Other ADB Members

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 6,851,653
% of GDP (2019): 31.96%
% of Regional Total Package: N/A
Package Per Capita in USD: 20,942.30
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 USD440,137,000,000 USD440,137,000,000
01A - Short-term lending info_outline USD440,137,000,000 USD440,137,000,000

(i) March 12, The Federal Reserve (Fed) massively expanded reverse repo operations, adding liquidity to the banking system; as of June 24, the Federal Reserve's repurchase agreements outstanding (not including to foreign official entities) were USD70.201 billion. [update] On February 26, outstanding repos were USD143.44 billion while peak amount outstanding from weekly reporting was USD441.945 billion on March 18, resulting in a peak repo loan amount of USD298.505 billion; (ii) March 17, the Federal Reserve's Commercial Paper Funding Facility (CPFF) will lend to a special purpose vehicle (SPV) that will purchase highly-rated 3-month commercial paper through the New York Federal Reserve's primary dealers; the US Treasury will take the first USD10 billion in losses as per the CARES Act; as of June 24, the Federal Reserve reports CPFF loans outstanding at USD4.243 billion; peak loans outstanding from weekly reporting was USD4.296 billion on June 10; [update] (iii) March 17, the Federal Reserve established a Primary Dealer Credit Facility (PDCF) to offer overnight and term funding up to 90 days that may be collateralized by a broad range of investment grade debt securities including commerical paper, municipal bonds, and a broad range of equity securities; as of June 24, the PDCF had USD3.264 billion in loans outstanding; peak loans outstanding from weekly reporting was USD33.409 billion on April 15; [update] (iv) March 23, the Federal Reserve's Money Market Fund Liquidity Facility (MMLF) lends to money market mutual funds (MMMFs) against eligible collateral that includes US Treasury securities, securities issues by fully guaranteed US agencies, by US government sponsored enterprises, and against highly rated asset backed commerical paper, unsecured commercial paper, negotiable certificates of deposit, municipal short-term debt, and so on; as of June 24 the MMLF has USD21.389 billion in loans outstanding; peak loans outstanding for the MMLF were USD53.171 billion on April 8; [update] (v) as of June 24, loans reported for the Federal Reserve's discount window for Primary and Secondary Credit were USD6.237 billion and USD1 million respectively; peak amounts outstanding from weekly reporting were USD50.768 billion for Primary Credit on March 25 and USD1 million on June 24 for Secondary Credit (these were USD13 million and 0, respectively, on February 26). [update]

01B - Support policies for short-term lending info_outline

(i) No amount/estimate: March 16, the Federal Reserve encouraged banks to borrow at its discount window, which they are historically reluctant to do; (ii) No amount/estimate: On April 23, the Federal Reserve temporarily suspending uncollateralized intraday credit limits and waived overdraft fees for financial institutions eligible for the Primary Credit program, and created a streamlined procedure for other credit institutions to request collateralized intraday credit; (iii) No amount/estimate: April 24, the Federal Reserve eliminated the six-per-month limit on transfers from savings and money market accounts to demand deposits on an interim basis; since the former have no reserve requirement, this effectively reduces bank reserve requirements to 0; (iv) No amount/estimate: On May 5, the FED regulatory agencies announced an interim final rule that modifies the agencies' Liquidity Coverage Ratio (LCR) rule to support banking organizations' participation in the Federal Reserve's Money Market Mutual Fund Liquidity Facility and the Paycheck Protection Program Liquidity Facility. The interim final rule facilitates participation in these facilities by neutralizing the LCR impact associated with the non-recourse funding provided by these facilities;

01C - Forex operations info_outline
02 - Credit creation info_outline USD3,169,695,000,000 USD3,169,695,000,000
02A - Financial sector lending/funding info_outline USD2,084,195,000,000 USD2,084,195,000,000

(i) April 8, the Federal Reserve's Paycheck Protection Program Lending Facility (PPPLF) authorizes each of the 12 Federal Reserve Banks to establish and operate the PPPLF, which lends to eligible lenders against loans extended through the Small Business Administration's (SBA) Paycheck Protection Program (PPP) established by the CARES Act; there is no upper limit to the amount of loans the PPPLF can purchase; as of June 24, the PPPLF had USD62.597 billion in loans outstanding, which is the peak figure according to the Federal Reserve's weekly reporting; [update] (ii) April 9, the Federal Reserves Secondary Market Credit Facility (SMCCF) will through the New York Federal Reserve lend to a special purpose vehicle (SPV), which will purchase investment-grade (rated as of March 22) corporate bonds in the secondary market; the US Treasury will take the first USD25 billion in losses as per the CARES Act authorization; combined authorized amount for the SMCCF and the PMCCF (in 3A) is USD750 billion; as of June 24, the PMCCF and SMCCF combined have USD8.334 billion in loans outstanding, which is also the peak loan value from the Federal Reserve's weekly reports; [update] (iii) April 9, The Federal Reserve's Main Street New Loan Facility will include the Main Street Expanded Lending Facility (MSELF) and Main Street Priority Loan Facility (MSPLF); it will lend to a special purpose vehicle (SPV) that will purchase 95% of eligible loans to small and medium-sized businesses made by eligible lenders; the SPV received a USD75 billion equity investment from the US Treasury under the CARES Act; total loans authorized for purchase by the Main Street Lending facilities is USD 00 billion; June 8, the Federal Reserve's MSPLF and MSELF were expanded to include more small and medium sized businesses--the changes include lowering the minimum size of certain loans from USD500 thousand to USD250 thousand, increasing the maximum size and delaying principal payments for 2 years rather than 1; as of June 24, the MSLF has not made any loans [update] (iv) May 12, the Federal Reserve re-established the Term Asset-Backed Securities Loan Facility (TALF) to help stabilize private issuance of asset-backed securities; the New York Federal Reserve will lend to a special purpose vehicle (SPV) that will then make the loans; the US Treasury under the CARES Act will take the first USD10 billion in losses as per the CARES Act; the TALF SPV will lend to eligible financial institutions and investment funds for up to 3 years against eligible asset-backed securities; the TALF SPV is currently authorized to lend a total of USD100 billion; as of June 24, the TALF had no loans outstanding; (v) as of June 24, the Federal Reserve's mortgage backed securities holdings were USD1.943441 trillion which is the peak value since February 26 when holdings were USD1,372 billion--the total increase is USD571.598 billion. [update]

02B - Support policies for long-term lending info_outline

(i) No amount/estimate: March 3, the Federal Reserve's Open Market Committee lowered the target range for the federal funds rate by 0.5% to between 1%-1.25%; (ii) No amount/estimate: March 15, the Federal Reserve's Open Market Committee lowered its target range for the federal funds rate by 1% to between 0%-0.25%; (iii) No amount/estimate: March 20, federal financial regulators redefined "eligible retained income" for a banking organization in order to avoid sudden drops in lending to avoid restrictions on dividend distributions in times of stress; instead this interim rule encourages banks to use existing capital buffers while making prudent lending decisions; (iv) No amount/estimate: March 23, federal financial regulators together allowed borrowers at the MMLF to apply a capital risk weight of 0 to assets pledged as collateral to the facility against the loans; (v) No amount/estimate: March 26, the Federal Reserve allowed financial institutions with USD5 billion or less in total assets 30 additional days to submit its regulator financial statements; federal financial institution regulators and state regulators offered similar reporting relief; (vi) No amount/estimate: March 31, the federal financial regulators enable financial institutions to delay for two years an estimate of Measurement of Credit Losses on Financial Instruments' (CECL) effect on regulatory capitalif they adopt CECL by the end of 2020; (vii) No amount/estimate: April 1, the Federal Reserve excluded US Treasury securities and balances in reserve accounts from from the supplementary leverage ratio rule through March 21, 2021; (viii) No amount/estimate: April 3, the federal financial institution regulatory agencies provided regulatory flexibility to enable mortgage servicers to work with struggling borrowers affected by COVID-19; the agencies will provide flexible supervisory and enforcement during the COVID-19 pandemic regarding certain communications to consumers required by the mortgage servicing rules; (ix) No amount/estimate: April 6, the federal bank regulatory agencies temporarily reduced the community bank leverag ratio to 8% from greater than 9%; the ratio will be 8% throughout 2020, 8.5% for 2021, and 9% thereafter; (x) No amount/estimate: April 14, the Federal financial regulators issued an interim final rule to temporarily defer real-estate related appraisals and evaluations for up to 120 days; (xi) No amount/estimate: April 30, The Federal Reserve expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expanded the collateral that can be pledged; PPPLF loans will receive a risk weighting of 0% for regulatory capital requirements; (xii) May 15. US financial regulators temporarily excluded U.S. Treasury securities and banks' deposits at Federal Reserve Banks from the calculation of banks' supplementary leverage ratio. The supplementary leverage ratio generally includes subsidiaries of bank holding companies with more than USD250 billion in total consolidated assets, and requires them to hold a minimum ratio of 3% of capital against their total leverage exposure. Banks must request approval from their primary federal banking regulators before making capital distributions (such as paying dividends) as long as this exclusion is in effect; (xiii) No amount/estimate: June 10, The Fed's Federal Open Market Committee (FOMC) announced that it expected to maintain its target range for the federal funds rate at 0 to 0.25% "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals"; the FOMC's accompanying projections showed members projecting the rate would stay within this range through 2022; (xiv) No amount/estimate; June 25, In light of stress test results the Federal Reserve required large banks to suspend share repurchases, cap dividend payments, and re-evaluate longer-term capital plans during the 3rd quarter of 2020; [update] (xv) No amount/estimate; June 25, Federal regulatory agencies responsible for bank regulation issed a final rule that ended the requirement that entities within the same banking organization hold initial margin for uncleared swaps with each other, known as inter-affiliate swaps. [update]

02C - Loan guarantees USD1,085,500,000,000 USD1,085,500,000,000

(i) April 7, from the CARES Act, Small Business Paycheck Protection Program (PPP) provides USD349 billion in forgivable Small Business Administration loans and guarantees to help small businesses that retain workers; the program provides funds to pay up to 8 weeks of payroll costs including benefits; [update] (ii) From the CARES Act, Treasury's first-loss position in Fed lending facilities of USD454 billion; [update] (iv) April 24, The Paycheck Protection Program and Health Care Enhancement Act (PPPHCEA) appropriates an additional USD321 billion for the PPP; [update] (v) As of June 26, total loans from the PPP were USD517,913,219,743; [update] (vi) June 25, the Government Accountability Office (GAO) reported that as of May 31 more than 170,000 PPP loans totaling about USD38.5 billion had been canceled; this amount is subtracted from categoary 2C and added to category 5B. [update]

03 - Direct long-term lending info_outline USD605,000,000,000 USD605,000,000,000
03A - Long-term lending info_outline USD605,000,000,000 USD605,000,000,000

(i) April 9, the Federal Reserve's Primary Market Corporate Credit Facility (PMCCF) will use the same SPV as the SMCCF in 2A to purchase corporate bonds in the primary market; the US Treasury will take the first USD50 billion in losses as per the CARES Act; the combined sizes authorized for the PMCCF and the Secondary Market Credit Facility (in 2A) will be USD750 billion (entered in 2A); (ii) The Federal Reserve established the Municipal Liquidity Facility (MLF) that will offer up to USD500 billion in lending to states and municipalities to manage cash flow stresses caused by the coronavirus pandemic; on April 27, The facility, as revised, will purchase notes issued by U.S. states (including the District of Columbia), U.S. counties with a population of at least 500,000 residents, and U.S. cities with a population of at least 250,000 residents; on May 15, the Treasury will accept the first USD35 billion in losses to the MLF as appropriated in the CARES Act; as of June 8, The MLF is now available to at least 2 cities or counties in each state regardless of population, and continues to be directly open to US states, the District of Columbia, and US cities with a population of at least 250,000, and to US counties with a population of at least 500,000 residents, as well as certain multistate entities; as of June 24, the MLF has USD1.2 billion loans outstanding, which is also the peak figure. [update]; (iii) From the CARES Act, USD46 billion for loans to air carriers and businesses critical to national security; (iv) from the CARES Act, USD9 billion in loans for relief for aviation workers; (v) From the PPPHCEA, USD50 billion in additional loans authorized for the SBA's emergency disaster loans program.

03B - Forbearance

(i) No amount/estimate: the US Treasury's Small Business Administration (SBA) provides automatic deferral of disaster loans to small businesses through December 31, 2020; interest will continue to accrue. (ii) No amount/estimate; the SBA will pay 6 months of principal and interest (which is category 5B) for all current 7(A), 504, and microloans in regular servicing status as well as new 7(A), 504, and Microloans disbursed prior to September 27, 2020. [update]

04 - Equity support info_outline
05 - Government support to income/revenue USD1,696,042,000,000 USD1,696,042,000,000

As of end of May, combined government deficits for March/April/May were USD1.256 trillion - This figure includes automatic stabilizer effects from declining tax revenues and therefore is not equivalent to the package announced and entered for Measure 05. [update]

05A - Health USD641,742,000,000 USD641,742,000,000

(i) The Coronavirus Preparedness and Response Supplemental Appropriations Act (CPRSAA) provides a total of USD7.767 billion in support of the following: (a) USD61 million salaries and expenses to prevent, prepare, and respond to coronavirus domestically and internationally; (b) USD20 million for expenses to carry out the disaster loan program; (c) USD2.2 billion support to the Center for Disease Control and Prevention; (d) USD836 million for the National Institute of Allergy and Infectious Diseases; (e) USD3.4 billion for Public Health and Social Services Emergency Fund; (f) USD1.25 billion for international disaster assistance; [update] (ii) The Families First Coronavirus Response Act (FFCRA) provides USD187.675 billion for nutrition, public health, medical leave; [update] (iii) The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides USD346.3 billion for healthcare services provider relief, disaster relief, veterans' healthcare and testing, relief to state/local/tribal/territorial governments, and research for vaccines and the Strategic National Stockpile; [update] (iv) the PPPHCEA provides USD100 billion for additional healthcare services provider relief and the Public Health and Social Services Emergency Fund. [update]

05B - Non-health USD1,054,300,000,000 USD1,054,300,000,000

(i) The CARES Act provides USD996.8 billion for Economic Impact Payments to households, increased unemployment insurance, tax credits for losses and delayed tax payments for businesses, employee retention tax credits, debt relief for student loans, debt relief for SBA loans, grants for SBA emergency loan program advances, assistance for airports and transit systems, Aid to Families with Dependent Children, additional Medicare expenses, the Post Office, assistance for aviation workers, higher education grants; [update] (ii) The PPPHCEA provides USD12.1 billion for SBA employee salaries and additional SBA emergency loan program advances; (iii) The FFCRA provides USD6.9 billion for unemployment insurance and Medicaid expansion; [update] (iv) June 26, as noted in 2C above, as of May 31 about USD38.5 billion in PPP loans had been canceled. [update]

06 - Budget reallocation info_outline
07 - Central bank financing government USD1,819,448,000,000 USD1,819,448,000,000

As of end of May, the total increase in Treasury liabilities held by the Federal Reserve exceeded total government deficits during March/April/May (reported in measure 05 above) by more than USD400 billion. [update]

07A - Direct lending & reserve drawdown USD95,632,000,000 USD95,632,000,000

(i) On May 22, USD40.375 billion, or 85% of the US Treasury's first-loss positions in the CPFF, PMCCF, and SMCCF currently allocated on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (ii) On May 29, USD14.829 billion, or 85% of the US Treasury's first-loss position in the MLF currently allocated on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (iii) On June 8, USD31.875 billion, or 85% of the US Treasury's current allocation of its first-loss position on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement. (iv) On June 19, USD8.5 billion, or 85% of the US Treasury's current allocation of its first-loss position for TALF on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury Securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (v) as of June 24, the total non-marketable "Domestic Series" debt issuance to the SPVs was USD95.625 billion for the first-loss positions plus an additional USD7 million in interest on this debt that has been rolled over into the Domestic Series issues [update]

07B - Secondary purchase: government securities USD1,723,816,000,000 USD1,723,816,000,000

(i) No amount/estimate: March 15, The Federal Reserve restarted quantitative easing with the purchase of Treasuries; (ii) June 24, The Federal Reserve currently owns USD4.197 trillion in US Treasuries, which is an increase of USD1.723816 trillion over the USD2.474060 trillion it owned at the end of February; the total increased is composed of an additional USD45.5 billion in T-bills, an additional USD1.534 trillion in T-notes and T-bonds, and an additional USD144.47 billion in inflation indexed securities. [update]

08 - International Assistance Received
08A - Swaps info_outline
08B - International loans/grants
08B1 - Asian Development Bank
08B2 - Other
09 - International Assistance Provided USD940,779,400,000 USD940,779,400,000
09A - Swaps info_outline USD939,879,400,000 USD939,879,400,000

(i) March 19, The New York Fed entered into temporary US dollar liquidity arrangements (swap lines) with banks. These new facilities will support the provision of US dollar liquidity in amounts up to USD60 billion each for the Reserve Bank of Australia, the Banco Central do Brasil, the Bank of Korea, the Banco de Mexico, the Monetary Authority of Singapore, and the Sveriges Riksbank and USD30 billion each for the Danmarks Nationalbank, the Norges Bank, and the Reserve Bank of New Zealand. The following have unlimited swap lines with the New York Fed: European Central Bank, Bank of England, Bank of Canada, Bank of Japan, and Swiss National Bank. These US dollar liquidity arrangements will be in place for at least 6 months; Update June 25, total entered USD combines the credit limits for the first 9 central banks and the peak outstanding for those without limits, which sums to USD869.8794 billion (this is net of USD44 million in swaps outstanding on February 26); peak and current amounts outstanding are USD448.946 billion (May 27) and USD228.669 billion (June 25), respectively; [update] (ii) March 31, the Federal Reserve established a temporary repo facility for foreign and international monetary authorities (FIMA Repo Facility) to obtain credit from the Federal Reserve collateralized with US Treasury securities; on April 7, Bank Indonesia was given a USD60 billion FIMA Repo Facility line of credit; on April 22, the Hong Kong Monetary Authority obtained a USD10 billion FIMA Repo Facility line of credit.

09B - International loans/grants USD900,000,000 USD900,000,000

As of May 6, total assistance for global health, humanitarian aid, and economic assistance to more than 120 countries worldwide to combat COVID-19 is over USD900 million. [update]

10 - No breakdown
11 - Other Economic Measures

US President Donald J. Trump has already declared himself a “war-time” president and invoked war production powers to combat the COVID-19 crisis. (i) Temporary exclusion of certain products from the additional duty of 25% on a list of products (imposed on September 1, 2019). Published on March 20, but effective retroactively from September 1 2019; (ii) Presidential Memoranda allocating to domestic use certain personal protective equipment (e.g., N-95 filtering facepiece respirators; other filtering facepiece respirators; elastomeric, air-purifying respirators and appropriate particulate filters/cartridges; PPE surgical masks; and PPE gloves or surgical glove), due to the COVID-19 pandemic.

12 - Non-Economic Measures

(i) Forty-eight states have issued stay at home orders; (ii) Current State Department guidance – Level 4 health advisory alert – advises Americans not to travel; (iii) All states have closed schools; (iv) Limits on operation of bars and restaurants in place in most states; and (v) US retailer Gap announced it will reopen up to 800 of its stores by the end of this month as states nationwide gradually begin to ease lockdowns.