Other ADB Members
Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline||EUR1,000,000,000||USD1,106,194,690|
|01A - Short-term lending info_outline||EUR1,000,000,000||USD1,106,194,690||
7 July 2020, EUR1 billion new credit line for micro and small businesses.
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||EUR4,663,000,000||USD5,158,185,841|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline|
|02B1 - Interest rate reductions||
No amount/estimate: (i) The Banco de Portugal (BdP) has relaxed some aspects of its macroprudential measures for consumer credit; (ii) Series of measures directed to less significant banks under its supervision: (a) the possibility to temporarily operate below selected capital and liquidity requirements; (b) a recommendation to restrict dividend distributions; (c) extension of deadlines of some reporting obligations, (d) rescheduling of on-site inspections and the stress test exercise; (ii) June, new consumer credit (maturities up to 2 years), granted between 1/4-30/9 to mitigate households’ temporary liquidity shortages will not have to comply with the DSTI ratio threshold.
|02B2 - Other policies to support long-term lending|
|02C - Loan guarantees||EUR4,663,000,000||USD5,158,185,841||
(i) Direct state guaranteed credit support to companies that are most affected (EUR400 million) and for microenterprises in the tourism sector (EUR60 million); (ii) State guaranteed credit through the banking system: for restaurants (EUR600 million, EUR270 million for SMEs), tourism (EUR200 million, EUR75 million for SME), tourism accommodation (EUR900 million, EUR300 million for SME), industry (EUR1,300 million, EUR400 million for SME), fishing and aquiculture sectors (EUR20 million). Increased ceilings for export credit insurance schemes for metallurgic, mould, metal and mechanical industries (EUR100 million), construction abroad (EUR100 million), short-term exports (EUR50 million); (iii) 18 August 2020, EUR133 million in public guarantee on temporary loan for urgent liquidity needs of SATA airline; (iv) November 5, EUR800 million public guarantee for item iii in Measure 3A.
|03 - Direct long-term lending info_outline||EUR2,770,000,000||USD3,064,159,292|
|03A - Long-term lending info_outline||EUR2,770,000,000||USD3,064,159,292||
(i) 2 July 2020, EUR1.2 billion Loan to TAP (airline); (ii) 17 September 2020, EUR20 million subsidized credit line for producers of cut flowers and ornamental plant affected by COVID-19; (iii) EUR1.55 billion to support the economy of which EUR750 million for support to SMEs, and EUR800 million for credit lines with public guarantee, including 160 million non-repayable.
|03B - Forbearance||
(i) No amount/estimate: Rescheduling of banking loans, with maturities extended due in the next 6 months until 30/9, with a moratory on capital and interest, and maturities extended for extra 6 months, applicable to (a) housing credit for families most affected (unemployed, laid-off, in prophylactic isolation or ill due to COVID-19) and (b) loans to firms, self-employed and social institutions; (ii) No amount/estimate: June, BdP implemented EBA Guidelines on legislative and non-legislative moratoria on loan repayments, with conditions not to trigger default of obligor and assessment of distressed restructuring.
|04 - Equity support info_outline||EUR55,000,000||USD60,840,708||
2 July 2020, EUR55 million, government will buy shares of TAP (airline) reaching 72.5% in its capital.
|05 - Health and income support||EUR8,118,950,000||USD8,981,139,381|
|05A - Health support||EUR730,400,000||USD807,964,602||
(i) 12 March 2020, EUR296 million to increase the capacity of the health sector; (ii) 14 May 2020, over EUR400 million per month (0.2% GDP) of additional resources for the national health service; (iv) 10 August 2020, EUR8.4 million to double virus testing capacity; (iv) 20 August 2020, EUR26 million for intensive care medicine; (v) No amount/estimate: 1 October 2020, permanent hiring of 2,995 health workers who were hired during the pandemic; (vi) No amount/estimate: 6 November 2020, covernment creates national network of back-up support structures to support people infected with the new coronavirus.
|05B - Income support||EUR7,388,550,000||USD8,173,174,779|
|05B1 - Tax and contribution deferrals and policy changes||EUR6,200,000,000||USD6,858,407,080||
EUR6.2 billion (3.2% GDP) of (within-year) tax and social security contribution deferrals for companies and employees;
|05B2 - Tax and contribution rates reduction|
|05B3 - Wage support and subsidies to individuals and households||EUR1,000,000,000||USD1,106,194,690||
(i) EUR1 billion per month (0.5% GDP) in financial support for those temporarily furloughed by their employer; (ii) No amount/estimate: Additional financial support is also provided for: the self-employed affected by the virus; people forced to stay home to care for children, and; those sick or in isolation; (iii) No amount/estimate: 18 June 2020, extension on the existing measures for maintaining jobs in companies suffering from the COVID-19 crisis. Moreover, two more instruments are created: (a) compensation for workers with wages below certain minimum and b) incentives for companies to reincorporate workers;
|05B4 - Subsidies to business||EUR44,350,000||USD49,059,735||
(i) EUR25 million fiscal package to support the entrepreneurship ecosystem; (ii) 21 June 2020, EUR10 million grants for social companies to hire new employees and adapting to COVID-19; (iii) 20 October 2020, EUR9.35 million Portuguese employment aid scheme to preserve jobs on the Azores Islands during the coronavirus outbreak.
|05B5 - Indirect income support||EUR7,000,000||USD7,743,363||
(i) 27 July 2020, EUR7 milllion puchase of equipment for schools.
|05B6 - No breakdown (income support)||EUR137,200,000||USD151,769,912||
(i) 30 June 2020, EUR125 million to increase investment in education; (ii) November 18, EUR12.2 million aid to agriculture sector to minimize the economic and financial impacts caused by the pandemic Covid-19.
|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||EUR1,000,000,000||USD1,106,194,690|
|08A - Swaps info_outline|
|08B - International loans/grants||EUR1,000,000,000||USD1,106,194,690|
|08B1 - Asian Development Bank|
|08B2 - Other||EUR1,000,000,000||USD1,106,194,690||
21 October 2020, EUR1 billion of EU Cohesion policy funds to support Portugal's recovery redirected to COVID programs
|09 - International Assistance Provided|
|09A - Swaps info_outline|
|09B - International loans/grants|
|10 - No breakdown||EUR2,100,000,000||USD2,323,008,850||
As of 20 April 2020, a EUR13 billion liquidity scheme, approved by European Commission, is available to provide direct grants and public guarantee loans to companies. Key measures include: (a) EUR1 billion a month financial support (see Non-health in Measure 5); (b) EUR3.7 billion of state-guaranteed credit lines (see Loan guarantees in Measure 2); (c) EUR6.2 billion of (within-year) tax and social security contribution deferrals for companies and employees. Out of EUR13 billion, allocation for EUR2.1 billion is not clear.
|11 - Other Economic Measures|
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
(i) Public containment has been implemented on 19 March 2020 after the announcement of the State of Emergency on the 19 March; (ii) Border control with Spain through mutual agreement started on 17 March 2020. Suspended air, rail, and river connections;
|12B - Measures affecting business and workplace||
(i) Suspension of all face-to-face school activities (teaching and non-teaching) from 16 March 2020 to be reassessed on 9 April 2020; (ii) Closure of non-essential shops, and all national monuments and places of cultural activities (both public and private); (iii) classes restarted on 14 April 2020 for high school, while TV schooling for primary education; (iv) From 4 May 2020, confinement measures have been eased. Small street shops, hairdressers, bookstores and car dealerships can reopen;
|12C - Others||
(i) 9 November 2020, start of new state of emergency against COVID-19, including nightly curfews.