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Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 142,338
% of GDP (2019): 53.74%
% of Regional Total Package: N/A
Package Per Capita in USD: 25,795.10
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 EUR2,000,000,000 USD2,212,389,381
01A - Short-term lending info_outline EUR2,000,000,000 USD2,212,389,381

March, (i) EUR1 billion of the Bank of Finland's support liquidity by investing in short-term Finnish corporate commercial paper; (ii) EUR1 billion for the State Pension Fund investments in commercial paper.

01B - Support policies for short-term lending info_outline
01C - Forex operations info_outline
02 - Credit creation info_outline EUR84,080,000,000 USD93,008,849,558
02A - Financial sector lending/funding info_outline
02B - Support policies for long-term lending info_outline EUR82,000,000,000 USD90,707,964,602

(i) EUR52 billion in lending capacity due to the 1 ppt reduction in the structural buffer requirements of all credit institutions by removing the systemic risk buffer and adjusting institution-specific requirements; (ii) EUR30 billion in lending capacity due to the decisions of the macroprudential supervisors of other countries.

02C - Loan guarantees EUR2,080,000,000 USD2,300,884,956

(i) Mar 20, EUR600 million of state guarantee for Finnair. On May 20, the fund was finally established for a maximum loan guarantee fund of EUR540 million (the EU Commission authorized only a 90% guarantee on loan, nevertheless, added in the amounts column is the EUR600 million, the total loans available under this fund) ; (ii) EUR600 million of state guarantee for shipping companies; (iii) No amount/estimate: May 7, Finnvera (offical export credit agency) increased its guarantee share for SME loans from 80% to 90%; (iv) June 11, EUR880 million, state guarantee for loans and interest from the Employment Fund [update].

03 - Direct long-term lending info_outline EUR14,200,000,000 USD15,707,964,602
03A - Long-term lending info_outline EUR14,200,000,000 USD15,707,964,602

(i) EUR 14.2 billion (increased from EUR10 billion) to expand Finland’s Export Credit Agency's lending and guarantee capacity to small and medium enterprises; (ii) no amount/estimate: March 20, easier re-borrowing of pension contributions allowed.

03B - Forbearance
04 - Equity support info_outline EUR710,500,000 USD785,951,327

(i) June 6, Further capital funding of EUR250 million is proposed for Tesi (Finnish Industry Investment Ltd), to increase equity financing for companies ; (ii) June 6, Capital funding of EUR 150 million is proposed for strengthening the balance sheet of Finnish Minerals Group ; (iii) June 10, The EU Commission approved Finland's plans to contribute to the recapitalisation of Finnair, amounting to EUR286 million through the subscription of new shares by the State in the rights issue launched by Finnair on 10 June 2020 in the context of the coronavirus outbreak ; (iv) June 15, EUR24.5 million of investment support for NordFuel Oy's Haapevesi biorefinery project for large renewable energy demo projects [update].

05 - Government support to income/revenue EUR27,678,000,000 USD30,617,256,637
05A - Health EUR1,005,000,000 USD1,111,725,664

March 20, (i) EUR1 billion for healthcare and testing, protection and medical equipment, public safety and border controls, and research on the coronavirus epidemic, in particular to develop methods for rapid diagnostics and vaccines and a knowledge base for timely decision-making on coronavirus measures, (especially on the exit strategy; (ii) EUR5 million contribution to international non-profit companies working on the development of a COVID-19 vaccine.

05B - Non-health EUR26,673,000,000 USD29,505,530,973

March 20, (i) EUR1.05 billion (increased from EUR900 million) in lower pension contributions through the remainder of 2020; (ii) EUR650 million for grants to SMEs and self-employed; and (iii) EUR3 billion for expanded parental allowance, social assistance and unemployment insurance; (iv) EUR4.5 billion i.7n tax and pension payment deferrals; (v) EU12 billion in increase in fiscal deficit from automatic stabilizers (4-5.0) percentage points of GDP; (vi) April 20, EUR250 million grants for sole proprietors for the cost of running business; (vii) EUR40 million to support restaurants in employing workers and EUR83 million compensation for the imposed restrictions on activities; (viii) EUR5.1 billion (which is part of the fourth supplementary budget of 6 June amounting to EUR 5.5 billion) focusing on aid to municipalities and measures supporting quick economic recovery. This stimulus package is aimed at boosting demand, improving Finland’s long-term growth prospects, combating climate change, promoting biodiversity, and reinforcing the entire country’s capabilities, resilience, self-sufficiency, and skills and competences. The package also includes measures supporting local government that are intended to secure basic services and alleviate the challenges for local government finances resulting from the virus crisis. The supplementary budget proposal also includes a set of measures to support the wellbeing of children and young people; (ix) No amount/estimate: June 11, The exempt amount of the unemployment benefit will be temporarily raised. Eligibility for commuting and relocation allowance for full-time work will be temporarily amended by decreasing the distance required for daily commuting. The aim is to improve the financial security of unemployed persons when they take part-time work or other short-term work in a situation where full-time work is not yet available. Another aim is to help people find full-time work or seasonal work critical for agriculture [update]; (x) No amount/estimate: June 5, The Government proposes to continue the measures that have secured the livelihoods of jobseekers and entrepreneurs and helped businesses to overcome the worst of the crisis. The measures concern lay-offs and co-operation procedures; the right of laid-off employees and entrepreneurs to unemployment benefit; and start-up funding. [update].

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
09 - International Assistance Provided EUR5,500,000 USD6,084,071
09A - Swaps info_outline
09B - International loans/grants EUR5,500,000 USD6,084,071

The Finnish Government agreed to increase funding for the World Health Organization (WHO) to EUR5.5 million .

10 - No breakdown
11 - Other Economic Measures
12 - Non-Economic Measures

March 16, the government invoked the Emergency Powers Act, which was used to close borders, restrict domestic movements, and expand service obligations of essential health-, social services-, and security personnel. Restrictions to and from the region of Helsinki were lifted on April 14. On May 4, the government announced a plan to lift broad restrictions in favor of more targeted containment measures, including: on May 14, resumption of primary and lower secondary school and cross-border movement of essential traffic; on June 1, reopening of restaurants and public facilities and limits on public gatherings increased from 10 to 50 people; on July 31, resumption of public events with more than 500 people.