Pacific

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 36.90
% of GDP (2019): 11.14%
% of Regional Total Package: 1.44%
Package Per Capita in USD: 1,911.95
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
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
02C - Loan guarantees
03 - Direct long-term lending info_outline
03A - Long-term lending info_outline
03B - Forbearance
04 - Equity support info_outline
05 - Government support to income/revenue NZD61,000,000 USD36,902,601

The Government’s COVID-19 Economic Response Plan with a total value of NZD61 million has three objectives. The first is to stimulate demand through support to local business to ensure that the economy is able to continue to operate, even at a reduced level, during this period of extreme uncertainty surrounding COVID-19. The second is to support the livelihoods of those that are likely to be most affected by the economic fallout, including those required to self-isolate, those that lose their jobs and the elderly and infirm. The third objective is to achieve the first two objectives in a fiscally responsible manner that does not undermine the Government’s ability to undertake further fiscal intervention over the longer-term, should that prove necessary. Breakdown as follows: (i) NZD5 million, Ministry of Health; (ii) NZD2.3 million support for self-isolation; (iii) NZD2 million small capital works program; (iv) NZD12 million major capital projects; (v) NZD0.97 million unemployment benefit; (vi) NZD22.51 million wage subsidy; (vii) NZD1 million child benefit payment; (vii) NZD0.87 million one-off welfare payment; (viii) NZD50 thousand redeployment program; (ix) NZD3.36 million business grants; (x) NZD2.32 million indirect costs (tax relief, TAU,etc).

05A - Health
05B - Non-health
06 - Budget reallocation info_outline
07 - Central bank financing government
07A - Direct lending & reserve drawdown
07B - Secondary purchase: government securities
08 - International Assistance Received NZD26,158,270 USD15,824,725
08A - Swaps info_outline
08B - International loans/grants NZD26,158,270 USD15,824,725
08B1 - Asian Development Bank NZD19,158,270 USD11,590,000

(i) USD0.27 million under the TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases; [update as of July 17] (ii) April 15, USD0.1 million technical assistance under Strengthening Social Protection in the Pacific; (iii) April 24, USD0.11 million technical assistance under Developing the Pacific Health Sector (Additional Financing); (iv) June 5, USD0.17 million technical assistance under Pacific Economic Management (Additional Financing); (v) June 29, USD9.73 million Disaster Resilience Program, Phase 2; (vi) June 24, USD0.06 technical assistance under Supporting Public Sector Management Reforms. [update]; (vii) July 29, USD1 million under COVID-19 Emergency Response; (viii) August 10, USD0.05 million under Knowledge and Support Technical Assistance for Strengthening Water, Sanitation, and Hygiene Practices and Hygiene Behavioral Change in the Pacific; (ix) August 12, USD0.10 million technical assitance under "Support for gender sensitive responses to COVID-19 in the Pacific Developing Member Countries.

08B2 - Other NZD7,000,000 USD4,234,725

By end of March, NZD7 million from New Zealand in direct budgetary support for the Cook Islands' COVID-19 response measures.

09 - International Assistance Provided
09A - Swaps info_outline
09B - International loans/grants
10 - No breakdown
11 - Other Economic Measures
12 - Non-Economic Measures

(i) April 16, Prime Minister, Hon. Henry Puna, declared the Cook Islands "a COVID-19 free zone", however the country remains in Code Yellow with relaxed restrictions; and (ii) Restrictions have been lifted for the following areas (a) schools are now open, (b) travel between the Pa Enua (Outer Islands) open, (c) churches are now open, (d) social gatherings are no longer limited to 10 people, (e) alcohol retail sales extended until 6pm, (f) non-contact sports may resume, and (g) restaurants & cafes may re-open.