Other ADB Members

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 645,277
% of GDP (2019): 24.20%
% of Regional Total Package: N/A
Package Per Capita in USD: 9,632.83
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

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 EUR320,000,000,000 USD353,982,300,885
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) credit mediation to support renegotiation of SMEs’ bank loans.

02C - Loan guarantees EUR320,000,000,000 USD353,982,300,885

(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, EUR 7 billion state guarantee on loans and a subordinated shareholder loan to Air France-KLM by the French state; (iv) No amount/estimate: June 6, the State guarantee system for credit insurance is strongly reinforced 3 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.

03 - Direct long-term lending info_outline EUR80,000,000,000 USD88,495,575,221
03A - Long-term lending info_outline EUR80,000,000,000 USD88,495,575,221

See item (i) of Loan Guarantees in Measure 2; (ii) March 25, EUR80 billion in loans for startups.

03B - Forbearance
04 - Equity support info_outline EUR20,150,000,000 USD22,289,823,009

(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 [update].

05 - Government support to income/revenue EUR74,950,000,000 USD82,909,292,035
05A - Health EUR8,310,000,000 USD9,192,477,876

(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.

05B - Non-health EUR66,640,000,000 USD73,716,814,159

(i) EUR8.5 billion for short-time work scheme; (ii) April 27, EUR7 billion (increased from EUR1.5 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; (vi) No amount/estimate: aid is provided for the most vulnerable including emergency accommodation, fight against violence against women, funding of exceptional aid to students, and young precarious people [update]; (vii) 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 [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 EUR88,230,000,000 USD97,599,557,522

June 6, government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR39 billion for emergency measures in favor of employees and companies; EUR15 billion to support the aeronautic sector; EUR4.5 billion support for the resumption of activities of local authorities; EUR1.2 billion in favor of the start-up sector and technology companies; EUR8 billion to support the automotive sector; EUR8 billion to support the car industry; EUR1.3 billion to support the cultural sector; 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. Further, 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; EUR18 billion to support the tourism industry; EUR230 million to support the book industry [update].

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. As of May 11, France has 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. .