Southeast Asia

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 115,334.32
% of GDP (2020): 11.35%
% of Regional Total Package: 22.29%
Package Per Capita in USD: 426.18
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 IDR222,422,636,190,480 USD14,638,293,840
01A - Short-term lending info_outline IDR56,000,000,000,000 USD3,685,526,208

Bank Indonesia (BI) has injected liquidity to the money market and banking industry through various policy measures including (i) more than IDR56 trillion through a term-repo mechanism with underlying SBN transactions held by the banking industry; No amount/estimate: (ii) increasing the maximum duration for repo and reverse repo operations (up to 12 months); (iii) increasing the size of of the main weekly refinancing operations as needed; and (iv) A Presidential decree has expanded BI’s authority to maintain the stability of the financial system including by facilitating BI liquidity assistance to banks. On 20 October 2020, BI and Otoritas Jasa Keuangan (Finacial Services Authority or OJK) agreed to provide Short-term Liquidity Loans and Sharia Short-Term Liquidity Financing to banks; (v) 19 October 2021, Bank Indonesia agreed to hold the BI 7-Day Reverse Repo Rate at 3.50%.

01B - Support policies for short-term lending info_outline IDR117,800,000,000,000 USD7,752,767,631

BI announced increasing monetary easing through quantitative easing as follows: (i) No amount/estimate: Expand monetary operations by providing banks and the corporates a term-repo mechanism with government bonds (SUN) or sharia bonds (SBSN) underlying transactions of tenors up to 1 year; (ii) Lower the reserve requirement ratios effective 1 April 2020 to generate IDR22 trillion in additional liquidity and further reductions that took effect on 1 May 2020; (iii) As of 8 May 2020, IDR95.8 trillion from the relaxation of the additional demand deposit obligations to meet the Macroprudential Intermediation Ratio (MIR) for conventional commercial banks as well as Islamic banks/Islamic business units for a period of 1 year, effective from 1 May 2020 (Note that SBSN refers to government Islamic securities); and (iv) BI raised the the liquidity buffer ratio by 200 basis points for conventional banks and 50 basis points for islamic banks to be fulfilled only via government bonds purchased in the primary market.

01C - Forex operations info_outline IDR48,622,636,190,476 USD3,200,000,000

(i) BI lowered the foreign currency reserve requirement by 4% to increase foreign currency liquidity in the banking industry by around USD3.2 billion; No amount/estimate: (ii) BI announced increasing the frequency of foreign exchange swap auctions for 1, 3, 6, and 12 month tenors from three times per week to daily auctions; and (iii) BI has intervened in the spot and domestic non-deliverable foreign exchange markets, and in the domestic government bond market to maintain orderly market conditions.

02 - Credit creation info_outline IDR250,000,000,000,000 USD16,453,242,002
02A - Financial sector lending/funding info_outline
02B - Support policies for long-term lending info_outline
02B1 - Interest rate adjustments

No amount/estimate: BI reduced the policy rate by 125 bps cumulatively in February, March, June, July, and November 2020, to 3.75%. On 18 February, the BI announced further reduction to 3.5%. On 22 March, 20 April, 25 May, 17 June, 19 August, and 21 September 2021 , the BI announced that it will keep the rate at 3.5%.

02B2 - Other policies to support long-term lending

No amount/estimate: OJK has relaxed loan classification and loan restructuring procedures for banks to encourage loan restructuring and extended the deadline, by 2 months, for publicly listed companies to release their annual financial reports and hold annual shareholders meetings.

02C - Loan guarantees IDR250,000,000,000,000 USD16,453,242,002

(i) The third stimulus package (see Measure 5) includes IDR150 trillion additional financing for a national economic program, including to support credit guarantees for the private sector. As of 26 June 2020, the Indonesian Exports Financing Agency (LPEI) announced it will provide credit guarantees for PT Bank Mandiri Tbk to increase export financing to support the National Economic Recovery program. On 7 July 2020, IRD123.46 trillion UMKM credit guarantee program for working capital loans under the National Economic Recovery plan; (ii) 19 May 2020, Guarantees for working capital loans provided by banks for debtors, especially MSMEs; (iii) 29 July 2020, IDR100 trillion loan guarantee scheme for targeted businesses in priority sectors such as tourism, automotive, textile and garment, and electronics.

03 - Direct long-term lending info_outline IDR695,200,000,000,000 USD45,753,175,358
03A - Long-term lending info_outline IDR695,200,000,000,000 USD45,753,175,358

27 July 2020, IDR15 trillion loan scheme for the provincial governments of Jakarta and West Java and IDR11.5 trillion lending for provincial governments to support economic recovery to be funded by proceeds from central bank purchases of government bonds. These are part of the new IDR695.2 trillion loan program announced by the government as part of the National Economic Recovery (PEN) program consisting of financing support to regional and local goverments, and fund placements in regional development banks.

03B - Forbearance
04 - Equity support info_outline IDR8,500,000,000,000 USD559,410,228

20 November 2020, Garuda Indonesia announced the issuance of IDR8.5 trillion in 7-year mandatory covertible bonds to be purchased by a state-owned investment firm as part of the government's rescue plan for the airline.

05 - Health and income support IDR576,333,201,200,000 USD37,930,198,532
05A - Health support IDR81,100,000,000,000 USD5,337,431,705

The stimulus packages rolled out by the government includes support to the health care sector to boost testing and treatment capability for COVID-19 cases: (i) 13 March 2020, the second fiscal package includes incentives for medical staff dealing with COVID-19 (IDR15 million to medical specialists, IDR 10 million to physicians and dentists, IDR7.5 million to nurses and IDR5 million to other medical staff members; IDR300 million in case of death of a medical worker) for a budget of IDR6.1 trillion; (ii) 31 March 2020, Under the third fiscal package, authorities announced an additional IDR75 trillion for healthcare; (iii) 13 May 2020, See (ii) under Measure 5B1. All amounts reflected under Measure 5B6; (iv) No amount/estimate: 9 March 2021, Indonesia received 1,113,600 doses of COVID‑19 vaccines from the COVAX Facility. This first shipment is part of the 11 million doses allocated to Indonesia under the COVAX Facility that will continue to arrive until May 2021. As part of the Advance Market Commitment (AMC) to finance low and middle-income countries, the COVAX Facility will provide 11,704,800 vaccine doses to Indonesia at no cost. As of 22 July 2021, as many as 43,155,795 Indonesians have received their first vaccinations, and aboout 16,896,200 people have received their second vaccination; (v) 22 July 2021, 8 million doses of vaccine raw materials arrived from Sinovac, bringing the total vaccine raw materials received to 123,500,280 doses. This raw material or bulk vaccine will be processed by PT Bio Farma before being distributed to the public as a finished vaccine; (v) 15 July 2021, Due to the implementation of Emergency Community Activity Restrictions (PPKM) from 3-20 July 2021, the government announced that it will reorganize its state budget to increase health budget from IDR172.84 trillion to IDR193.93 trillion.

05B - Income support IDR495,233,201,200,000 USD32,592,766,826
05B1 - Tax and contribution deferrals and policy changes

No amount/estimate: (i) The government announced plans to reduce the number of restricted import goods by up to 50 percent on steel producers, and their derivatives, strategic food products (manufacturing industry inputs); horticultural commodities; animals & animal products; medicine, medicinal ingredients food; (ii) 13 May 2020, Postponing the payment of excise duties on imports of certain goods and temporary elimination of import tariffs, VAT and income taxes on certain medical and pharmaceutical products used in the treatment of COVID-19; (iii) No amount/estimate: 9 September 2020, The President issued Government Regulation No. 49 easing social security regulations for members by extending deadlines and reducing the amounts for certain contributions.

05B2 - Tax and contribution rates reduction

No amount/estimate: (i) 17 June 2020, Final income tax exemption of 0.5% of the gross circulation borne by the government for April to September 2020 for MSMEs conditional on gross income not exceeding IDR4.6 billion a year; (ii) 19 June 2020, Authorities announced a taxbreak for manufacturers of personal protective equipment and household antiseptic products by offsetting 30% of production costs between March and September 2020 against taxable income; (iii) No amount/estimate: 25 June 2020, A series of tax incentives and relief measures for producers of medical devices, taxpayer contributions to COVID-19 relief efforts, any income from government compensation, incentives and leases paid to those involved in handling COVID-19 efforts, and on the buyback of exchange-traded shares of WP Limited Companies; (iv) No amount/estimate: 29 June 2020, Corporate income tax discounts for publicly listed companies: 19% in the tax year 2020 and 2021, and 17% in the 2022 tax year; conditional on certain ownership criteria; (v) No amount/estimate: 9 September 2020, The President issued Government Regulation No. 49 easing social security regulations for members by extending deadlines and reducing the amounts for certain contributions; (vi) No amount/estimate: 14 September 2020, The Ministry of Industry proposed a 0% tax on car purchases to support the recovery of the automotive industry; (vii) No amount/estimate: 18 September 2021, The government has officially extended the 100% discount period for luxury goods sales tax for motorized vehicles until the end of December 2021. This extension is to encourage the multiplier effect of the economy and accelerate the national economic recovery .

05B3 - Subsidies to individuals and households

No amount/estimate: 27 August 2020, The President announced an expanded wage subsidy program targeting 15.7 million workers earning under IDR5 million and are compliant with mandated social security contributions.

05B4 - Subsidies to businesses IDR31,133,201,200,000 USD2,048,968,375

(i) 19 May 2020, The Ministry of Finance will provide subsidies, compensation, State Capital Inclusion, and bailout fund to maintain the sustainability of state-owned enterprises (SOEs) under the expanded fiscal package announced in 19 May 2020 in Measure 5. Total government support to SOEs is IDR104.38 trillion for Above The Line funds and IDR44.92 trillion for Below The Line funds; (ii) 18 June 2020, IDR10 billion interest rate subsidy for MSMEs in as part of the National Economic Recovery Program; (iii) 19 June 2020, IDR35.2 trillion in interest rate subsidies for banks and non-bank financial institutions as part of the National Economic Recovery Program; (iv) 24 June 2020, IDR30 trillion allocated to HIMBARA (State-owned Banks Association) for lending and interest subsidies to MSMEs; (v) 25 June 2020, IDR1.088 trillion in financing for ultra micro loans (UMi) through financial institutions UMi financing channels of which IDR400 billion is earmarked for PT Pegadian (state-owned pawnbroker); (vi) 14 July 2020, Interest subsidy and loan principal payment relief scheme for MSMEs as part of the Nationa Economic Recovery (PEN) program involving a total amount of INR 35.28 trillion for 60.66 million accounts; (vii) 18 September 2020, The Ministry of Finance decreased lease charges on state-owned property for certain businesses; (viii) September 9, 2021, the Government launched the Cash Assistance program for Street Vendors and Stalls. This Rp 1.2 million assistance is intended for 1 million micro business actors, especially street vendors and shop owners in PPKM Level 4 districts/cities and have never received the Banpres for Productive Micro Enterprises (BPUM) .

05B5 - Indirect income support
05B6 - No breakdown (income support) IDR464,100,000,000,000 USD30,543,798,452

In addition to the first two fiscal packages amounting to IDR33.2 trillion, the government announced a major stimulus package of IDR405 trillion on 31 March 2020, including IDR255 trillion in additional spending and tax reliefs, which was further expanded to IDR641 trillion on 19 May 2020. As of 4 June 2020, the government's fiscal package amounted to IDR677.2 trillion according to the Ministry of Finance. On 16 June 2020, the package was increased to IDR695.2 trillion (, of which IDR440 trillion has been utilized as of 2 December 2020 according to the Finance Ministry ( The stimulus packages comprise (i) support to the health care sector to boost testing and treatment capability for COVID-19 cases; (ii) increased benefits and broader coverage of existing social assistance schemes to low-income households such as food aid, conditional cash transfers, and electricity subsidy; (iii) expanded unemployment benefits, including for workers in the informal sector; (iv) tax reliefs, including for the tourism sector and individuals (with an income ceiling); and (v) permanent reductions of the corporate income tax rate from 25% to 22% in 2020−21 and 20% starting in 2022; (vi) 13 October 2020, IDR3.3 trillion in grant money from the earlier National Economic Recovery Program for distribution to local governments and hard-hit enterprises in tourism and creative industries; (vi) 22 January 2021, The Government extended the electricity bill relief subsidy for vulnerable social, industrial, and commercial sectors to end-March 2021; (vii) 15 July 2021, Due to the implementation of Emergency Community Activity Restrictions (PPKM) from 3-20 July 2021, the government announced that it will reorganize its state budget to (a) reallocation of MSME and corporate support from IDR193.74 trillion to IDR171.77 trillion, (b) increase business incentives from IDR56.73 trillion to IDR62.83 trillion, (c) reallocation of priority programs from IDR127.85 trillion to IDR117.04 trillion, and (d) increase the budget for social protection programs from IDR148.27 trillion to IDR153.86 trillion.

05C - No breakdown (health and income support)
06 - Budget reallocation info_outline IDR182,460,000,000,000 USD12,008,234,142

(i) The 2020 state budget allocated IDR17.73 trillion worth of state capital injections (PMN) to several state-owned enterprises (SOEs); (ii) Reallocations of IDR62 trillion for state budget, IDR72 trillion for village funds, IDR17.2 trillion for healthcare; (iii) No amount/estimate: 5 May 2020, Postponed the distribution of part of the General Allocation Fund and/or Revenue Sharing Funds to local governments that do not meet the provisions of the 2020 Budget Year Budget; and (iv) 8 May 2020, Further reallocations of IDR4.18 trillion from the Regional Incentive Fund to COVID-19 handling and IDR9.35 from the Special Allocation Fund to health activities.

07 - Central bank financing government IDR788,840,000,000,000 USD51,915,901,682
07A - Direct lending and reserve drawdown IDR622,630,000,000,000 USD40,977,128,270

(i) 21 April 2020, BI directly purchased IDR1.7 trillion (USD108 million) worth of sharia sovereign bonds during an auction held by the government for the first time. As of 8 October 2020, BI has purchased IDR60.18 trillion in the primary market through auction schemes, greenshoe options and private placements under the April 16 Joint Decree with the Ministry of Finance; (ii) No amount/estimate: In line with BI's expanded financial stability mandate as mentioned in (v) of Measure 1A, BI is authorized to finance the deposit insurance agency (LPS) for bank solvency problems. (vi) 6 July 2020, BI agreed to directly purchase IDR397.6 trillion worth of government bonds at 0% interest and be a standby buyer for IDR177 trillion in auctions at 1 percentage point below the benchmark rate to help finance the central government's pandemic response efforts under the July 7 Joint Decree with the Ministry of Finance. As of 8 October 2020, BI has made IDR229.68 trillion in primary market purchases through private placements under this agreement.

07B - Secondary purchase: government securities IDR166,210,000,000,000 USD10,938,773,412

From January to April 2020, IDR166.21 trillion purchases of government securities (SBN) in the secondary market by BI.

08 - International Assistance Received IDR2,140,453,402,840,700 USD140,869,591,321
08A - Swaps info_outline IDR2,029,668,245,738,100 USD133,578,491,321

7 April 2020: (i) Repurchase agreement line facilities with several institutions: USD60 billion repo line facility for Foreign and International Monetary Authorities (FIMA) with the United States Federal Reserve (On 29 July 2020, the Federal Reserve announced the extension of its dollar liquidity swap lines and FIMA repo facility to 31 March 2021; On 16 December 2020, the US Fed announced the extension of the FIMA repo facility to 30 September 2021); USD2.5 billion with the Bank of International Settlements; USD3 billion with the Monetary Authority of Singapore (MAS); and USD0.5-1 billion with other central banks in the region; (ii) Bilateral currency swap arrangements with several central banks: CNY200 billion (equivalent to USD30 billion) with the People's Bank of China; USD22.76 billion with the Bank of Japan; USD10 billion with the MAS; and KRW10.7 trillion (equivalent to INR115 trillion) with the Bank of Korea. On 5 November 2020, BI announced the extension of its USD10 billion bilateral financial arrangement with the Monetary Authority of Singapore for another year comprised of a USD3 billion repo facility and USD7 billion bilateral currency swap line.

08B - International loans/grants IDR110,785,157,102,620 USD7,291,100,000
08B1 - Asian Development Bank IDR48,988,825,419,286 USD3,224,100,000

(i) 30 March 2020, The ADB approved a USD3 million grant under COVID-19 Emergency Response to finance procurement of testing kits, other goods and services for front line health workers and general population; (ii) 23 April 2020, The ADB approved a USD1.5 billion loan to support the Government of Indonesia’s efforts to alleviate the impact COVID-19 on public health, livelihoods, and the economy; (iii) 24 April 2020, USD150,000 [updated as of 20 January 2021] grant under TA: Policy Advice for COVID-19 Economic Recovery in Southeast Asia; and (iv) USD3.06 million under TA: Regional Support to Address the Outbreak of COVID-19; (v) 23 June 2020, USD40,000 grant under the TA on Enhancing Public-Private Partnerships Projects through Support for Law and Policy Development and Transaction Advisory Services; (vi) 30 June 2020, USD100,000 grant under the TA on Quality of Jobs and the Future of Work; (vii) 2 July 2020, USD15 million loan for the Dairy Farmer Support and Food Security Project; (viii) 24 July 2020, USD70,000 grant under the TA on Due Diligence and Capacity Development of Trade Finance Program Banks (Subproject 3); (ix) 23 September 2020, USD500 million ADB loan under the Disaster Resilience Improvement Program; (x) 6 October 2020, USD20,000 grant under ADB's TA on Capacity Development for the Supply Chain Finance Program (Phase 2) (Subproject 3); (xi) 5 November 2020, USD90,000 grant under the TA on Creating Investable Cities in Post-COVID-19 Asia-Pacific: Enhancing Competitiveness and Resilience through Quality Infrastructure; (xiii) 20 January 2021, USD190,000 loan under the Supply Chain Finance Program approved in April 2020; (ix) 15 February 2021, Support for Human and Social Development in Southeast Asia (USD0.44 million); (x) 22 March 2021, Impact of Adolescent Nutrition Support on Development Outcomes (USD0.19 million); (xi) 31 March 2021, Responsive COVID-19 Vaccines for Recovery Project (USD450 million); (xii) 30 June 2021, Innovation in Education Sector Development in Asia and the Pacific (Supplementary) (USD0.25 million); (xiii) 7 July 2021, COVID-19 Active Response and Expenditure Support Program (USD250 million); (xiv) 7 July 2021, COVID-19 Active Response and Expenditure Support Program - approved but not yet committed (USD0.25 million); (xv) 3 September 2021, Supporting Enhanced COVID-19 Vaccination and Post-COVID-19 Health Security Response in Southeast Asia (USD1 million); (xvi) 7 September 2021, Due Diligence and Capacity Development of Trade Finance Program Banks (Subproject 4) (USD0.19 million); (xvii) 22 September 2021, Fostering Regional Cooperation and Integration through Knowledge and Capacity Building of Trade and Supply Chain Finance Program Banks (USD 0.06 million); (xviii) 29 October 2021, Competitiveness, Industrial Modernization, and Trade Acceleration Program, Subprogram 1 (USD500 million) [update].

08B2 - Other IDR61,796,331,683,333 USD4,067,000,000

(i) 11 May 2020, USD2 million grant from the UN COVID-19 Response & Recovery Fund supporting the Government of Indonesia and key stakeholders to scale-up inclusive social protection programs; (ii) 15 May 2020, USD700 million loan from World Bank to support Indonesia's Social Assistance Sytem and COVID-19 response; (iii) USD11 million worth of grants from the United States Agency for International Development (USAID) for health and humanitarian assistance; (iv) 22 May 2020, USD250 million World Bank loan for Indonesia's Emergency Response to COVID-19 Program; (v) May 2020, USD750 million loan from the Asian Infrastructure Investment Bank (AIIB) as co-financing for the ADB loan in (ii) under Measure 8B1; (vi) 22 June 2020, USD250 million loan from the AIIB co-financed with the World Bank under a COVID-19 Crisis Recovery Facility for Indonesia; (vii) 12 November 2020, The Indonesian government signed a USD1.09 billion loan from the Australian government for its pandemic response. 21 January 2021, USD500 million Indonesia Disaster Risk Finance and Insurance loan to help the country strengthen its financial response to natural disasters, climate risks, and health-related shocks including COVID-19; the project is also supported by a USD14 million grant from the Global Risk Financing Facility; (viii) No amount/estimate: 9 March 2021, Indonesia received 1,113,600 doses of COVID‑19 vaccines from the COVAX Facility. This first shipment is part of the 11 million doses allocated to Indonesia under the COVAX Facility that will continue to arrive until May 2021. As part of the Advance Market Commitment (AMC) to finance low and middle-income countries, the COVAX Facility will provide 11,704,800 vaccine doses to Indonesia at no cost; (ix) 17 June 2021, The World Bank approved a loan of USD500 million to expand Indonesia's efforts to respond to the threats posed by COVID-19, strengthen the preparedness of its health system, and support the government’s free vaccination program.

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

(i) Effective 18 March 2020 to 31 May 2020, Temporary elimination of import certification requirements on imports of onions and garlic; (ii) Effective 18 March 2020 to 30 June 2020, Temporary export ban on antiseptic, raw materials to fabricate masks, personal protective equipment (PPE), ethyl alcohol and masks; (iii) Effective 23 March 2020 to 30 June 2020, Temporary elimination of import certification requirements on imports of certain products, e.g. masks and personal protective equipment; (iv) To ease stock market volatility, the regulator OJK has introduced a new share buyback policy (allowing listed companies to repurchase their shares without a prior shareholders’ meeting) and introduced limits on stock price declines; (iv) 22 May 2020, The government announced it willl start start charging 10 percent value-added tax (VAT) on imported digital goods and services, including video and music streaming subscriptions, starting 1 July 2020 in an attempt to boost state revenue. On 7 July 2020, authorities confirmed that it is imposing 10% value-added tax on sales by non-resident foreign firms which sell digital products and services in Indonesia worth at least IDR600 million rupiah (USD41,667) a year or which generate yearly traffic from at least 12,000 users.

12 - Non-Economic Measures
12A - Measures affecting travel and transport (local and international)

(i) Travel- and transport-related restrictions include temporary bans on domestic and international air and sea travel, screening at ports of entry, and reduced transportation. The government has also banned Indonesia’s traditional annual exodus for Muslim holidays in 2020 in an effort to curb the spread of the virus from Jakarta and other high-risk regions; (ii)) 2 June 2020, The government canceled the haj pilgrimage to Mecca due to COVID-19; (iii) 9 June 2020, Domestic flights resumed at 70% capacity with observance of strict health protocols; (iv) On 28 December 2020, Authorities imposed a two-week ban on international visitors starting 1 January 2020 to prevent the spread of the more contagious coronavirus strain identified in the United Kingdom. The regulation applies to all foreign visitors except for high-level government officials. On 11 January 2021, Authorities extended its ban on international visitors by further two weeks; (v) 21 July 2021, The government announced the restriction of entry of foreigners into Indonesia during the implementation of emergency restriction on public activities.

12B - Measures affecting business and workplace

The government has adopted various containment measures including workplace restrictions. On 4 June 2020, The government eased restrictions in Jakarta by gradually allowing workplaces, places of worship, shopping centres and recreational venues with strict health guidelines such as a 50% capacity limit and ensuring physical distancing.

12C - Others

(i) The government has adopted various containment measures, including school closures, other restrictions on public events, and obligations on masks. On 4 June 2020, The government an easing of restrictions in Jakarta by gradually allowing workplaces, places of worship, shopping centres and recreational venues with strict health guidelines such as a 50% capacity limit and ensuring physical distancing; (ii) 1 July 2021, The government has officially decided to impose Emergency PPKM or restrictions to community activities starting from July 3 to July 20, 2021. This Emergency PPKM will be applied to all districts/cities in the Java and Bali islands and are included in the COVID-19 control indicators within the area; (iii) 5 September 2021, The government requires all industrial companies and industrial estate companies to apply screening using the PeduliLindung application. The obligation to use the PeduliLindung application is regulated in Circular No. 5/2021 concerning Amendments to Circular Letter of the Minister of Industry Number 3 of 2021 concerning Operational Permits and Mobility of Industrial Activities (IOMKI) during the COVID-19 Public Health Emergency which was released by the Ministry of Industry on August 30, 2021 .