Southeast Asia

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 92,121.78
% of GDP (2019): 26.20%
% of Regional Total Package: 19.38%
Package Per Capita in USD: 16,337.50
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 SGD4,000,000,000 USD2,823,861,631
01A - Short-term lending info_outline SGD4,000,000,000 USD2,823,861,631

(i) No amount/estimate: Monetary Authority of Singapore (MAS) is providing sufficient liquidity to Singapore dollar (SGD) and United States dollar (USD) funding markets in Singapore and supporting their effective functioning.  This will enable financial institutions to fund themselves, intermediate credit to individuals and businesses, and provide essential financial services. MAS has been providing ample SGD liquidity to the banking system through its daily money market operations (MMO). (ii) March 27, SGD4 billion bridge loan facility to Singapore Airlines (SIA) from DBS (see Measure 4). (iii) September 9, The MAS will open a new term facility (1- and 3-month tenors) on September 28 to provide banks and finance companies an additional channel to borrow SGD funds at longer tenors and with more forms of collateral. [update]

01B - Support policies for short-term lending info_outline
01C - Forex operations info_outline

No amount/estimate: MAS has also significantly stepped up its provision of USD liquidity to the banking system, increasing the volume of foreign exchange swaps transacted at its daily MMO as of March 31 by about 25% over the past 2 weeks. On September 9, MAS also expanded the collateral accepted at its USD facility. [update]

02 - Credit creation info_outline
02A - Financial sector lending/funding info_outline

No amount/estimate: April 21, the MAS and Enterprise Singapore launched the MAS SGD Facility for ESG Loans to lend Singapore dollars at an interest rate of 0.1% per annum to eligible financial institutions to support lending to small and medium-sized enterprises (SMEs).

02B - Support policies for long-term lending info_outline

No amount/estimate: (i) March 30, The MAS adopted a 0% per annum rate of appreciation of the policy band and reduced the midpoint to the prevailing level of the SGDNEER, with no change to the width of the band; (ii) April 7, The MAS announced various transitory regulatory forbearance measures including deferral of the implementation of Basel III regulations, utilization of capital and liquidity buffers to support lending, among others; (iii) April 16, Authorities raised the leverage limit for S-REITS from 45% to 50% to provide greater flexibility to manage their capital structure and enhance funding access. (iv) August 7, MAS urged locally-incorporated banks and finance companies to cap their total dividends per share (“DPS”) for 2020 at 60% of the 2019 level.

02C - Loan guarantees
03 - Direct long-term lending info_outline SGD29,700,000,000 USD20,967,172,609
03A - Long-term lending info_outline SGD29,700,000,000 USD20,967,172,609

(i) March 26, SGD20 billion in loan capital under the Resilience Budget to support good companies with strong capabilities (also see Measure 5B). (ii) March 27, Up to SGD9.7 billion in convertible notes as part of SIA's fundraising underwritten by state-investor Temasek Holdings (see Measure 4).

03B - Forbearance

No amount/estimate: (i) April 7, Deferral of certain contractual obligations such as rent and loan payments businesses and individuals. (ii) June 3, Authorities announced enhanced credit relief for individual and SME landlords in the form of principal and interest payment deferrals to December 31 and extension of loan tenure up to the corresponding deferment period on an opt-in basis.

04 - Equity support info_outline SGD5,300,000,000 USD3,741,616,661

March 27, SGD19 billion rescue package for SIA consisting of SGD5.3 billion in equity, up to SGD9.7 billion convertible note portions of SIA's fundraising underwritten by state-investor Temasek Holdings, and a SGD4 billion bridge loan facility from DBS (amounts for the latter two lending measures have been reflected in Measures 3A and 1A, respectively).

05 - Government support to income/revenue SGD73,076,000,000 USD51,589,128,133
05A - Health SGD800,000,000 USD564,772,326

(i) Part of the Care and Support package in includes funds to contain the outbreak of around SGD800 million, mainly to the Ministry of Health. On April 16, import tariffs and all other duties and charges were waived on essential goods including medical, hygiene, pharmaceutical and agricultural products.

05B - Non-health SGD72,276,000,000 USD51,024,355,807

(i) The government has allocated SGD92.9 billion (19.2% of GDP) for various COVID-19 related measures under the 2020 budget announced on February 18, as well as supplementary budgets on March 26, April 6, and May 26 (the SGD33 billion Fortitude Budget was enacted on June 16), including: (a) The Care and Support Package to support households, including cash payouts, grants, and vouchers to all Singaporeans, and additional payments for lower-income individuals and the unemployed; (b) The Stabilization and Support Package to support businesses, including wage subsidies, enhanced financing schemes, additional support for industries directly affected and for the self-employed, and introduces other economic resilience measures; (c) SGD13 billion for contingencies to allow the government to respond quickly to any unforeseaable developments arising from COVID-19. (ii) No amount/estimate: March 26, Transitory tax deferrals and rebates; (iii) April 8, The MAS announced a SGD125 million support package to sustain and strengthen capabilities in the financial services and FinTech sectors. The support package, funded by the Financial Sector Development Fund, has three main components: (a) supporting workforce training and manpower costs, (b) strengthening digitalization and operational resilience, and (c) enhancing FinTech firms’ access to digital platforms and tools; (iv) May 13, SGD6 million grant by the MAS and AMTD Group and AMTD Foundation to support Singapore-based FinTech firms. (v) July 22, SGD45 million marketing and promotion campaign to drive local demand for lifestyle and tourism businesses. (vi) August 17, The government announced SGD8 billion worth of additional economic support measures, including extensions of existing measures such as wage and employment subsidies as well as SGD320 million in tourism vouchers, to be funded by reallocations from the existing budget.

06 - Budget reallocation info_outline SGD8,000,000,000 USD5,647,723,262

August 17, The government announced the reallocation of SGD8 billion to fund the additional economic support measures in (vi) under Measure 5B).

07 - Central bank financing government SGD52,000,000,000 USD36,710,201,200
07A - Direct lending & reserve drawdown SGD52,000,000,000 USD36,710,201,200

As of May 26, the President has given in-principle support to draw up to SGD52 billion from past reserves to fund COVID-19 measures.

07B - Secondary purchase: government securities
08 - International Assistance Received SGD84,990,000,000 USD60,000,000,000
08A - Swaps info_outline SGD84,990,000,000 USD60,000,000,000

March 19, The MAS announced the establishment of a USD60 billion swap facility with the US Federal Reserve. The MAS intends to draw on this swap facility to provide US dollar liquidity to financial institutions in Singapore. The peak outstanding balance is USD10.028 billion as of June 2. On July 29, The U.S. Federal Reserve announced the extension of its dollar liquidity swap lines and FIMA repo facility to March 31, 2021.

08B - International loans/grants
08B1 - Asian Development Bank
08B2 - Other
09 - International Assistance Provided SGD18,414,500,000 USD13,000,000,000
09A - Swaps info_outline SGD18,414,500,000 USD13,000,000,000

April 7, (i) USD3 billion repo line facility with Bank Indonesia (BI); and (ii) USD10 billion bilateral currency swap arrrangement with BI.

09B - International loans/grants
10 - No breakdown
11 - Other Economic Measures

(i) April 24, Temporary relaxation of import licensing requirements for hand sanitizers, masks, thermometers, and protective gear. (ii) May 26, SGD33 billion under supplementary "Fortitude" budget which includes SGD13 billion for contingencies to allow the government to respond quickly to any unforeseaable developments arising from COVID-19. (iii) August 27, The MAS increased the minimum qualifying salary for employment pass holders (i.e. foreign workers) in the financial services sector to SGD5,000 to support local hiring.

12 - Non-Economic Measures

(i) A full lockdown is in place until June 1 and safe distancing measures will also be enforced until June 1. (ii) May 12, Some business have been allowed to reopen with safety measures such as spacing out employees and avoiding staff gatherings; establishments and taxis are required to use a contact tracing app for employees and visitors/clients. (iii) May 19, The MAS announced that more financial institutions will be allowed to reopen more locations from June 2. (iv) May 19, The government announced its decision to exit the Circuit Breaker with gradual resumption of the Public Service at phyiscal touchpoints and facilities and phased resumption of religious activities from 2 June 2020. (v) June 2, Schools reopened as part part of gradual easing in lockdown restrictions. (vi) June 19, Restrictions eased further under Phase 2 of Singapore's reopening including allowing gatherings of groups up to 5 and reopening of most businesses.