Southeast Asia

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 102,300.97
% of GDP (2020): 30.89%
% of Regional Total Package: 17.84%
Package Per Capita in USD: 17,936.30
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 SGD9,100,000,000 USD6,424,285,210
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, provide 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) 3 September 2020, The MAS will open a new SGD term facility (1- and 3-month tenors) on 28 September 2020 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 SGD5,100,000,000 USD3,600,423,579

(i) 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. On 17 December 2020, MAS extended its USD liquidity facility (utilizing the USD60 billion swap line with the US Federal Reserve [Fed]) to 30 September 202; On 17 June 2021, MAS announce futher extenstion of the USD facility through 31 December 2021. (ii) 23 November 2020, MAS announced a new RMB facility of up to RMB25 billion (SGD5.1 billion) for banks in Singapore to meet the growing RMB needs of its customers. This facility will be for up to 3 months and will be chanelled to primary dealers through MAS' MMO.

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

No amount/estimate: 21 April 2020, The MAS and Enterprise Singapore (ESG) 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 adjustments

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; On the 14 October 2020 and 14 April 2021 monetary policy review, the MAS kept the rate of appreciation of the SGDNEER policy band at 0% per annum, with no change to the width of the policy band.

02B2 - Other policies to support long-term lending

No amount/estimate: (i) 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. (v) 24 June 2021, MAS and the financial industry extended the existing industry-wide support measures of inidividuals and SMEs that continue to face difficulties due to COVID-19 pandemic. (vi) 28 July 2021, MAS lifted dividend restrictions on local banks and companies. .

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 (part of the SGD92.9 billion in Measure 5C); (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 installment payments for property loans, extended loan tenures for renovation and student loans, debt consolidation and restructuring, and deferred principal payments for SME loans.; (iv) 24 June 2021, MAS and the financial industry extended the application window for support measures for individuals, from 30 June 2021 to 30 September 2021. Individuals who face difficulty repaying their loan obligations can consider applying for these support measures, subject to the eligibility criteria.

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 Bank (amounts for the latter two lending measures have been reflected in Measures 3A and 1A, respectively).

05 - Health and income support SGD86,616,000,000 USD61,147,899,753
05A - Health support SGD5,600,000,000 USD3,953,406,283

(i) Part of the Care and Support package includes funds to contain the outbreak of around SGD800 million, mainly to the Ministry of Health (part of the SGD92.9 billion in Measure 5C); (ii) No amount/estimate: 28 January 2021, The Ministry of Health will introduce a vaccine injury financial assistance programme (VIFAP) for COVID-19 vaccination to provide assistance to affected persons in the rare event of serious side effects. It will be a one-time payout of SGD10,000 for hospitalization and ICU care and SGD225,000 in case of death or permanent disability; (iii) 16 February 2021, Of the SGD11 billion COVID-19 Resilience Package, SGD4.8 billion will be allocated toward public health; (iv) 22 February 2021, Vaccination of seniors aged 70 years and above commenced; On 24 March 2021, The roll out of the vaccination program for younger age groups from 45 to 59 also started.

05B - Income support SGD16,916,000,000 USD11,942,110,837
05B1 - Tax and contribution deferrals and policy changes

No amount/estimate: 26 March 2020, Transitory tax deferrals and rebates.

05B2 - Tax and contribution rates reduction

No amount/estimate: 16 April 2020, Import tariffs and all other duties and charges were waived on essential goods including medical, hygiene, pharmaceutical and agricultural products.

05B3 - 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) 19 October 2020, Authorities announced a new round of payouts starting 29 October 2020 for the Jobs Support Scheme (JSS) 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; (iii) 16 December 2020, The Ministry of Social and Family Development (MSF) announced the launching of the COVID-19 Recovery Grant (CRG) to support lower- to middle-income employees and self-employed persons while they actively search for a new job or training opportunities. This will run from 18 January to 31 December 2021.; (iv) 31 May 2021, COVID-19 Recovery Grant – Temporary (CRG-T) to provide one-off financial support for lower- to middle-income workers who are financially impacted by the tightening of safe management measures (SMMs) under this period of Heightened Alert.

05B4 - Subsidies to businesses SGD1,916,000,000 USD1,352,629,721

(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) No amount/estimate: 28 January 2021, Authorities announced that micro and small companies severely impacted by COVID-19 and require support to restructure their debts to rehabilitate their business or wind it up may apply for the Simplified Insolvency Programme (“SIP”) from 29 January 2021 to 28 July 2021; (vi) No amount/estimate: 1 April 2021, The Ministry of Manpower (MOM) will waive foreign worker levies for all S Pass and work permit holders, including migrant domestic workers, for the duration of their Stay-Home Notice (SHN) from January to September 2021 to help employers manage increased costs of additional border measures. (vii) No amount/estimate.: 23 July 2021, government will provide a support package to cushion the impact on workers and businesses due to hightened alert. This includes enhanced Jobs Support Scheme for affected sectors, rental relief for commercial properties, enhanced COVID-19 Driver Relief Fund for taxi and private hire car drivers, support for market and hawker centre stallholders, as well as making the COVID-19 Recovery Grant-Temporary available until end-August. (ix) 05 Aug 2021, First Rental Support Scheme (RSS) Payouts to be disbursed to tenants and owner-occupiers from 6 August 2021; (x) 17 September 2021, SGD200 million worth of Second Rental Support Scheme (RSS) payouts to be disbursed from 22 September. (xi) 21 September 2021, SGD900 million to be distribuited under the Jobs Support Scheme.; (xii) 20 October 2021, SGD640 million targeted support: (a) the Government will extend the Jobs Support Scheme support at 25% for sectors significantly affected by the continuing tightened measures. These are: F&B, retail, cinemas, museums, art galleries, historical sites, family entertainment, tourism, gyms and fitness studios, and performing arts and arts education; (b) the Government will provide a 0.5 month rental waiver for qualifying tenants on Government-owned commercial properties; (c) Cooked food and market stallholders in centres managed by the National Environment Agency (NEA) or NEA-appointed operators will receive a 0.5 month rental waiver; (d) extend the COVID-19 Driver Relief Fund payout at $10 and $5 per vehicle per day in November2 and December 2021 respectively.

05B5 - Indirect income support


05B6 - No breakdown (income support) SGD15,000,000,000 USD10,589,481,115

(i) 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 (part of the SGD92.9 billion in Measure 5C); (ii) 16 February 2021, Of the SGD11 billion COVID-19 Resilience Package, SGD5 billion will be allocated toward supporting workers and businesses, while SGD1.2 billion will go to worst-hit sectors such as the aviation sector (SGD870 million); arts, culture, and sports sector (SGD45 million); and transport sector, including support for taxi and private hire car drivers (SGD133 million) through the COVID-19 Driver Relief Fund; (iii) 28 May 2021, The government will be enhancing its support measures for businesses and individuals during the Phase 2 (Heightened Alert) amounting to SGD800 million. The package of support measures will comprise enhancements to the Jobs Support Scheme (JSS) for affected sectors, rental relief for small and medium enterprises (SMEs) and nonprofit organizations (NPOs) in commercial properties, the COVID-19 Recovery Grant (Temporary) (CRG-T), and other measures. (iv) 20 October 2021, The Government will extend the support measures to tide affected businesses and individuals over the extended Stabilisation Phase from 25 October to 21 November 2021.

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

(i) The government has allocated SGD92.9 billion 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 2020 (the SGD33 billion Fortitude Budget was enacted on 16 June 2020), 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 unforeseeable developments arising from COVID-19.

06 - Budget reallocation info_outline SGD8,800,000,000 USD6,212,495,588

(i) 17 August 2020, The government announced the reallocation of SGD8 billion to fund the additional economic support measures under Measure 5B6; (ii) 28 May 2021, The government will fund SGD800 million additional support measures for businesses and individuals (see Measure 5B6) during the Phase 2 (Heightened Alert) through the reallocation of development expenditures under the recently passed Significant Infrastructure Government Loan Act (SINGA) Bill .

07 - Central bank financing government SGD53,700,000,000 USD37,910,342,393
07A - Direct lending and reserve drawdown SGD53,700,000,000 USD37,910,342,393

(i) 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; 16 February 2021, Of the SGD52 billion, the government expects to utilize SGD42.7 billion; (ii) In FY2021, an additional SGD11 billion has been committed for the COVID-19 Resilience Package which will also be drawn from past reserves, bringing the total to SGD53.7 billion or a net increase of SGD1.7 billion.

07B - Secondary purchase: government securities
08 - International Assistance Received SGD89,239,500,000 USD63,000,000,000
08A - Swaps info_outline SGD89,239,500,000 USD63,000,000,000

(i) 19 March 2020, The MAS announced the establishment of a USD60 billion swap facility with the US Fed. 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 US Fed 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 nine central banks including the MAS to 30 September 2021; (ii) 21 May 2021, Bank of Japan and the MAS renewed the bilateral swap arrangement between the two countries, which was established in 30 November 2016. Under this arrangement, Singapore can swap Singapore dollars for up to USD3 billion or its equivalent in yen, while Japan can swap yen for up to USD1 billion from Singapore .

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) 27 August 2020, The MAS increased the minimum qualifying salary for employment pass holders (i.e., foreign workers) in the financial service sector to SGD5,000 to support local hiring.

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

(i) 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 the People's Republic of China, Japan, the Republic of Korea, Malaysia, Indonesia, and Germany; (b) unilateral opening of its borders to travellers from Brunei Darussalam, New Zealand, Viet Nam, Australia, and the PRC; 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; 15 December 2020: (ii) Singapore and Viet Nam announced plans of launching a green lane for business and official travel in early 2021; (iii) 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; (iv) 20 April 2021, Singapore will tighten border measures for travellers from India and will subject them to an additional 7-day Stay Home Notice (SHN) at their place of residence, following their 14-day SHN at dedicated facilities; the SHN of travellers from Hong Kong, China will be reduced from 14 days to 7 days; entry and transit for all long-term pass holders and short-term visitors with recent travel history to the UK and South Africa will be allowed; all these will take effect on 22 April 2021 at 2359 hours; (v) 4 May 2021, Travellers arriving from 7 May 2021 at 2359 hours, with recent travel history to high-risk countries, will be required to serve 21-day SHN at SHN facilities. (vi) 19 August 2021, vaccine-differentiated border measures implemented, countries classified into 4 categories.

12B - Measures affecting business and workplace

(i) 12 May 2020, Some businesses 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; (ii) 19 May 2020, The MAS announced that more financial institutions will be allowed to reopen more locations from 2 June 2020; (iii) 19 May 2020, The government announced its decision to exit the Circuit Breaker with gradual resumption of the Public Service at physical touchpoints and facilities from 2 June 2020; (iv) 19 June 2020, Restrictions eased further under Phase 2 of Singapore's reopening allowing most businesses to resume; (v) 24 March 2021, Up to 75% of employees can now be at the workplace at any one time, up from 50%; team bonding events will be allowed but must be limited to no more than 8 persons; (vi) 4 May 2021, The percentage of employees who can return to work at any time shall be reduced from 75% to 50%; gyms and indoor fitness centers will be closed; and the size of group tours will be reduced from 50 to 20; all these will take effect from 8 May to 30 May 2021 ; 14 May 2021, Workplace measures will be tightened from 16 May up to 13 June 2021. Employers must now ensure that all employees who are able to work from home do so. Social gatherings at the workplace are disallowed. Likewise, indoor “mask-off” activities such as dine-in food and beverage establishments and other services that require masks to be removed (e.g., spas and facials) will cease during this period ; (vii) 15 May 2021, Operating capacity in libraries and archives will be reduced from 50% to 20% effective 16 May 2021; duration of stay will be reduced, and loan period doubled from 3 to 6 weeks.; (viii) 20 July 2021, Return to Phase 2 (Heigtened Alert). From 22 July 2021 to 18 August 2021, social gathering group sizes will be reduced to a maximum of 2 persons and dining-in at all F&B establishments will cease, work-from-home to remain the default at workplaces, mask-off personalised services (e.g. facials, saunas, make-up services) will not be allowed.; (ix) 8 November 2021, calibrated adjustments in stabilisation phase: allow up to five fully vaccinated persons from the same household to dine-in together; resumption of more activities for those who are fully vaccinated, starting with sports and selected MICE (Meetings, Incentives, Conferences and Exhibitions) events, subject to the additional requirement of testing using Antigen Rapid Test (ART) kits

12C - Others

(i) 19 May 2020, The government announced its decision to exit the Circuit Breaker with phased resumption of religious activities from 2 June 2020; (ii) A full lockdown went into place until 1 June 2020 and safe distancing measures enforced until the said date; (iii) 2 June 2020, Schools reopened as part part of gradual easing in lockdown restrictions; (iv) 19 June 2020, Restrictions eased further under Phase 2 of Singapore's reopening including allowing gatherings of groups up to 5 people and households to receive up to 5 visitors. 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; (v) 24 March 2021; Selected activities will be scaled up from 24 April 2021 if pre-event testing will be implemented. These include wedding receptions, from 100 to 250 attendees, live performances up to 750, business-to-business and sports events up to 750. For wakes and funerals that do not require pre-event testing, 50 persons may be allowed on the day of the burial only, but the cap remains at 30 for other days. In addition, individuals who have completed the full vaccination regimen, which includes two weeks after the second dose, will be allowed entry to events that implement pre-event testing, without undergoing the test; (vi) 4 May 2021, The current permissible gatherings of up to 8 persons will be reduced to up to 5 persons; pre-event testing (PET) will be required for worship services with more than 100 attendees; for wakes and funerals, attendees will be reduced from 50 to 30 persons; for live performances, from 750 to 250; and no sports events will be allowed; these measures will take effect from 8 May to 30 May 2021 ; On 14 May 2021, measures have been tightened by reducing permissible group size from 5 to 2 persons; wake and funeral attendees will be reduced from 30 to 20 persons; only 100 people will be allowed in cinemas and live performances without PET. This will take effect from 16 May to 13 June 2021. (vii) 10 June 2021, will start easing Covid-related restrictions as the number of daily infections has declined. Starting 14 June 2021, Singapore will allow larger social gatherings and relax limits on operating capacity at venues such as public libraries and museums. ; (viii) 23 June 2021, all new travellerse arriving from higher risk countries/regions will be subject to a 14-day stay-at-home notice, instead of 21 days. (ix) 19 August 2021, Singapore will continue the planned second step in easing of community measures. (x) 20 October 2021, Singapore will extend the Stabilisation Phase from 25 October 2021 through 21 November 2021.