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||
No amount/estimate: Wider access to Banque de France refinancing for SMEs.
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||EUR330,200,000,000||USD365,265,486,726|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline||
(i) No amount/estimate: April, Reducing the counter-cyclical bank capital buffer to 0% (an increase from 0.25 percent to 0.5 percent, effective April); (ii) No amount/estimate: Credit mediation to support renegotiation of SMEs’ bank loans; (iii) No amount/estimate: June 28, L'ACPR, Banque de France, required financial institutions under its supervision to follow the recent EU directive and refrain until January 1, 2021 from paying dividends, buying back shares or granting new variable remuneration to the main risk takers within them .
|02C - Loan guarantees||EUR330,200,000,000||USD365,265,486,726||
(i) EUR300 billion in the state guarantee mechanism for new liquidity loans granted by credit institutions between 16 March and 31 December 2020 to companies registered in France; (ii) EUR15 billion (from EUR12 billion) in specific guarantees for export insurance and credit insurance ; (iii) April 29, EUR5 billion loan guarantee for Renault; (iv) May 6, EUR4 billion state guarantee on loans and a subordinated shareholder loan to Air France-KLM by the French state; (v) No amount/estimate: June 6, the State guarantee system for credit insurance is strongly reinforced to allow companies to keep their cover. This measure is very important for construction companies whose cash flow is very dependent on inter-company credit. The measure will be implemented immediately by decree for SMEs and medium-sized enterprises; (vi) EUR6.2 billion loan guarantees for tourism industry .
|03 - Direct long-term lending info_outline||EUR84,700,000,000||USD93,694,690,265|
|03A - Long-term lending info_outline||EUR84,700,000,000||USD93,694,690,265||
(i) See item (i) of Loan Guarantees in Measure 2; (ii) March 25, EUR80 billion in loans for startups; (iii) EUR3 billion loan to Air France ; (iv) No amount/estimate: July 2, Repayable advances and loans for SME companies with liquidity problems ; (v) EUR1.6 billion tourism loan offered by Bpifrance and the Groupe Caisse des Dépôts et Consignations ; (vi) Additional EUR100 million loan for startups .
|03B - Forbearance|
|04 - Equity support info_outline||EUR22,270,000,000||USD24,634,955,752||
(i) EUR20 billion for the temporary increase in state-ownership for some firms facing exceptional difficulties; (ii) June 5, EUR150 million worth of investment funds for companies developing sovereign technologies of the future whose risk associated with investment is high (quantum, health, cybersecurity, artificial intelligence, etc.) and of start-ups at any stage of development; (iii) EUR200 million equity support to SMEs in the aeronautics sector ; (iv) EUR1.3 billion equity investments in the tourism industry ; (v) EUR270 million to EUR620 million equity support under the Programme de soutien à l’innovation majeure PSIM (EUR120 million) & French Tech Souveraineté (EUR150 million, extendable up to a maximum of EUR500 million).
|05 - Government support to income/revenue||EUR225,813,500,000||USD249,793,694,690|
|05A - Health||EUR14,360,000,000||USD15,884,955,752||
(i) EUR260 million (from the unspent reserves in the 2019 budget) and EUR3.5 billion from the (2020 budget allocation) for the healthcare system; (ii) EUR4.5 billion of additional funds for the purchase of equipment and other health expenses; (iii) creation of an additional emergency fund of EUR50 million for research on COVID-19; (iii) September 3, EUR6 billion for public expenditure for health security and EUR50 million for health security projects under the Cohesion component of the EUR100 billion recovery plan [update].
|05B - Non-health||EUR211,453,500,000||USD233,908,738,938||
(i) EUR8.5 billion for short-time work scheme; (ii) June 10, EUR8 billion (increased from EUR7 billion) for the solidarity fund to support income for the self-employed and smallest firms ; (iii) EUR48.5 billion in postponement of social and fiscal deadlines and the early reimbursements of tax credits (2.0% of 2019 GDP); (iv) No amount/estimate: tax exemptions for bonuses in "essential" sectors; (v) March 25, EUR1.75 billion in tax breaks and grants to startups; (vi) April 20, EUR390 million road transport fund (liquidity for road transport sector); (vii) EUR0.5 billion for postponement of part of the unemployment insurance reform; (viii) No amount/estimate: to maintain skills within companies and their renewal, the Government announced the creation of an aid for the recruitment of apprentices, from 5,000 euros to 8,000 euros per contract preparing for a diploma up to the professional license; (ix) June 6, government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR31 billion for emergency measures in favor of employees and companies; EUR2.632 billion support to aeronautics sector including for R&D (EUR1.5 billion), to aeronautics SMEs (EUR300 million) and government purchase of of military planes, helicopters and drones (EUR832 million); EUR1 billion to support the structuring investments of communities relating to health, ecological transition, in particular the thermal renovation of public buildings, and the renovation of heritage; EUR1.3 billion to support the cultural sector; EUR230 million to support the book industry; EUR2.2 billion exemption from social security contributions in the tourism industry ; EUR295 million grants to startups: FrenchTechBridge (EUR80 million), i-Nov (EUR20 million), ChallengesIA (EUR15 million), SATT (EUR65 million), French Tech Accélération (EUR100 million) & call for projects (EUR15 million) ; EUR1 million of public expense to promote start-ups employment; (viii) July 23, EUR490 million for greening of industry and to support industrial relocations ; (x) July 23, Support measures for young people and strengthening of measures for the most vulnerable: EUR1.14 billion will be allocated to the financing of bonuses for the hiring of apprenticeship contracts (EUR400 million) or professionalization contracts (EUR744 million); EUR50 million will be mobilized in particular to finance the 1 euro meal for scholarship students; EUR283 million are committed to implement the "learning holidays" program which will accommodate students during the summer holidays in schools, leisure centers, camps and cultural outings; EUR86.5 million are planned for the political districts of the city; additional EUR200 million euros are notably devoted to emergency accommodation and the purchase of basic necessities; EUR7 million dedicated to the fight against violence against women, including EUR4 million additional to support associations, psychological support, support for accommodation and care for perpetrators of violence ; (xi) July 23, EUR4.5 billion support for local authorities including nearly EUR2.7 billion in advances will be deployed for communities experiencing loss of revenue from property transfer tax and EUR750 million to compensate for the loss of fiscal and state revenue municipalities and public inter-municipal cooperation establishments in difficulty ; (xii) July 23, EUR3.9 billion in measures to cancel charges, in particular intended for companies in the tourism, hotel, cultural and events sectors; (xiii) No amount/estimate: August 17, Ministry of Economy ad Finance allowed SMEs to spread, over a period of up to 3 years, the payment of their taxes due during the period of health crisis; (xiv) August 12, A call for projects of EUR100 million to support specific industries: health, agrofood, electronics, essential inputs (chemicals, metals, raw materials ).The Covid-19 crisis has highlighted the industrial and technological dependence of the French economy, and the fragility of certain global value chains. The strengthening of all or part of critical value chains by supporting the establishment or re-establishment in France of some of their links appears necessary. The objective: to reduce our degree of dependence on non-European suppliers, while developing the sectors of the future guaranteeing the creation of value in France and in Europe; (xv) September 3, In order to quickly and sustainably recover the French economy, an exceptional recovery plan of EUR100 billion has been deployed by the government around 3 main components: ecology - the strategic objective of this plan - to support the transition to a greener and more sustainable economy, competitiveness to give companies the most favorable conditions to develop their activities and thus preserve the employment of employees, and cohesion to guarantee solidarity between generations, between territories, and between all French (for the details: https://www.economie.gouv.fr/plan-de-relance#) [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|
|09A - Swaps info_outline|
|09B - International loans/grants|
|10 - No breakdown||EUR24,368,000,000||USD26,955,752,212||
June 6, government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR5.168 billion to support the aeronautic sector; EUR4.5 billion support for the resumption of activities of local authorities; EUR8 billion to support the automotive sector; construction companies subject to corporation tax will be able to request, from 2020, the immediate reimbursement of their stock of receivables to carry back their deficits, as well as receivables that would come to be recognized in 2020 due to the losses linked to this health crisis; EUR6.7 billion to support the tourism industry.
|11 - Other Economic Measures||
18 May, Suspended the ban on creating or increasing net short positions.
|12 - Non-Economic Measures||
The government has implemented a range of measures to reduce the spread of COVID-19, including school closures, the ban of all non-essential outings and long-distance travel, and the introduction of night-time curfews in some cities. On May 11, France started to gradually ease the containment measures, beginning with the reopening of primary schools, shops, and industry, on a differentiated regional basis. Internal travel restrictions have also been relaxed and the use of masks is obligatory for public transport. As of May 11, France started to ease the containment measures, beginning with the reopening of primary schools, shops, and industry, on a differentiated regional basis. Most major domestic restrictions were lifted as of June 22. Internal and intra-European travel restrictions have also been lifted. In response to the recent uptick in infections, limits on large gatherings have been extended until the end of October, testing ramped up, and mask mandates tightened with the use of masks obligatory in most public spaces and indoor areas (including workplaces). A digital contact tracing application was launched by the government on June 2.