Southeast Asia

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 89,141.77
% of GDP (2019): 25.35%
% of Regional Total Package: 19.19%
Package Per Capita in USD: 15,629.10
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) 27 March 2020, SGD4 billion bridge loan facility to Singapore Airlines (SIA) from DBS (see Measure 4). (iii) 9 September 2020, The MAS will open a new term facility (1- and 3-month tenors) on 28 September to provide banks and finance companies an additional channel to borrow SGD funds at longer tenors and with more forms of collateral.

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 31 March 2020 by about 25% over the past 2 weeks. On 9 September 2020, MAS also expanded the collateral accepted at its USD facility.

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

No amount/estimate: 21 April 2020, 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). On 12 October 2020, The MAS extended the MAS SGD Facility for ESG Loans to 30 September 2021.

02B - Support policies for long-term lending info_outline
02B1 - Interest rate reductions
02B2 - Other policies to support long-term lending

No amount/estimate: (i) 30 March 2020, 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) 7 April 2020, 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) 16 April 2020, 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) 7 August 2020, 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) 26 March 2020, SGD20 billion in loan capital under the Resilience Budget to support good companies with strong capabilities (also see Measure 5B). (ii) 27 March 2020, 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) 7 April 2020, Deferral of certain contractual obligations such as rent and loan payments businesses and individuals. (ii) 3 June 2020, Authorities announced enhanced credit relief for individual and SME landlords in the form of principal and interest payment deferrals to 31 December 2020 and extension of loan tenure up to the corresponding deferment period on an opt-in basis. (iii) 5 October 2020, The MAS, together with the Association of Banks in Singapore and the Finance Houses Association of Singapore, announced the extension of forbearance measures involving reduced instalment payments for property loans, extended loan tenures for renovation and student loans, debt consolidation and restructuring, and deferred principal payments for SME loans.

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

27 March 2020, 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 - Health and income support SGD73,076,000,000 USD51,589,128,133
05A - Health support 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 16 April 2020, import tariffs and all other duties and charges were waived on essential goods including medical, hygiene, pharmaceutical and agricultural products.

05B - Income support SGD8,176,000,000 USD5,771,973,173
05B1 - Tax and contribution deferrals and policy changes

(ii) No amount/estimate: 26 March 2020, Transitory tax deferrals and rebates

05B2 - Tax and contribution rates reduction
05B3 - Wage support and subsidies to individuals and households

(i) The Care and Support Package supports households, including cash payouts, grants, and vouchers to all Singaporeans, and additional payments for lower-income individuals and the unemployed (part of the SGD92.9 billion in Measure 5C). (ii) 17 August 2020, 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. (iii) 19 October 2020, Authorities announced a new round of payouts starting 29 October for the Jobs Support Scheme under the Stabilization and Support Package, bringing the total amount disbursed under the scheme to SGD21.5 billion. The JSS was earlier extended to March 2021.

05B4 - Subsidies to business SGD176,000,000 USD124,249,912

(i) The Stabilization and Support Package supports businesses, including wage subsidies, enhanced financing schemes, additional support for industries directly affected and for the self-employed, and introduces other economic resilience measures (part of the SGD92.9 billion in Measure 5C). (ii) 8 April 2020, 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; (iii) 13 May 2020, SGD6 million grant by the MAS and AMTD Group and AMTD Foundation to support Singapore-based FinTech firms. (iv) 22 July 2020, SGD45 million marketing and promotion campaign to drive local demand for lifestyle and tourism businesses. (v) 17 August 2020, 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. (vi) 19 October 2020, Authorities announced a new round of payouts starting 29 October for the Jobs Support Scheme under the Stabilization and Support Package, bringing the total amount disbursed under the scheme to SGD21.5 billion. The JSS was earlier extended to March 2021.

05B5 - Indirect income support
05B6 - No breakdown (income support) SGD8,000,000,000 USD5,647,723,262

17 August 2020, 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. (iii)

05C - No breakdown (health and income support) SGD64,100,000,000 USD45,252,382,633

(i) The government has allocated SGD92.9 billion (19.2% of GDP) for various COVID-19 related measures under the 2020 budget announced on 18 February 2020, as well as supplementary budgets on 26 March, 6 April, and 26 May (the SGD33 billion Fortitude Budget was enacted on 16 June), 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.

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

17 August 2020, 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 26 May 2020, 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

19 March 2020, 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 2 June 2020. On 29 July 2020, The U.S. 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 USD swap lines for 9 central banks including the MAS to 30 September 2021. [update]

08B - International loans/grants
08B1 - Asian Development Bank
08B2 - Other
09 - International Assistance Provided SGD14,193,330,000 USD10,020,000,000
09A - Swaps info_outline SGD14,165,000,000 USD10,000,000,000

7 April 2020, (i) USD3 billion repo line facility with Bank Indonesia (BI); and (ii) USD7 billion bilateral currency swap arrrangement with BI. On 5 November 2020, the USD10 billion bilateral financial arrangement with Bank Indonesia was extended for another year.

09B - International loans/grants SGD28,330,000 USD20,000,000

8 October 2020, Temasek Foundation of Singapore donated over USD20 million worth of face masks to assist the Sri Lankan government in its fight against COVID-19.

10 - No breakdown
11 - Other Economic Measures

(i) 24 April 2020, Temporary relaxation of import licensing requirements for hand sanitizers, masks, thermometers, and protective gear. (ii) 26 May 2020, 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) 27 August 2020, 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
12A - Measures affecting travel and transport (local and international)

After closing its borders in March 2020, as of 30 October 2020, Singapore announced (a) bilateral green lane arrangements for essential business or official travel with China, Japan, South Korea, Malaysia, Indonesia, and Germany; (b) unilateral opening of its borders to travellers from Brunei, New Zealand, Vietnam, Australia, and mainland Chin; and (c) an undisclosed date for launching an air travel bubble with Hong Kong, China. On 11 November 2020, Hong Kong, China and Singapore authorities announced resumption of travel between the two cities without mandatory quarantine on 22 November 2020 following a previous travel bubble announcement. On 21 November 2020, Authorities announced the suspension of the travel bubble following escalating cases in Hong Kong, China. On 15 December 2020, Singapore and Viet Nam announced plans of launching a green lane for business and official travel in early 2021. [update] On 15 December 2020, Authorities announced that short-term business travellers from all countries will no longer need to be quarantined under new segregated travel lane arrangements with movement restrictions taking effect in January 2021. [update]

12B - Measures affecting business and workplace

(i) A full lockdown went into place until 1 June 2020 and safe distancing measures enforced until the said date. (ii) 12 May 2020, Some business were 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) 19 May 2020, The MAS announced that more financial institutions will be allowed to reopen more locations from 2 June 2020. (iv) 19 May 2020, 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.

12C - Others

(i) 19 May 2020, 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. (ii) 2 June 2020, Schools reopened as part part of gradual easing in lockdown restrictions. (iii) 19 June 2020, Restrictions eased further under Phase 2 of Singapore's reopening including allowing gatherings of groups up to 5 and reopening of most businesses. On 14 December 2020, The Prime Minister announced that Singapore will enter Phase 3 of its reopening on 28 December 2020, further easing restrictions on social gatherings and capacity limits in public places, among others. [update]