Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline|
|01A - Short-term lending info_outline|
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||USD4,000,000||USD4,000,000|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline|
|02C - Loan guarantees||USD4,000,000||USD4,000,000||
(i) April 29, The authorities decided to extend access to the Credit Guarantee System to micro-enterprises, increasing the type of economic activities eligible for the program; (ii) May 4, The present value of the credit guarantee scheme is USD4 million but the Timorese government will inject more liquidity in the future.
|03 - Direct long-term lending info_outline|
|03A - Long-term lending info_outline|
|03B - Forbearance||
No amount/estimate: May 11, the authorities introduced a moratorium on the fulfillment of capital and interest obligations arising from credit agreements, which delayed maturities by up to three months and reduced debtors’ interest payment obligation to 40% of the original amount with the remaining 60% financed by the government.
|04 - Equity support info_outline|
|05 - Government support to income/revenue||USD150,000,000||USD150,000,000|
|05A - Health||USD150,000,000||USD150,000,000||
April 7, The President authorized the transfer of USD250 million from the Petroleum Fund under the duodecimal regime. USD150 million was used to create an autonomous fund, the COVID-19 special funds, to spend on expenses related to prevent and combat the pandemic, including spending on medical equipment and medicine.
|05B - Non-health||
April 20, The government approved a stimulus package to manage economic and financial risks from the COVID-19 including (i) cash transfers with a monthly basic income to over 214,000 households, worth USD100 per month per household, lasting for 3 months; wage subsidies (60% of the wage cost) for formal sector employees (30,000 workers); (ii) purchase of 3-month emergency supply of rice; (iii) maintaining transportation channels open for essential goods and medical/emergency goods; (iv) waving the payment of electricity (USD15 per month), water bills, and social security contributions; (v) provide stipends to over 4,200 Timorese students studying overseas; (v) No amount/estimate: May 11, the government financed the remaining 60% in the moratorium and forbearance discussed in 3B.
|06 - Budget reallocation info_outline|
|07 - Central bank financing government|
|07A - Direct lending & reserve drawdown|
|07B - Secondary purchase: government securities|
|08 - International Assistance Received||USD9,477,380||USD9,477,380|
|08A - Swaps info_outline|
|08B - International loans/grants||USD9,477,380||USD9,477,380|
|08B1 - Asian Development Bank||USD1,160,000||USD1,160,000||
(i) No amount/estimate for Timor-Leste: Policy Advice for COVID-19 Economic Recovery in Southeast Asia, covering 9 countries (USD5 million total); (ii) USD1.15 million allocation for TA9950-REG: Regional Support to Address the Outbreak of Coronavirus Disease 2019 and Potential Outbreaks of Other Communicable Diseases; (iii) June 1, additional USD0.01 million in financing under the Evidence-Based and Strategic Country Knowledge Support project of the ADB. [update].
|08B2 - Other||USD8,317,380||USD8,317,380||
(i) May 11, almost USD1 million in support from the United Nations Development Group from the UN COVID-19 Response & Recover fund; (ii) USD1.1 million in health assistance to Timor-Leste to help prepare laboratory systems, activate case-finding, support technical experts, among others, from the U.S. Agency for International Development (USAID); (iii) May 20, AUD10 million in quick financial support from Australia to support Pacific countries hit by both the recent cyclone and pandemic.
|09 - International Assistance Provided|
|09A - Swaps info_outline|
|09B - International loans/grants|
|10 - No breakdown||USD100,000,000||USD100,000,000||
(i) This amount is part of the USD250 million transferred from the Petroleum Fund (See Health of Measure 5); (ii) As part of the package, the authorities revealed its intention to have a credit program, such as reduced interest rates, credit guarantees for importers of essential goods, and emergency loans, to avoid bankruptcies, keep businesses open, and support households resolve their financial difficulties.
|11 - Other Economic Measures|
|12 - Non-Economic Measures||
(i) Containment and mitigation measures include (a) suspending collective passenger transport and obligating all individuals to wear a protective mask covering mouth and nose, wash their hands before entering commercial or service establishments, and maintain a safe distance of at least one meter from other people; (b) closing all schools and training facilities and suspending all face-to-face school activities; (c) restricting international travel, including the prohibition of entry of foreigners into national territory, except for foreigners born in Timor-Leste, resident citizens, and legal representatives of minors of Timorese nationality; (d) imposing compulsory isolation in a health facility or their homes applies to all those infected with COVID-19 until they are discharged, and all individuals who enter the national territory and all those under the supervision of the authorities will remain in isolation for a period of 14 days and voluntary isolation at home to those who are not in compulsory isolation as well as prohibiting meetings or demonstrations involving the agglomeration of more than five people and any social, cultural, and sporting events; (e) limiting public administration to essential public services; and (f) extending validity of licenses, authorizations, visas and residence permits, and other administrative acts and documents; (ii) March 27, the President declared the State of Emergency, effective from March 28 to April 26; (iii) April 20, The government extended it until end-May; (iv) June 4, government approved extending the state of emergency decree for another month, but with “a lot of flexibility,” including reopening schools, resuming religious services, and easing some restrictions on commercial trade.