates reduction||
(i) 3 April 2020, exemptions from VAT and import duties for goods needed to mitigate the effects of COVID-19 were granted. As of 23 July 2020, this measure has been extended until 31 October 2020; (ii) In addition, reduced the VAT rate applicable to some restaurant and catering services to 6% until the end of 2020 while also exempting social contributions for Q32020 for these sectors. As of 6 November 2020, this measure has been extended to allow more sectors to avail of the exemption from scoial contributions; (iii) 26 June 2020, Temporary exemption from corporate tax based on losses incurred during the next tax period; (iv) 6 November 2020, Extension of tax exemption of subsidies granted by towns, municipalities and federal entities.
|05B3 - Wage support and subsidies to individuals and households||
(i) No amount/estimate: 17 July 2020, Additional crisis allowance for certain self-employed persons and assisting spouses recognized as incapacitated for work due to the containment measures. As of 6 November 2020, this measure has been extended in two parts: first, with the extension of subsidies for self-employed persons with businesses that had to close, and second, with temporarily unemployed salaried workers receiving an allowance equal to 70% of their gross monthly salary (capped at EUR2,754.76). In addition, salaried workers receives an allowance from the ONEM (National Employment Office) of EUR5.63 per day of temporary unemployment. This measure will apply until 31 March 2021, with the possibility of extension. Also, the crisis subsidy has been extended until December 2020 for self-employed workers in all sectors that had to close, providing EUR2,583.40 and EUR3228.20 respectively to persons without and with families; (ii) 24 July 2020, Considered coronavirus parental leaves in computing for the pension of the civil service; (iii) 6 November 2020, Additional support to households and firms affected by the re-imposition of restrictions, mostly in the form of a temporary extension or expansion of previous measures. Authorities have also extended the premiums, reimbursements, bonuses and subsidies for those who are unemployed and/or considered "most vulnerable"; (iv) 6 November 2020, Flexible access to unemployment for artists. Artists who can provide proof of at least 10 artistic performances or 20 working days during the period from 13 March 2019 to 13 March 2020, are granted access to unemployment for artists; (v) 12 December 2020, The Council of Ministers approved a measure extending grants to independents without family responsibilities equal to EUR2,583.40 per month in Covid-19 support, while those with families are eligible for EUR3,228.20. [update]
|05B4 - Subsidies to business||EUR653,000,000||USD722,345,133||
(i) 10 July 2020, EUR45 million in grants to skeyes (Belgian air navigation service) to ensure the operational and financial sustainability of the public enterprise in 2020; (ii) 10 July 2020, An advanced payment of EUR15 million was made to skeyes (Belgian air navigation service) for terminal fees for the latter half of the year; (iii) 29 September 2020, The European Commission has approved Belgium's plan to grant EUR2.2 million in support to the airports of Ostend, Antwerp and Kortrijk. The funding from the Government will be used as direct grants and cost/fee deferrals; (iv) 12 October 2020, The European Commission has approved another EUR15.8 million Belgian scheme to support hotels and aparthotels in Brussels in context of coronavirus outbreak in the form of direct grants; (v) 6 November 2020, Additional support to households and firms affected by the re-imposition of restrictions, mostly in the form of a temporary extension or expansion of previous measures. Authorities have also extended the premiums, reimbursements, bonuses and subsidies for those who are unemployed and/or considered "most vulnerable"; (vi) 24 November 2020, The Government has approved an additional EUR575 million for care and nursing homes hit by the pandemic.
|05B5 - Indirect income support|
|05B6 - No breakdown (income support)||EUR9,000,000,000||USD9,955,752,212||
EUR6.4 billion in total measures as part of the fiscal package outlined in the Stability Program to adress the crises. Key fiscal support measures include: boosting health expenditure and increasing support for those in temporary unemployment and self-employed. In addition, EUR3.8 billion (increased from EUR1.7 billion) regional governments' support to affected firms and sectors, and transfers to affected households. Of the total EUR10.2 billion packages, non-health initiatives with no breakdown account for EUR9 billion [update], with EUR5.3 billion for federal and EUR3.7 billion for regional.
|05C - No breakdown (health and income support)|
|06 - Budget reallocation info_outline|
|07 - Central bank financing government|
|07A - Direct lending & reserve drawdown|
|07B - Secondary purchase: government securities|
|08 - International Assistance Received|
|08A - Swaps info_outline|
|08B - International loans/grants|
|08B1 - Asian Development Bank|
|08B2 - Other||
(i) 24 August 2020, The European Commission proposed a EUR7.8 billion loan to be granted on favourable terms from the EU to Belgium via the SURE Program. This is pending final approval by the Council; (ii) As of 25 September 2020, Final approval has been granted by the council.
|09 - International Assistance Provided|
|09A - Swaps info_outline|
|09B - International loans/grants|
|10 - No breakdown|
|11 - Other Economic Measures||
(i) 30 March 2020, Belgian Debt Agency issued a new syndicated EURO benchmark bond maturing 22 October 2027 (OLO 91) in the near future and increased the number of OLO auctions by also organizing auctions on the penultimate Monday of May, August and October; (ii) 30 March 2020, Belgian Debt Agency stops buying back OLOs maturing in 2022; (iii) 8 April 2020, The Federal Debt Agency announces that it has accepted the offers for the auction of Treasury certificates of today for a total amount of EUR 2.280 billion; (iv) Ban on short-selling stocks until 17 May 2020; (v) 12 May 2020, the Financial Services and Markets Authority agreed to not take action against companies that will not be able to comply with mandatory data provision on code of conduct risk models by 30 June 2020; (vi) 18 May 2020: Suspended the ban on short selling; (vii) 2 June 2020: Extended the agreement on taxation of cross-border workers with Germany and Netherlands until 30 June 2020.
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
(i) The minority government-which has been granted enhanced executive powers-has implemented a range of measures to reduce the spread of the coronavirus, including limiting movement to essential needs, ban of non-essential travel abroad; (ii) 11 June 2020, Domestic travel restrictions have been lifted; (iii) 18 June 2020, travel restrictions within the Schengen area have also been lifted; (iii) 20 December 2020, A closure of borders to and from the United Kingdom has been implemented given the new COVID-19 strain. [update]
|12B - Measures affecting business and workplace||
(i) The government has announced a phased conditional on health outcomes. On this basis, manufacturing and business services sectors were reopened on 4 May 2020, to be followed by shops (11 May 2020 and 18 May 2020).
|12C - Others||
(i) The government has announced a phased conditional on health outcomes; (ii) The reopening of other sectors and overseas travel will be assessed by 8 June 2020, while sporting events remain banned until 31 July 2020; (iii) 11 June 2020, Hospitality, cultural, and non-contact sports activities (without audience) as well as religious services were allowed to resume as of 8 June 2020; (iv) 23 July 2020, Due to the recent rise in the number of new cases, the government decided to put the 5th phase of reopening on hold, imposed new preventive measures and further decentralized decision making regarding mask wearing to local authorities; (v) 20 August 2020, the government decided to ease some restrictions, while keeping social distancing rules in place until at least end-September. For instance, shopping and events are now permitted; (vi) Schools, except universities, have fully reopened in September, with in-person classes; (vii) Containment measures have been ramped up significantly since early October amidst a sharp resurgence of cases and hospitalizations culminating in a new lockdown from 2 November 2020; (viii) While non-essential shops were allowed to reopen from 1 December 2020, other restrictions and social distancing rules will remain in place until January 15, 2021 [update]; (ix) 5 January 2020, Belgium has started its large-scale coronavirus vaccination campaign [update].