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|
|02B1 - Interest rate reductions|
|02B2 - Other policies to support long-term lending|
|02C - Loan guarantees||USD4,000,000||USD4,000,000||
(i) 29 April 2020, 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) 4 May 2020, 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: 11 May 2020, 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 - Health and income support||USD150,000,000||USD150,000,000|
|05A - Health support||USD150,000,000||USD150,000,000||
(i) 7 April 2020, The President authorized the transfer of USD250 million from the Petroleum Fund under the duodecimal regime. USD150 million of this 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 - Income support|
|05B1 - Tax and contribution deferrals and policy changes|
|05B2 - Tax and contribution rates reduction|
|05B3 - Wage support and subsidies to individuals and households||
(i) 20 April 2020, The government approved a stimulus package to manage economic and financial risks from the COVID-19 including (a) 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) (b) purchasing of 3-month emergency supply of rice, (c) maintaining transportation channels open for essential goods and medical/emergency goods, (d) waving the payment of electricity (USD15 per month), water bills, and social security contributions, (e) providing stipends to over 4,200 Timorese students studying overseas; (ii) No amount/estimate: 23 September 2020, the Government decided to distribute cash transfers for basic staple foods to eligible households, worth USD25 per month per household, lasting for 2 months (November and December 2020).
|05B4 - Subsidies to business||
(i) No amount/estimate: 11 May 2020, the government financed the remaining 60% in the moratorium and forbearance discussed in 3B.
|05B5 - Indirect income support|
|05B6 - No breakdown (income support)|
|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||USD11,917,380||USD11,917,380|
|08A - Swaps info_outline|
|08B - International loans/grants||USD11,917,380||USD11,917,380|
|08B1 - Asian Development Bank||USD2,600,000||USD2,600,000||
(i) No amount/estimate for Timor-Leste: Policy Advice for COVID-19 Economic Recovery in Southeast Asia, covering 9 countries (USD5 million total); (ii) USD1.6 million allocation for TA9950-REG: Regional Support to Address the Outbreak of Coronavirus Disease 2019 and Potential Outbreaks of Other Communicable Diseases; (iii) 18 June 2020, USD1 million in funding under the program, COVID-19 Food Security Emergency Response.
|08B2 - Other||USD9,317,380||USD9,317,380||
(i) 11 May 2020, 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) 20 May 2020, AUD10 million in quick financial support from Australia to support Pacific countries hit by both the recent cyclone and pandemic; (iv) 4 December 2020, The World Bank approved a USD1 million emergency project for Timor-Leste to support the country’s fight against COVID-19, specifically, by providing support and strengthening existing systems to meet the challenge of future public health emergencies. [update]
|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. (b) closing all schools and training facilities and suspending all face-to-face school activities; limiting public administration to essential public services; and (f) extending validity of licenses, authorizations, visas and residence permits, and other administrative acts and documents;
|11 - Other Economic Measures|
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
(i) The Government has suspended collective passenger transport; Other measures taken were: (ii) 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; (iii) 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; (iv) Starting 29 September 2020, Four land borders will be opened for 3 hours every 17 days for the international travels with important purposes.
|12B - Measures affecting business and workplace|
|12C - Others||
(i) 27 March 2020, the President declared the State of Emergency, effective from 28 March to 26 April; (ii) 20 April 2020, The government extended it until end-May; (iii) 4 June 2020, The 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. Containment and mitigation measures include 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; (iv) 1 July 2020, The government lifted the state of emergency; (v) As of 6 August 2020, the state of emergency has been re-imposed after the first case after 3 months was confirmed. This state of emergency will be in force until 4 September 2020.