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 reductions|
|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||NZD61,380,000||USD37,132,486||
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.
|05A - Health support||NZD7,300,000||USD4,416,213||
(i) NZD5 million, Ministry of Health; (ii) NZD2.3 million support for self-isolation.
|05B - Income support||NZD54,080,000||USD32,716,273|
|05B1 - Tax and contribution deferrals and policy changes|
|05B2 - Tax and contribution rates reduction|
|05B3 - Wage support and subsidies to individuals and households||NZD25,400,000||USD15,366,001||
(iv) NZD0.97 million unemployment benefit; (ii) NZD22.51 million wage subsidy; (iii) NZD1 million child benefit payment; (iv) NZD0.87 million one-off welfare payment; (v) NZD50 thousand redeployment program.
|05B4 - Subsidies to business||NZD3,360,000||USD2,032,668||
(i) NZD3.36 million business grants.
|05B5 - Indirect income support||NZD14,000,000||USD8,469,449||
(i) NZD2 million small capital works program; (ii) NZD12 million major capital projects.
|05B6 - No breakdown (income support)||NZD11,320,000||USD6,848,155||
NZD11.32 million indirect costs (tax relief, TAU,etc).
|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||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 17 July 2020] (ii) 15 April 2020, USD0.1 million technical assistance under Strengthening Social Protection in the Pacific; (iii) 24 April 2020, USD0.11 million technical assistance under Developing the Pacific Health Sector (Additional Financing); (iv) 5 June 2020, USD0.17 million technical assistance under Pacific Economic Management (Additional Financing); (v) 29 June 2020, USD9.73 million Disaster Resilience Program, Phase 2; (vi) 24 June 2020, USD0.06 million technical assistance under Supporting Public Sector Management Reforms. ; (vii) 29 July 2020, USD1 million under COVID-19 Emergency Response; (viii) 10 August 2020, USD0.05 million under Knowledge and Support Technical Assistance for Strengthening Water, Sanitation, and Hygiene Practices and Hygiene Behavioral Change in the Pacific; (ix) 12 August 2020, 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|
|12A - Measures affecting travel and transport (local and international)|
|12B - Measures affecting business and workplace||
16 April 2020, 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
|12C - Others||
30 October 2020, decided to lift the requirement for incoming travellers to spend 14 days in supervised quarantine on arrival.