Fiscal Monitor Database Of Country Fiscal Measures In Response To Covi
- Issuer
- Source documents
- Document type
- Fiscal Monitor Database Of Country Fiscal Measures In Response To Covi
- Case
- Fiscal Monitor Database Of Country Fiscal Measures In Response To Covi
Full text
Fiscal Monitor: Database of Country Fiscal Measures in Response to the COVID-19 Pandemic
This database summarizes key fiscal measures governments have announced or taken in selected economies in response to the COVID-19 pandemic as of September 27, 2021 for 20 G20 Advanced and Emerging Market Economies, 26 Non-G20 Advanced Economies, 82 Non-G20 Emerging Market Economies, 59 Low-Income
Developing Countries. It includes COVID-19 related measures since January 2020 and covers measures for implementation in 2020, 2021, and beyond. The database categorizes different types of fiscal support (for example, above-the-line and below-the line measures, and contingent liabilities) that have different implications for public
finances in the near term and beyond. Please refer to Box 1.1 of the April 2020 Fiscal Monitor for details. The database is not meant for classifying the measures for fiscal reporting, nor for comparison across economies as responses vary depending on country-specific circumstances, including the impact of the pandemic and other
shocks. It focuses on government discretionary measures that supplement existing automatic stabilizers. These existing stabilizers differ across countries in their breadth and scope. Estimates included here are preliminary as governments are taking additional measures or finalizing the details of individual measures. The information does
not represent views of the IMF on the measures listed. Please see IMF Policy Tracker (https://www.imf.org/COVID19policytracker) for information on a broader range of economies and their monetary and financial policies.
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
Additional spending (AUD 239.2 bn):
At the Commonwealth government level
• Measures include tax-free cash flow assistance, wage subsidies, payments to lower-income Australians (pensioners, other social security and veteran
Additional spending (AUD 20.0 bn):
income support recipients, and eligible concession cardholders), and the Home Builder program.
•Australia is co-funding the WHO’s Pacific
• FY2021 budget, released on October 6, includes additional spending measures under the JobMaker program, comprising job hiring credit, infrastructure
LC bn LC bn LC bn
362 20.0 regional coronavirus response plan (together with 342 35 15 20
projects, and others for job creation. • The Coronavirus SME Guarantee Scheme
New Zealand).
• The 2020-21 MYEFO extends coronavirus supplement and other income support measures through end-March 2021. provides a loan guarantee arrangement
•The Commonwealth government increased the
• The FY2022 budget adds spending on infrastructure investment, extension of aviation and tourism support, women’s economic support package, and between the government and participating
budget to secure access to COVID-19 vaccines
various programs for job creation banks to cover the immediate cash flow
and roll out a national Vaccination Program.
needs of SMEs. In mid-July 2020, this
•The health spending package provides support
At state and local government levels • The Government’s Structured scheme was extended through June 2021,
General Government
across primary care, aged care, hospitals and
• Measures include discount utility bills, cash payments to vulnerable households, and construction and infrastructure projects. Finance Support Fund provides up to with the maximum loan size raised from
research, to diagnose and treat people with the
• The Commonwealth government will help finance fast-track infrastructure projects across States and Territories and the arts industry for job creation, as AUD15 bn to the Australian Office of A$250,000 to A$1 million and the maximum
Australia
Coronavirus.
well as the new home care package for the senior citizens. Financial Management to support maturity extended to five years.
•In relation to aged care, temporary measures will
• Pandemic Leave Disaster Payment has been arranged with the State and Territory governments, which provides a lump sum payment to help workers • In March 2021, the government renamed it
USD bn USD bn USD bn
continued access to structured
be introduced to support the aged care sector,
250 13.8 236 during their 14-day self-isolation period. 24 10 finance markets used by smaller 14 the SME Recovery Loan Scheme, under
which helps ensure the continuity of residential
lenders, providing both consumer and which the government guarantees 80
and home care.
Forgone revenue (AUD 102.5 bn): business credit. percent (previously: 50 percent) of new SME
•The Commonwealth government will pay for half
At the Commonwealth government level loan amounts (starting April 2021), with the
of all additional costs incurred by states and
• Measures include raising the asset write-off threshold, accelerated depreciation deductions, and COVID-19 Relief and Recovery Fund which provides maximum loan size raised to A$5 million and
territories in diagnosing and treating patients with,
waiver of fees and charges to affected industries (e.g., aviation industry), regions, and communities. the maximum maturity extended to ten years.
or suspected of having, COVID-19, and efforts to
• FY2021 budget includes additional revenue measures under the JobMaker program, comprising extension of immediate expensing, loss carry-backs, The scheme also offers up to 24 months of
minimize the spread of the virus.
income tax cut for lower- and middle-income earners, and tax incentives for R&D. repayment holidays.
• The 2020-21 Mid-Year Economic and FIscal
• The FY2022 budget extends temporary full expensing and loss carry-backs for businesses, and retains the low- and middle-income tax offset for FY2021-
% GDP % GDP % GDP
Outlook (MYEFO), released on December 17,
18.4 1.0 17.4 22. 1.8 0.8 1.0
includes cost of vaccine procurement and rollout.
At state and local government levels
• Measures include payroll tax relief for businesses.
• Established a Business Credit Availability
LC bn LC bn LC bn
351 61 290 85 87 5.2 81.9 Program (BCAP) to provide support through
the Business Development Bank of Canada
Additional spending (CAD 61.2 bn): Support to
Additional spending (CAD 289.9 bn): (BDC) and Export Development Canada
the health system including
Households (CAN 253.6 bn) (EDC), which work with private sector
Safe Restart Agreement, Safe Return to Class,
USD bn USD bn USD bn
of which: lenders to coordinate on credit solutions for
Central Government
262 45.6 Vaccines and Therapeutics, PPE and Medical 216 68 Deferred revenue (CAD 85.1 bn): Income 65 4 61
• Emergency response benefit, Recovery benefits, and enhanced employment insurance (CAN 120.2 bn) individual businesses, including in sectors
Equipment, Long-Term Care, Helping Health Care Tax Payment Deferral until September 30, • Supporting Farm Credit Canada by
• Wage subsidies and protecting jobs (CAN 110.5.2 bn) such as oil and gas, air transportation,
Systems Recover, Canada’s COVID-19
Canada
2020 ($55 billion); Sales Tax Remittance allowing an additional $5.2 billion in
• Others, including support to students, seniors, and vulnerable groups (CAN 22.9 bn) exportation, and tourism. This includes
Immunization Plan, Supporting the Mental Health and Customs Duty Payments Deferral ($30 lending capacity to producers,
combination of loan guarantees and shared
of Those Most Affected by COVID-19, Supporting billion); and Supporting Jobs and Safe agribusinesses, and food processors.
Businesses (CAN 36.2 bn) financing arrangements. The BCAP consists
Indigenous Communities in the Fight Against Operations of Junior Mining Companies This is a capital injection.
of which: of: the Canada Emergency Business
COVID-19, Safe Return to School on Reserve, ($50 million)
• Emergency business account with 25% loan forgiveness (CAN 13.8 bn) Account (for small firms), the Mid-Market
% GDP % GDP % GDP
International COVID-19 Response and Recovery,
15.9 2.8 13.1 • Emergency rent subsidy (CAN 8.4 bn) 3.9 4.0 0.2 3.7 Guarantee and Financing Program, the
Enhanced Border and Quarantine Measures, and
• Others, including sector-specific support and sub-nationals support (CAN 14 bn) Large Employer Emergency Financing
Other Public Health Support
Facility, and Support for the Agriculture and
Agri-Food Sector.
On April 9 2020, the euro area finance
ministers (Eurogroup) agreed on
establishing safety nets for workers,
businesses and sovereigns,
amounting to a package of which
€340 bn were below-the-line
LC bn 428 0.1 428 LC bn 765 700
measures: LC bn 65
•A new and temporary EU
unemployment reinsurance fund
(SURE) will provide up to €100 bn in
Additional spending (€427.8 bn): loans on favorable terms to
• In April 2020, the European Commission announced that the size of the Corona Response Investment Initiative will be raised to €37 bn, which includes an governments, in support of national
upfront cash injection of €8 bn from the EU cohesion funds, to support public investment for hospitals, labor markets, and stressed regions. The unemployment, short-time work
Commission extended the scope of the EU Solidarity Fund by also including a public health crisis within its scope, in view of mobilizing it if needed for the schemes, and health-related
hardest hit EU member states. The Coronavirus Response Investment Initiative Plus (CRII+) introduced greater flexibility to allow that all non-utilized support measures. Loans will be guaranteed •The EU Council agreed on a new pan-
from the European cohesion funds can be mobilized to the fullest. This flexibility is provided for through: transfer possibilities across the three cohesion by the EU budget and EU member European guarantee fund of €25 bn, which
could support €200 bn of total financing for
European Union
policy funds (the European Regional Development Fund, European Social Fund and Cohesion Fund); transfers between the different categories of regions; states. The instrument will then be
USD bn USD bn USD bn
Additional spending (€0.05 bn): The European flexibility when it comes to thematic concentration; and a 100% EU co-financing rate for cohesion policy programs for the accounting year 2020-2021, operational until 31 December 2022. hard-hit SMEs throughout the European
488 0.1 Commission redirected funding of €47.5 mn 488 allowing Member States to benefit for full EU financing for crisis-related measures. 873 799 •The ESM will provide Pandemic 74 Investment Bank or national development
towards research on COVID-19 vaccine •On December 11, EU leaders agreed on the Next Generation EU (NGEU) recovery package, which includes €390 bn in grants to EU members. The main Crisis Support to its members to banks. The guarantee fund comes on top of
development, treatment, and diagnostics. instrument is the Recovery and Resilience Facility (RRF), which will fund member countries’ investments and reforms. The NGEU’s grant element finance crisis-related health spending an earlier support package of up to €40 bn
comprises: €312.5 bn is from the RRF and will be committed in 2021–2023 (70 percent for 2021 and 2022 and 30 percent for 2023); €47.5 bn to top up of up to 2 percent of a requesting for the European Investment Bank in March,
cohesion funds (ReactEU) that can be used for investments and expenditures related to the crisis (e.g., investing in active labor market policies, short-time member’s 2019 GDP. Should all 19 and both packages are likely to be funded by
work schemes); €10 bn to top up to the Just Transition Fund to help regions/workers dependent on carbon intensive industries transition away from those countries draw from the credit line, voluntary contributions from member states.
industries; R&D (€5 bn); support for private sector investment (€5.6 bn), rural development (€7.5 bn), and rescEU (€1.9 bn). this would amount to around €240
• As of early June, 2021, 24 EU countries had submitted national Recovery and Resilience Plans (RRPs). These are being assessed by the European bn.The loans from the ESM are meant
Commission. The EC has raised 45 billion euros in bond issuance by end-July which will help finance pre-financing portion in 2021 (13% of total loans and to finance direct and indirect health-
grants, which amounts to 491 billion euros as of August). related spending in response to the
Covid-19 crisis.
% GDP % GDP % GDP
On July 21, the European Council
3.8 0.0 3.8 6.7 6.1 approved the Next Generation EU 0.6
recovery fund. Part of this is EUR 360
billion in loans available from the
Recovery and Resilience Facility
(RRF) that EU members can apply for
to finance parts of their national
recovery and resilience plans.
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
LC bn LC bn LC bn
222 34 188 70 350 16 335
Additional spending (€33.9 bn): Additional spending (€155.4 bn): Support for wages of workers under the subsidized short-time work scheme; direct financial support for affected small
General Government
Accelerated spending (€17.5 bn): • State guarantees for bank loans to
• Support for streamlining and boosting health and very small enterprises (and regardless of size for heavily affected firms in December 2020), liberal professions, and independent workers; direct
Accelerated refund of tax credits (e.g. CIT companies and credit reinsurance schemes
insurance (paid sick leave) for the sick or their transfers for low-income families; extension of expiring unemployment and other benefits; additional transfers for self-employed; additional spending in
and VAT). • Envelope for direct equity support (€315 bn); other guarantees (€12.5 bn).
France
caregivers, higher spending on health supplies; social programs; incentives to purchase greener vehicles; subsidies for green investment for the auto and aerospace sectors.
(mostly for strategic companies, e.g., • The recovery plan also includes the
bonuses for health workers.
Deferred revenue (€52 bn): Postponement Air France-KLM, SNCF). creation of a up to €20 bn fund leveraged by
USD bn USD bn USD bn
• Additional investment and equipment in the Foregone revenue (€32.6 bn): Exoneration of social security contributions for affected firms in selected sectors; carry back for corporate income taxes;
253 39 214.3 79.2 of social security contributions and tax 18.0 381.2 public guarantees (€7 bn), to provide quasi-
health sector announced in the recovery plan for permanent cuts in production taxes (recovery plan) for 2021 onward. (The amount reported for forgone revenue includes the equivalent cuts in production 399
payment for companies. equity support or equity loans to firms.
2021 and beyond. taxes for 2 years)
% GDP 9.6 1.5 8.2 3.0 % GDP 15.2 0.7 % GDP 14.5
LC bn LC bn • An economic stabilization fund LC bn
516 61 455 927 100 827
(WSF) of €600 bn is established with (iii) €400 bn to provide additional state
three components: guarantees to non-financial corporations to
General Government
Additional spending (€346 bn): including grants to hard hit small businesses and self-employed, increased access to childcare and basic social security alleviate liquidity bottlenecks and support
USD bn USD bn USD bn
589 70 Additional spending (€61 bn): on vaccines, 519 benefits, temporary relief to affected tenants, income support for families, and incentivizing green and digital investment. There is also support to firms and Deferred revenue: including options for 1,058 114 (i) €100 bn for government equity 944 refinancing.
Germany
equipment, research, information campaigns, as households provided through the “Kurzabeit” program, part of which is considered discretionary because the program parameters have been changed. deferring tax payments and reducing investments in significantly affected • For the new and expansion of the existing
well as broader measures to modernize and prepayments until the year-end without companies; KfW-programs, the guarantee framework of
improve the capacity of hospitals. Forgone revenue (€109 bn): a temporary VAT reduction (the general VAT cut was expired at end-2020, but special VAT cuts for restaurants and food penalties. the federal government was increased by
services remain in place), corporate tax reliefs, personal income tax reliefs, and social security contribution reduction. (ii) €100 bn loan to state development €357 bn.
• Total guarantees provided by state
% GDP % GDP % GDP
bank KfW for financing affected firms
15.3 1.8 13.6 27.8 3.0 that do not have access to KfW’s 24.8 governments to be increased by €70 bn.
existing programs;
USD bn LC bn USD bn LC bn USD bn LC bn
180 20.0 160 7.0 582 3.3 579 The total guarantee is estimated at about
General Government
579 bn euros, aimed to unlock more than
Additional spending (€19.5 bn): including on 750 billion euros of liquidity for businesses
Additional spending (€150 bn): including broadening the wage supplementation fund to provide income support to laid-off workers and the self-employed, Deferred revenue: mostly due to
205 22.8 medical equipment, staff, and vaccine. 183 8.0 665 3.7 661 and households. (Note that the amount
vouchers for the payment of babysitters (€80 bn), grants for SME (€60 bn), education (€4 bn), and other (€10 bn). postponement of VAT, CIT, and social
Italy security contributions as well as property
• Equity injection to Alitalia (€3.3 bn) reported here is the originally announced
Forgone revenue (€0.5 bn): zero VAT rate on ceiling, and the current level of contracted
Forgone revenue (€10 bn): corporate income tax credits (€4 bn) and social security contribution reduction (€6 bn). taxes.
targeted medical equipment. guarantees is about one-fourth of the
% GDP % GDP % GDP
10.9 1.2 9.7 0.4 35.3 0.2 35.1 announced).
Additional spending (JPY 78.9 tn):
Key spending measures in the Emergency Economics Package against COVID-19 include:
• Cash handout of JPY 100K per person (JPY 12.9 tn);
• Lump-sum transfer to affected firms (JPY 2 mn per SME, JPY 1 mn for the self-employed) (JPY 2.3 tn);
LC bn 90,100 11,200 78,900 • Subsidies for financial institutions' lending (JPY 3.8 tn); 2,900 LC bn 152,600 LC bn 15,700 136,900
• Expansion of work subsidies (JPY 0.9 tn);
• Incentives to accelerate recovery, including for consumption in service sectors and infrastructure investments (JPY 10.8 tn);
• Transfers to local governments for COVID-19 (JPY 1 tn).
Additional measures announced May 27, 2020 include:
• Transfers to local governments (JPY 2 tn); • Guarantees on bonds/borrowing by the
• Expansion of work subsidies (JPY 1.3 tn); Development Bank of Japan and the Japan
• Concessional loans and guarantees to
• Subsidies for public/private financial institutions' lending (JPY 9.3 tn); Finance Corporation (JPY 7.6 tn).
Additional spending: affected firms through the public and private
• Replenishment of cash transfers for firms (JPY 1.9 tn); • Guarantees on external bonds issued by
• Production, procurement and distribution of financial institutions. (JPY 112 tn)• Public
General Government
• Subsidies to affected firms for rent payment (JPY 2 tn). the Development Bank of Japan and Japan
critical equipment such as masks and ventilators financial institutions' provision of subordinated
USD bn USD bn USD bn
Bank for International Cooperation (JPY 1.1
844 104.9 (JPY 0.8 tn) 739 27 Deferred revenue (JPY 3 tn): Deferral of 1429 147 1,282 loans (quasi-equity) and equities (JPY 2.7 tn)
The government announced additional measures on December 8 2020, including: tn).
Japan
•Transfers to local governments to be used for payment of taxes and social security • Public financial institutions' loans to affected
• Incentives for firms to invest in green technologies (JPY 2.0 tn) • Guarantees on bonds/borrowings by other
their health- and long-term care related measures premiums by affected firms and households hospitals and clinics (JPY 3.5 tn)
• Subsidies to accelerate business restructuring of SMEs (JPY 1.1 tn) public financial institutions for their equity
including cash handouts to medical and long-term for one year. • The university fund (JPY 4.0 tn)
• Extension of the Employment Adjustment Subsidy (JPY 1.5 tn) injection programs. (JPY2.5 tn).
care practitioners (JPY 3.7 tn) • Other quasi-fiscal operations using the
• Transfers to the local governments (JPY1.5 tn) • Expanded the guarantee cap on the capital
• Other health-related measures (procurement of Development Bank of Japan and other
• Subsidies for financial institutions' lending (JPY 3.2 tn) injection scheme into banks (JPY 3 tn).
vaccines, etc.) (JPY 6.7 tn). agencies (primarily for infrastructure projects)
• Measures to enhance national resilience (primarily public investments) (JPY 4.4 tn) • Expanded the insurance capacity of the
(JPY 15 tn)
Nippon Export and Investment Insurance
In April 2020 onwards, the government decided to spend a part of the COVID-19 reserve fund on the health and non-health measures totaling JPY 11.2 tn (JPY1.5 tn).
(excluding the spending approved on December 11 2020). The measures include:
• Cash transfers to affected firms (JPY 1.2 tn)
• Replenishment of the emergency loan program for affected households (JPY 1.0 tn)
% GDP % GDP % GDP
• Enhancement of healthcare capacity (JPY1.7 tn)
16.7 2.1 14.6 0.5 28.3 2.9 25.4
• Procurement of vaccines (JPY 2.0 tn)
• Top up the Employment Adjustment Subsidy (JPY 0.5 tn)
• Transfers to the local governments (JPY 3.9 tn)
Forgone revenue : Revenue measures included in the past economic packages include expansion of the loss carry-back and carry-forward schemes, tax
incentives for firms’ decarbonization and digitalization, and reduction of property tax and the aviation fuel tax.
LC bn LC bn LC bn
123,700 14,100 109,600 33,000 195,900 70,900 125,000
Additional spending:
Additional Spending (KRW 106.2 tn):
• Emergency spending and first supplementary
• The government has announced consumption coupons for the poor, emergency family care support, and support for business re-opening (KRW 5.6 tn).
budget (KRW 2.1 tn): Epidemic prevention and
• The 1st supplementary budget included support for SMEs, additional consumption coupons, and grants to local governments (KRW 8.8 tn).
treatment, support for medical institutions and
• The 2nd supplementary budget included cash transfers to whole households (KRW 14.3 tn).
quarantined households. • First financial support program for small
USD bn USD bn USD bn
• The 3rd supplementary budget includes support for companies, employment, and social safety nets; boost to consumption, investment, and local Accelerated spending (KRW 3.3 tn): Make • Credit recovery program by KAMCO (KRW
105 11.9 • Third supplementary budget (KRW 2.4 tn): 93 28 166 60 merchants (KRW 16.4 tn). 106
economies; and Korean new deal for digital and green investment (KRW 23.7 tn). early purchases and prepayments for cash- 2.0 tn).
Expanding diagnostic and treatment facilities and • Second financial support program for small
• The 4th supplementary budget: KRW 7.8 tn (KRW 3.9 tn for SME support, KRW 1.5 tn for employment relationship, KRW 0.4 tn support for unemployed strapped businesses (KRW 2.1 tn) and • Loan expansion to SMEs provided by state-
smart medical centers; promoting treatment and merchants (KRW 10.0 tn).
and low income household, KRW 1.8 tn in daycare support and mobile bills, and KRW 0.2 tn for emergency disease prevention). frontload construction investment (KRW 1.2 backed financial institutions (KRW 21.2 tn).
vaccine development; promoting test-trace- • Full & special guarantees for SMEs and
General Government
• Customized Relief Package (December 2020; KRW 4.6 tn): Rent subsidy for small business owners and income support for freelancers, platform tn), temporarily relaxing government • Support package to stabilize corporate bond
treatment to be a global standard and increasing small merchants provided by state-backed
workers, and etc. procurement rules. and short-term funding market, except P-CBO
official development aid of K COVID-19 response financial institutions (policy banks) (KRW
• 2021 supplementary budget: KRW 10.7 tn (KRW 8.2 tn support for SME and vulnerable workers, KRW 2.5 tn support for employment) (KRW 11.1 tn).
Korea
kits and tools. 16.8 tn).
• 2021 2nd supplementary budget (30 trillion won): pandemic relief package, employment support, and support for local governments. Deferred revenue (KRW 29.7 tn): Tax • Low-rated corporate bond and CP purchase
• Additional health spending (KRW 600 bn). • Preferential guarantees for SMEs and
payment deferral including Corporate program (KRW 20.0 tn).
• Customized Relief Package (December 2020; export companies (KRW 7.9 tn).
Forgone revenue (KRW 3.4 tn): Income Tax and VAT, deferment in tax • Key Industry Stabilization Fund (KRW 40.0
KRW 0.8 tn) Strengthen disease prevention • P-CBO for companies affected by COVID-
• Temporary corporate/income tax cuts for landlords who reduce commercial rents. investigation, early tax refund have been tn).
measures and reinforce medical system and 19 (KRW 11.7 tn).
• Rental fees reduction for tenants of public properties conducted(KRW 42.9 tn); social security • Stock Market Stabilization Fund (KRW 10.7
facilities • Guarantees/loans related to trade financing
• Rental fees reduction for tenants of commercial properties and reduction in airport facility fees, ports and terminal charges. contribution payment deferral for tn).
• 2021 supplementary budget (KRW 4.2 tn) : and overseas projects (KRW 6 tn).
• VAT reduction for the self-employed (KRW 0.7 tn). households & electricity charge deferral • Bond Market Stabilization Fund (KRW 20.0
COVID-19 vaccination, compensation for medical • Guarantees/loans for venture capital and
• Corporation tax cut for SMEs located in disaster areas (KRW 0.3 tn). (KRW 0.5 tn) tn).
institutions. start-up (KRW 2.1 tn).
% GDP % GDP % GDP
• Consumption tax cut for auto purchases (KRW 0.8 tn).
6.4 0.7 • 2021 2nd supplementary budget (4.9 trillion 5.7 1.7 10.1 3.7 6.5
• Raising income tax deduction for credit/debit card and cash receipt expenditure (KRW 0.4 tn).
won), vaccine rollouts and development, testing
• Raising ceiling of deductible entertainment expenses when calculating corporation tax (KRW 0.2 tn).
and quarantine, rewards to private medical
• Social security (healthcare insurance) contribution cut for households (KRW 0.9 tn).
institutions.
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
• Up to €100 bn government guarantees for
firms and self-employed, covering both loans
and commercial paper of medium-sized
companies that participate in Spain’s
LC bn 94.2 19.21 75 0.0 LC bn 161 0.6 LC bn 151 Alternative Fixed Income Market (MARF) 10
• A new Instituto de Crédito Oficial (ICO) line
Additional spending (74.14 bn): of guarantees to promote investment
• Unemployment benefit for workers temporary laid off under the ERTE due to COVID-19, with no requirement for prior minimum contribution or reduction of activities particularly in the areas of
accumulated entitlement (about €21.7 bn); and exemptions of social contributions for companies that maintain employment under the ERTEs (about €7.7 environmental sustainability and digitization
Additional spending (17.88 bn):
bn); (€40 billion);
• Budget support from the contingency fund to the • Loans through the State Financial
• An allowance for self-employed workers affected by economic activity suspension (about €6.5 bn), and exemption of social contributions for self-employed • Guarantees for financing operations carried
Ministry of Health (€1.4 bn); transfer to the regions Deferred revenue: Deferral of social Fund for Tourism Competitiveness
General Government
that receive this benefit (about €3.3 bn); out by the European investment Bank (€2.8
for health services (€12.4 bn); additional security contribution and debts for (FOCIT) to promote the transformation
• Corporate solvency support (€10 bn); billion) and endorsement to the European
healthcare related spending including research companies and the self-employed; Deferral of the tourism sector towards a more
• Measures taken by regional governments on social services, education and support to firms (about €5.5 bn); SURE instrument (€2.3 billion)
Spain
related to COVID-19 (€270 mn). Forgone revenue of tax debts and debts arising from customs sustainable business model (€515 • Additional funding for the Instituto de Crédito
• Introduction of a new means-tested "minimum income scheme"(about €3 bn annually); and new rental assistance programs for certain vulnerable renters • Additional guarantees of up to €2 bn for
(1.33 bn): declaration; tax payment deferrals for small mn). Official (ICO) credit lines (€10 bn)
and additional state contribution to the State Housing Plan 2018-21; exporters through the Spanish Export
• Reduction in VAT for surgical disposable masks; and medium enterprises and self- • Loans for the industrial sector to
• Various measures to expand existing benefits for workers and other support for households and firms;
USD bn USD bn USD bn
Insurance Credit Company
• Reduction in VAT for surgical disposable masks; employed, with the first three/four months promote digital transformation and
107 21.9 86 0.1 184 0.7 172 • Guarantees to provide financial assistance 11
• Temporary zero VAT on purchases of certain exempt from interest. modernization (€124 mn).
Forgone revenue (0.8bn): on housing expenses for vulnerable
medical material, as well COVID-19 tests and
• Flexibility in filing income tax and VAT installment payment for SMEs and self-employed; households (€1.2 billion); up to €2 billion
vaccines
• Tax incentives for landlords that reduce rents of properties used for activities related to the hotel, restaurant and tourism industries; public guarantees for exporters through the
• Reduction in the contribution for Employed Agricultural Workers who have completed a maximum of 55 real days of contribution in 2019; Spanish Export Insurance Credit Company;
• Other revenue measures. expansion of the ICO credit lines for the
tourism sector (€200 million)
• Additional loan guarantees for SMEs and
self-employed through the Compañía
Española de Reafianzamiento (€1.1 bn) and
% GDP % GDP % GDP
8.4 1.7 6.7 0.0 14.4 0.1 13.4 line of guarantees for listed companies (€1 0.9
billion)
LC bn 407 102 305 12.5 LC bn 353 1.0 LC bn 352
• The Coronavirus Business Interruption
Loan Scheme (CBILS) launched with the
British Business Bank supports SMEs with
access to loans of up to £5 mn and for up to
6 years. The government provides lenders
with a guarantee of 80% on each loan, and
cover the first 12 months of interest
Additional spending (£271 bn): payments and any lender-levied fees.
• Coronavirus Job Retention Scheme to subsidise furloughed employees' wages (initially for 3 months and extended several times until September 2021) • The Coronavirus Large Business
and firms' social security contributions (until the 1st August 2020); Interruption Loan Scheme (CLBILS) provides
USD bn USD bn USD bn
Accelerated spending (£5 bn):
• Income support for the self-employed (initially for 3 months, but extended too until September 2021); a government guarantee of 80 percent to
522 131 391 16.0 • Bring forward public infrastructure 453 1.3 452
• Paid sick leave for self-isolating individuals and compensation for small firms needing to close for over 2 weeks, and support for low-income people in enable banks to make loans of up to 25
spending to FY2020/21.
need to self-isolate. percent of companies' turnover, or up to
• Grant support for sectors impacted by local and national restrictions; £200 mn to firms with an annual turnover
Deferred revenue (£7.5 bn):
• Support for low-income households by temporarily increasing Universal Credit and Working Tax Credit by £20 per week in 2020-21. The increase to above £45 mn.
• Deferral of VAT for the second quarter of
Universal Credit was extended by a further 6 months from April 2021 and a one-off payment of £500 was provided to eligible Working Tax Credit claimants • Under the Covid-19 Corporate Financing
2020 until June 21;
in April 2021; Facility (CCFF), the Bank of England will buy
Additional spending (£100 bn): • Deferral of income tax (self-assessment)
Central Government
• Rent support by increasing the Local Housing Allowance; • The government has put in place a short term debt from larger companies.
• Funding for the National Health Service,
United Kingdom
of the self-employed until the end of
• International support, with £150 million made available to the IMF’s Catastrophe Containment and Relief Trust and £2.2 billion loan to the IMF Poverty £1 bn program to support firms driving • The Bounce Back Loan Scheme will help
including to expand the number of hospital beds, January 2021.
Reduction and Growth Trust to help low-income countries; innovation and development through SMEs to borrow between £2K and £50K for
medical staff and equipment. • Extension to reduced VAT rate for
• Government support for charities; grants and loans. up to 6 years, with the government
hospitality, accommodation and attractions
• Cover the cost of 25 hours' work a week at the National Minimum Wage for six months for hired unemployed up to 24 years old. • The government has provided a £30 guaranteeing 100 percent of the loan and
Forgone revenue (£2.0bn): (5% to 30 September 2021 then 12.5% to
• Boost of Active Labour Market Poilicies, including 250,000 subsidized jobs for young people. mn convertible loan to the steel SMEs not paying any fees or interest in the
• Waiver of VAT and customs duties on critical 31 March 2022)
• Entitle every diner to a 50% discount of up to £10 in August. company, Celsa. first 12 months. The combined cost of the
medical import. • Extension the window for starting deferred
• Public sector and social housing decarbonization and Green Homes Grant. CBILS, CLBILS, CCCF, and BBLS was
payments through the VAT New Payment
• Support for low-income people in need to self-isolate £112bn as of their expiration in end-March
Scheme by up to three months
• Funding of 40,000 traineeships and doubling the number of work coaches to 27,000. 2021.
• Stamp Duty Land Tax: maintain nil-rate
• Additional transfers to devolved administrations. • In March 2021, a new government-backed
band at £500k until 30 June 2021, £250k
loan scheme – the Recovery Loan Scheme
until 30 September 2021
Forgone revenue (£34 bn): (RLS) – was announced. The RLS is to help
• Fuel Duty: one year freeze in 2021-22
• Property tax (business rate) holiday for firms in affected sectors. businesses of any size access loans and
Alcohol Duty: one year freeze in 2021-22
% GDP % GDP % GDP
• Temporary cut on stamp duty land tax until June 2021. other kinds of finance, with up to £10 million
19.3 4.8 14.4 0.6 16.7 0.0 16.7
• VAT reduced at 5% for hospitality, accommodation, and attractions until the end of September 2021, at 12.5% until March 2022, aftern which it will return per business. The government guarantees
to normal. 80 percent of the financing. The scheme is
open until 31 December 2021, subject to
review, and is estimated to cost £12bn.
• Trade credit Insurance for business-to-
business transactions will receive up to £10
billion of government guarantees through the
Trade Credit Reinsurance scheme. The
scheme is for 9 months.
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
Additional spending ($622.3 bn)
LC bn LC bn LC bn
5,328 687 • Coronavirus Preparedness and Response 4,641 18 510 56 454
Supplemental Appropriations Act (March 6, 2020)
approved with $6.8 bn for treatments, drugs, and
public health measures.
• Families First Coronavirus Response Act (March
18, 2020) includes health provisions that increase
outlays in Medicare, Medicaid, and other programs
with federal matching by an estimated $178.9 bn.
• Coronavirus Aid, Relief, and Economic Security Additional spending ($4263 bn):
Act (March 27, 2020) approved $128.8 bn for • Coronavirus Preparedness and Response Supplemental Appropriation (March 6, 2020) of $1.2 bn.
additional health spending, which includes funding • Families First Coronavirus Response Act (March 16, 2020) includes 2 weeks paid sick leave, up to 3 months emergency leave for those infected (at 2/3
for hospital ($100 bn), the Center of Disease pay), food assistance, free virus testing; federal transfers to states for Medicaid (increased by 6.2 percent during emergency period); and $1 bn in expanded
Control ($4.3bn) and vaccine development and unemployment insurance. Estimated increase in spending from this Act is $38.8 bn.
expanding Medicare payments and providing tax • Coronavirus Aid, Relief, and Economic Security Act (March 27, 2020) includes $437 bn unemployment insurance and $350 bn in emergency
advantage for certain medical expense. appropriations, and $349 bn forgivable small business loans and other items. Estimated increase in spending from this Act is $1512bn.
• Paycheck Protection Program and Health Care • Paycheck Protection Program and Health Care Enhancement Act (April 23, 2020) includes $62.1 bn for the Small Business Administration's loans
USD bn USD bn USD bn
5328 687 Enhancement Act (April 23, 2020) includes $75 bn 4641 programs and other expense, and $321 bn for the Paycheck Protection Program and small business assistance (of the $310 for the Paycheck Protection 18 510 56 454
for hospitals and $25 bn for testing, with estimated Program only $176bn was used).
Deferred revenue:
budget cost of $99.6 bn. • The federal government (through an Executive Order by President Trump on August 8, 2020) reallocated $44 billion from the Department of Homeland
• Coronavirus Aid, Relief, and Economic
• Consolidated Appropriation Act (Dec.21, 2020) Security's Disaster Relief Fund to provide extra unemployment benefits of $300 dollar per week following the expiration of the enhanced unemployment
Security Act (March 27, 2020) includes
Central Government
includes $23bn for vaccine procument, $9bn for benefits mad available by the CARES act. Of the $44 billion, it is estimated that $18 billion is pre-COVID-19 appropriated funds (and therefore represents
extension of IRS income tax filing deadline • Coronavirus Aid, Relief, and
• Coronavirus Aid, Relief, and Economic
United States
vaccine distribution, $22bn for testing/tracing/covid additional COVID-19 expenditure)
by 90 days and delay of employers' payroll Economic Security Act (March 27,
mitigation programs, with a total estimated cost of • Consolidated Appropriation Act (Dec.21, 2020) includes $329bn support to households, $347bn support for businesses, $92bn for education and Security Act (March 27, 2020) includes $454
taxes to 2021 and 2022. 2020) includes $56 bn in loans for
65.4 bn. childcare, and support for other areas. The total estimated cost is $796.9bn. bn to backstop section 13(3) Federal
• The federal government (through distress businesses (e.g., passenger
• American Rescue Plan (Mar.12, 2021) includes • American Rescue Plan (Mar.12, 2021) includes $794.2bn support to households, $86.4bn support for business, $362.1bn support for state, local and Reserve facilities that purchase corporate
Executive Orders by President Trump on and cargo air carriers, postal service).
$95.8bn for various activities related to vaccine triable governments, $171bn support for education, $38.9bn support for providing childcare, and other spending in areas including transportation, federal obligations in primary or secondary market.
August 8, 2020) introduced deferral of
distributions, testing for, treating, and responding emergency management authority, international response and others. The total estimated cost is $1646.4bn.
employee social security payroll tax ($1.7
to COVID-19 and other COVID-19 related
bn) and extended the delay payment of
activities, $14.3bn for preserving private health Forgone revenue ($378 bn):
federal student loans ($4.3 bn).
coverage of workers during the pandemic, $24.4bn • Coronavirus Aid, Relief, and Economic Security Act (March 27, 2020) includes tax rebates: phaseout rate of 5% for Adjusted Gross Income over $75,000
for subsidizing health insurance through the for single/$112,500 for head of household/$150,000 for married filing jointly. The Act also includes higher limits on losses for corporations and individual
government exchange/marketplaces and $23.1bn taxpayers, employee retention credit for affected employers, and other revenue provisions. The total estimated revenue cost is $288 bn.
for expanding and supporting Medicaid, CHIPs •Families First Coronavirus Response Act (March 16, 2020) has revenue implications on the budget, estimated to cost around $94 bn.
and Medicare. The total estimated cost is •Consolidated Appropriation Act (Dec.21, 2021) provides an extension of the employee retention tax credit and also expands the usage of the earned
$151.5bn. income tax credit and child tax credit. The estimated revenue loss is $5bn.
• American Rescue Plan (Mar.12, 2020) will lead to revenue changes due to the provision of the recovery rebates, child tax credit, earned income tax credit,
Forgone revenue ($65 bn) dependent care assistance, credit for paid sick and family leave, employee retention credit and supporting pension plans. The estimated revenue change is
• CARES act includes expansion of qualified $10bn. Please note that the support of pension plans is estimated to introduce revenue gains, which outweighs revenue losses from other measures.
medical expenses which is estimated to reduce
% GDP % GDP % GDP
25.5 3.3 revenue by $9 bn. 22.2 0.1 2.4 0.3 2.2
• American Rescue Plan (Mar.12, 2021) will lead
to revenue changes due to preserving private
health coverage of workers during the pandemic,
subsidizing health insurance through the
government exchange/marketplaces and
expanding and supporting Medicaid, CHIPs and
Medicare. The total estimated revenue loss is
$56.2bn.
Additional spending (AR $264.3 bn):
LC bn LC bn LC bn
1470 349 • Budget increase for Health Ministry to improve 1122 10 703 70.3 633
virus diagnostics, purchase and distribute
vaccines, hospital equipment, and build temporary
emergency treatment centers.
• Budget transfers to specific hospitals. Additional spending (AR $994.3 bn):
• Monthly bonuses of AR $5K for healthcare • One-off additional allowances in 2020 for pensioners, beneficiaries of child, pregnancy, and other social allowances, as well as food stamps. Additional
workers (most recent April-June 2021). allowances for beneficiaries of child allowances and single-taxpayers in April 2021.
• Health Strategy for Families and Communities. • Emergency family allowance for monotributistas, informal workers, and unemployed - three payments in 2020. • State guaranteed, subsidized bank and
• Financial Assistance for Health Insurance • Assistance to community kitchens (comedores) and retiree centers for food distribution. provincial lending, including for working
Agents. • Transfers to provincial governments. Deferred revenue: capital and payment of salaries;
Central Government
• Other (non-costed) support for the health sector • Wage subsidies and complementary wages for affected SMEs. • Extension of the grace period of • Banco Nación and ANSES loans,
USD bn USD bn USD bn
includes discretionary transfers related to • Higher spending on public works/infrastructure. repayment of loans granted by the Social subsidies, and transfers for housing projects;
Argentina
21 5 16 0.1 10 1.0 • Loans to provinces through the 9
healthcare to provinces. • Unemployment insurance increased by AR $4K to AR $10K. Security to retirees and beneficiaries of non- • Subsidized loans for the construction and
Provincial Development Trust Fund
• Financing for infrastructure in industrial parks. contributory pensions. repair of houses;
(FFDP)
Forgone revenue (AR $84.3 bn): • Small-scale supports for tourism and entertainment industries, science, education, external and security sectors. • Deferrals in employers’ contributions to • Financing for SMEs to help implement
• Exemption from import duties and statistical tax • Transfers to state-guaranteed funds (FOGAR/FONDEP) for credit to SMEs and monotributistas. Social Security for 60 days. remote working facilities;
for medical supplies (April-August 2020). • Support for hard hit and critical sectors: extension of the employment support program (REPRO II) in April 21; supplementary salaries. • Suspension of public service cuts for 180
• Tax aliquots on credits and debits in bank days due to non-payment of up to 3
accounts and other operations of 2.5 and 5 Forgone revenue (AR $127.3 bn): consecutive invoices.
percent for health service operations (April 2020 - • Reduction in employers' contributions to Social Security: most affected sectors granted 95% reduction in employers’ contributions to the pension system
December 2021). (April - May 2020); extended for employers in the REPRO II program (2021).
• 95 percent reduction in the aliquot of employer • Special benefits (tax breaks) for police and security at the forefront of COVID response.
social security contributions for a period of 90 days
% GDP % GDP % GDP
for health workers (April 2020 - December 2021).
5.3 1.3 • Special tax compensation scheme for those who 4.1 0.0 2.6 0.3 2.3
make sales of essential goods, including a VAT
refund for milk sales.
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
Credit lines from public banks to SMEs, micro-
LC bn LC bn LC bn
firms, and individuals (BNDES: BRL 55.4bn,
688 109 579 230 458 80 378
Caixa: BRL 154bn, Banco do Brasil: BRL100):
• BNDES opened a working capital loan line for
tourism and service sectors (small and
medium-sized firms); renegotiated loan terms
benefiting sectors such as oil and gas, airports,
ports, energy, transportation, urban mobility,
health, industry and commerce and services;
and expanded credit lines to micro and small
Accelerated spending (BRL 58.7 bn):
firms; created a BRL 2 bn credit line to expand
Advance payment of 13th pension benefit,
Additional spending (BRL101.7 bn): Federal emergency beds and purchase of medical and
Additional spending (BRL 560 bn): wage bonuses to low-income workers, and
USD bn USD bn USD bn
Government spending (BRL91.7 bn), including hospital equipment, for regions with less
133 21 112 • Targeted assistance for the elderly, poor, and unemployed, including (i) expanding the cash transfer program 'Bolsa Família' to accommodate 1.2 million 45 sickness/disability benefits. 89 15 • BRL 6.8 billion credit line to SMEs 73
General Government
BRL 24.5 bn for vaccination purposes, and infrastructure.
new beneficiaries; (ii) “Covid-19” cash transfer ("Emergency Aid) for informal workers and low-income households, of BRL600 per month in April-August (to finance payroll costs during 7
transfers to Local Governments (BRL 10 bn) to • Caixa extended credit lines to small-and
and BRL 300 per month in September-December 2020 and BRL 250 per month in April - July 2021; (iii) a subsidized job retention scheme, allowing Deferred revenue (BRL 170.9 bn): months); BRL 48.1 billion support to
combat the health crisis and cover higher health medium-sized firms to finance working capital,
Brazil
temporary suspension or reduction of private sector employees working contracts; and (iv) temporary electricity consumption subsidies for poor families. • 2020: 4-month deferral of social funds which lend to microbusinesses;
spending. purchased payroll-backed and vehicle loan
The Federal Government provided extraordinary transfers to subnational governments to compensate for revenue losses and cover larger social assistance contributions paid by firms and employers, BRL 20 billion support to a investment
portfolios from small and medium-size banks,
and health costs, and granted a stay on debt service payments. Subnational governments were also allowed to renegotiate debts with public banks. 3-month deferral of small business taxes, guarantee fund (to finance SMEs),
Forgone revenue (BRL 7.1 bn): a temporary expanded real estate and agricultural credit,
and delayed PIT filling. Deferral of taxes 5bn credit support to the tourism
reduction in taxes (IPI, the Industrialized Products and renegotiated credit to hospitals.
Forgone revenue (BRL 19.1 bn): paid by the telecommunications sector and sector.
Tax, and zero import taxes) for listed imported and • Banco do Brasil announced an increase in its
• Elimination of the financial transactions tax (during 9 months) of tax debt payment obligations.
domestic goods necessary to combat Covid-19. credit lines for businesses (working capital,
• 2021: 3 month deferral of small business
investments, prepayment of receivables,
taxes.
agribusiness) and to individuals.
• Authorization of new withdrawals from
mandatory savings accounts for unemployment
(FGTS) - BRL 36.2 bn
% GDP % GDP % GDP
9.2 1.5 7.8 3.1 6.2 1.1 5.1 • Temporary cut of small employers
contributions to training funds (Sistema S) and
deferral of all employers contributions to an
extra-budgetary mandatory savings fund
(FGTS) - BRL 32.2 bn.
• Starting May 21, three policy banks will issue
coupons that waive loan interest payments to
qualified small/micro firms and individually-
LC bn LC bn LC bn
Additional spending (RMB 3 tn):K48 owned businesses (no estimate).
4,904 147 4,757 • Help local governments finance employment initiatives, meet basic living needs, and protect market entities. 1,600 1330 0 400 930 • The State Council announced SOEs will
• Increase the coverage and benefits of Dibao: extending social assistance programs to cover families affected by the COVID-19 and falling into poverty. expand recruitment for college graduates for
Accelerated spending: Accelerated
• Companies that do not lay off employees or minimize layoffs receive a refund of 2019 insurance premiums. two consecutive years. Also, Central SOEs
issuance of an increase in special local • Allow China’s state-funded
• Two-year extension of NEV (New Emission Vehicle) subsidy on purchases to the end of 2022. should provide more positions for job seekers
government bonds (RMB 1.6 tn). infrastructure projects to use up to
• Extend unemployment benefits or "minimum living guarantees" (e.g. social transfers) to migrant workers. in counties under the poverty line after
15% of investment for a project to pay
• Increasing ceiling on special local government bond issuance, which can be spent on investment projects. • The national guarantee fund will work with surveying employment demand (no estimate).
Additional spending (RMB 147 bn): Expenditure wages. Previously only 10 percent
General Government
Deferred revenue: Firms are allowed to
banks providing loan guarantee services, • Road tolls were exempted beginning
to improve epidemic prevention and control and defer their social security payments by 6 was earmarked for worker salaries.
Forgone revenue (RMB 1.8 tn): planning to increase re-guarantee business February 17, and some service fees charged
the national public health emergency months, and the due date for contributing to • The central government transfer
• VAT exemptions for goods and services related to epidemic control and for small taxpayers in Hubei; and VAT rate cut from 3% to 1% in other regions by RMB 400 bn in 2020. Local government- by airports and railways were cut. Road tolls
China
management system. the “housing provident fund” is extended to payment rate to provinces was
until the year end. The VAT rate cut was subsequently extended for all SMEs to end-2021. backed guarantee/re-guarantee agencies are were reinstated on May 6.
USD bn USD bn USD bn
end-June. In late June, the government increased from 3% to 4% for
• The temporary lowering of the rates of unemployment insurance and work-related injury insurance was set to expire at the end of April 2021. It will be required to lower guarantee service costs to • Electricity prices were cut by 5%, which were
711 21 Forgone revenue: Tariffs were exempted for the 689 232 announced that it will allow companies 193 pensions. 58 135
extended for another year until April 30, 2022. below 1 percent for SMEs. extended to end-2020 except those in high-
import of medicines, medical supplies, and other suffering from serious production or • Tax collection retention ratio for local
• VAT exemption for public transportation, catering, accommodation, tourism, entertainment, cultural, sports were extended to December 31, 2021. energy-consuming industries.
vehicles used to fight against the outbreak. operation difficulties to postpone social budgets raised to 5% (March 1 to
• Waived VAT on interest payments to financial institutions who extend loans of RMB 1 million or less to SMEs and sole proprietors. Instituted a 0.5 • Railway logistic fee was lowered by 50% until
insurance payments until the end of 2020. June 30).
percentage point VAT reduction on secondhand vehicles sold by dealers from May until end-2023. end-June.
Collection of income tax for small and micro
• Corporate income tax relief for businesses in affected sectors through a longer tax loss carryover to 8 years or one-off 100 percent investment expensing • The port construction fee has been exempted
enterprises and self-employed deferred
deduction. till end-2020, and some other port-related fees
until 2021.
• Social security contributions by employers in Hubei province and SMEs (50 percent for large firms) in the other provinces are waived until the end of were cut.
December. • Exempt rent payments by SMEs in the
• Allow companies suffering from serious difficulties to postpone social insurance payments until end-2020. service sector on state-owned properties for
% GDP % GDP % GDP
4.8 0.1 4.6 1.6 1.3 0.4 0.9 three months. Landlords who offer rent
reduction or exemption will receive tax cuts and
loans with preferential interest rates.
LC bn 8,084 1041.23 7,043 1340 LC bn 12,291 641 LC bn 10,450 1200
• Full guarantees for a collateral-free lending
Accelerated Spending (Rs 660 bn: program (Rs 3 tn).
Additional spending (Rs 7043.2 bn): • On March 26, 2020, the government • Liquidity provision and partial credit-
• On March 26, the central government announced a package that provides insurance coverage for workers in the healthcare sector, substantial in-kind accelerated the first installment of guarantee schemes for non-bank financial
(food; cooking gas) and cash transfers, as well as wage support to poor households (Rs 1.49 tn). payments to lower income farmers under companies (Rs 750 bn).
Additional spending (Rs 1041 bn):
• Between May 13 and 17, additions to this initial package were announced. These focused on extending the government's existing rural employment PM KISAN (160 billion rupees). As part of • Subordinate debt provision for MSME
• Additional spending on health infrastructure,
guarantee scheme (additional Rs 400 bn), extension of food support to migrants (Rs 35 bn) and miscellaneous other measures (about Rs 93 bn). the scheme announced on June 20th, sector (Rs 200 bn).
including for COVID-19 testing facilities, personal
• On June 30, authorities extended the provision of food rations to vulnerable households (Rs 829 bn). 2020, the government expedited the • Credit provisions to be guaranteed by
protective equipment, isolation beds, ICU beds,
• On August 20, authorities extended and expanded unemployment benefits for workers who are covered under the Employees State Insurance Corporation implementation of a set of public works government to farmers on concessional • Loans to companies in the electricity
ventilators and medical screening. • Equity infusion for micro, small, and
(ESIC) scheme. projects spanning 12 different ministries, to terms (Rs 3 tn) and for street vendors and distribution sector (initially 900 billion but
USD bn USD bn USD bn
Central Government
• The budget for FY2020/21 released on February medium-sized enterprises (500 billion
109 14.0 95 • On October 12, authorities announced measures targeting consumption and public investment. On the consumption side authorities: i) offered public 18.1 boost employment and livelihood 166 8.6 141 other miscellaneous measures (Rs 160 bn). 16 expanded to 1200 billion Rs), carried out by
1, 2021 provisioned 350 billion Rs for the country's Rs.) and a viability-gap funding
sector employees a cash payment which can be used to buy (via digital mode) goods that attract GST of 12% or more (i.e. discretionary, nonessential opportunities for migrant workers returning • Government to provide a guarantee for Power Finance Crops and Rural Electrification
vaccination program with the possibility of scheme for private sector involvement
India
items) (Rs 56.8 bn): ii) a Special Festive Advance Scheme which is an interest-free advance to central government employees (Rs 40 bn). On the public to villages (500 billion rupees) credit under a new infrastructure fund for Corps (both SOEs) under state government
expanding the envelope. in social infrastructure (81 billion Rs.),
investment side authorities announced i) additional spending by the central government (Rs 250 bn) and a lending scheme for state governments, involving Deferred revenue (Rs 680 bn): agriculture (Rs 1 tn) and for micro-food guarantees. Government also relaxed the
• In June 2021, the central government announced both announced in May; and equity
a 50-year interest free loan (Rs 120 bn). • Extension of income tax filing deadline (3 enterprises (Rs 100 bn). borrowing limits of DISCOM companies on a
support to states for purchase of vaccines (100 infusion in infrastructure financing
• On November 12, authorities announced a new package (Rs 2650.8 bn) which included: (i) a Production Linked Incentive scheme targeting 13 priority months); reduction of penalty for late • Numerous miscellaneous guarantee items one-time basis, allowing more electricity
billion Rs). funds and platforms (60 billion Rs.)
sectors (1459.8 billion Rs.) to be disbursed over 5 years (no impact on the current fiscal year); (ii) more spending on fertilizer subsidies (650 billion Rs.); (iii) payments; date for filing fiscal year 18/19 (Rs 321 bn). distribution companies to take advantage of the
• In July 2021 a package of health care announced in November.
spending on urban housing projects (180 billion Rs.); (iv) additional capital expenditure and industrial infrastructure and incentives (102 billion Rs.); (v) GST tax liability extended (3 months); other •On November 12, the collateral-free lending borrowing scheme.
infrastructure spending (India COVID 19
support for rural employment (100 billion Rs.) and employment support in the formal sector (60 billion Rs.). miscellaneous relaxation of tax program was extended to March 31, 2021
Emergency Response and Health Systems
• In April 2021, in response to the recent surge in infections, the authorities announced that free food grains to individuals in May and June (260 billion Rs). regulatory/administrative requirements. and expanded to provide additional support
Preparedness Package, about 230 billion Rs) was
The authorities also extended a scheme for providing interest-free loans to states for capital expenditure to FY2021/22 (150 billion Rs.) and expedited the • Reduction in up-front tax deductions for to 26 stressed sectors.
announced.
release of Disaster Response Fund to state governments (from June to May). workers (Rs 500bn). • In June 2021, a new loan guarantee
In June 2021, in response to the second wave, the additional food grains were extended from end-June to end-November and additional fertilizer subsidies • On June 12, the GST council announced scheme for Covid-affected sectors was
were announced. that it would halve the interest rate charged announced (500 billion Rs) and the existing
% GDP % GDP % GDP
on overdue filings of small businesses. credit guarantee scheme was extended
4.1 0.5 3.6 0.7 6.2 0.3 5.3 (1500 billion Rs). 0.6
LC bn 1,439,950 314,450 1,125,500 LC bn 135,150 35,150 LC bn 100,000
Additional spending (IDR 276 tn): Additional spending (IDR 942.1 tn): Accelerated spending: The second fiscal
Central Government
• Several fiscal packages have been announced •The approved budget for 2020 is IDR 475.1 tn including social protection, cash transfer etc package includes acceleration in VAT • Government guarantees for bank lending to
by the government amounting to IDR 314.5 tn for •The approved budget for 2021 is IDR 467.0 tn . Several revisions have been announced by the government but details remain to be known. refund from April to September. micro, small, and medium enterprises (IDR
Indonesia
the years 2020 and 2021. Forgone revenue (IDR 183.4 tn): 150 tn), expected to be financed by Bank of
USD bn USD bn USD bn
• Capital injection to SOEs.
99 21.6 .• For 2020 Economic recovery program (PEN), 77 • For 2020, approved tax incentives amounted to IDR 120 tn. Deferred revenue: The second fiscal 9 2.4 7 Indonesia's purchase of new government
health budget is around IDR 100 tn. • For 2021, the approved budget is IDR 63.4 tn package includes delayed payments of recovery bonds.
• 2021 PEN budget for 2021 stands at IDR 215 tn •Packages include various tax reliefs and incentives: exemption and reduction of income taxes (with an income ceiling) and a reduction of the corporate income tax for businesses from April to
as of September 14, 2021. income tax from 25 percent to 22 percent. September.
% GDP % GDP % GDP
9.3 2.0 7.3 0.9 0.2 0.6
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
• Development banks to provide loans,
particularly to small- and medium-scale
LC bn LC bn • Institute for Social Security and LC bn • Development bank guarantees program
Non-financial Public Sector
151 103.2 48 92 288 19 6.0 263 enterprises.
Services (ISSSTE) loans to state
Additional spending: workers with low interest rates.
Accelerated spending:
Additional spending: • Loans with optional repayment to be granted by the Ministry of Economy to SMEs that maintain employees on payroll, self-employed, and domestic • Personal loans granted by the
• Frontloaded social pension payments for
Mexico USD bn USD bn USD bn
The authorities have increased public health workers. Eligibility is assessed using IMSS database. Institute of the National Fund for the
7.0 4.8 2.2 4.3 the elderly and people with special needs. 13.4 0.9 0.3 12.2
spending to ensure sufficient supply of medical • Loans with optional repayment to be granted by the Ministry of Economy to family businesses, previously registered in the Welfare Census. Consumption of Workers (Fonacot).
• Procurement processes and VAT refunds
equipment and materials. • Unemployment subsidy for 3 months to workers that hold a mortgage with the Housing Institute. • Special Program to Reactivate the
are to be accelerated.
• Housing program. Economy against COVID by Housing
Fund of the Institute for Social
% GDP % GDP % GDP
0.7 0.4 0.2 0.4 1.2 0.1 Security and Services(Fovissste). 0.0 1.1
LC bn 5,354 775 4,579 460 LC bn 1,567 567 LC bn 500 500
Additional spending (RUB 3.64 tn):
• Quarantined or self-isolating individuals to receive sick leave benefits from the Social Insurance Fund.
·Sick leave benefits for the quarantined or self-isolating individuals and increases in unemployment and child benefits
• Interest rate subsidies for affected companies to finance minimum wages.
• Interest rate subsidies for systemically important companies, conditional on employment keeping above 90 percent, to support working capital.
Additional spending:
• Support for large companies (construction, car-makers, air transportation, light industry).
• RUB 224 billion – new infection hospitals,
• Credit to affected sectors to protect employment with partial/full asset write-offs if employment is kept above 80%.
additional beds and re-equipment of existing beds, • The federal government announced
• Grants for SMEs in affected industries to cover salaries and disinfection/COVID-19 prevention measures. • RUB 67 billion for restructuring
special ambulances and equipment, medicine Deferred revenue: guarantees of up to RUB 500 bn on bank
• Support to airlines (RUB 23 bn) (subsidies), airports (RUR 11 billion) (subsidies) and car-K60makers (RUB 25 bn) (state procurement and interest rate regional debt to the federal
Central Government
• RUB 346 billion – bonus fund for medical staff, • Tax deferrals for SMEs and most affected lending to firms, including • The CBR has introduced a new RUB 500 bn
USD bn USD bn USD bn
subsidies). government.
74.0 11 R&D in diagnostics and prevention 63.3 6.4 companies on most taxes (excluding VAT, 22 7.8 6.9 (1) RUB 220 bn in guarantees to VEB to 6.9 facility for SME lending and reduced the
• Federal transfers to regions. • RUB 500 billion for recapitalization of
• RUB 32 billion – other PIT, MET, and social contributions). guarantee bank credit to systematically- interest rate on the existing RUB 175 bn
Russia
• Construction sector support, including subsidized rates for a new mortgage program (costed at RUB 6 bn). leasing firms due to potential
• RUB 141 billion expected in 2021. • Deferrals on social contributions for SMEs important enterprises; facility. As part of the new RUB 500 bn facility,
• Expected expenditure measures in 2021: 1721 billion : 851 billion to the corporate sector (employment retention programs- 477 billion, and industry problems of their clients in the
• Medical staff directly engaged in coronavirus in affected sectors for 6 months. (2) RUB 160 in supporting domestic aircraft CBR has introduced a RUB 150 bn credit line
specific support and development programs-373 billion) and 100 billion to local governments; 270 billion of extra social spending announced in the transportation sector; VEB
efforts will receive additional federal compensation • For SMEs in the affected sectors: makers by issuing guarantees on domestic to finance 6-month zero-interest loans to SMEs
President State of Nation Address (another RUB10 thousand one-off benefit to all schoolchildren, 170 billion; 500 billion of RUB10 thousand one-off benefit recapitalization to support new
deferrals on rent payments to all levels of leasing companies 2020-21 borrowings for and individual entrepreneurs to cover payroll.
to all pensioners and RUB15 thousand one-off benefit to all military and law-enforcement personnel. investment projects;
Forgone revenue: government until the end of the year. purchasing domestically produced
Sberbank recapitalization
• RUB 32 bn - zero import duties for passenger aircrafts and helicopters.
Forgone revenue (RUB 939 bn):
pharmaceuticals, medical supplies and
• Social contributions by SMEs on wages in excess of the minimum wage reduced from 30 to 15 percent, permanently.
equipment.
• Taxes and social contributions for Q2 written off (excluding VAT) targeting SMEs, Social NGO, sole proprietors (covers 1.5 mn enterprises).
• Refund for the self-employed on 2019 taxes and credit of one minimum salary toward 2020 taxes.
• Sole proprietors will get a tax credit of one minimum salary toward their social insurance payments.
• For SMEs in the affected sectors: zero rent to the federal government for three months.
% GDP % GDP % GDP
• Tourism firms not to contribute to the tourist reserve fund.
5.0 0.7 4.3 0.4 1.5 0.5 0.5 0.5
• Off-budget support provided by the
LC bn 68 54 13.6 42.5 LC bn 26 26 National Development Funds (NDF): LC bn
SAR 22 bn distributed as follows:
Additional spending (SAR 9.6 bn): Accelerated spending (SAR 4 bn) (i) loan rescheduling/restructuring and
General Government
USD bn USD bn USD bn
• Wage benefits to employers who keep their workers to be provided through the unemployment insurance scheme, SANED (SAR 8 bn). This wage different loan programs to SMEs:
Saudi Arabia
18.0 14 Additional spending (SAR 54 bn): Budget 3.6 benefits have been extended. 11 6.9 6.9 SAR13 bn.
Deferred revenue (SAR 38.5 bn): Deferred
reallocation within the Ministry of Health budget or • Ministry of Energy announced temporary electricity subsidies to commercial, industrial, and agricultural sectors (SAR 0.9 bn). declaration & payment of taxes for 3 (ii) support to employment programs
a reallocation from other parts of the budget for • The Ministry of Finance program to help businesses defer loan payment due this year (SAR 0.67 bn). months, waiver of customs duties (30 days in the private sector: SAR 5 bn.
emergency spending to fight COVID-19. to 3 months), waiver of expat fees for 3 (iii) social loans to families with low
Forgeone revenue (SAR 4 bn) months; and waiver of municipal fees on incomes: SAR4 bn.
% GDP % GDP % GDP
* Expat levy exemption companies for 3 months. Saudi Industrial Development Fund
2.6 2.1 0.5 1.6 1.0 1.0 (SIDF) support to 536 private sector
industrial enterprises impacted by the
coronavirus pandemic SAR 3.7 billion
Additional spending (R 227 bn):
LC bn LC bn LC bn
291 38 253 44 Deferred revenue: 203 200 3.0
• Measures to support workers’ unemployment insurance benefits (with R 80 bn funding from Unemployment Insurance Fund); create a New Covid-19
• Deferral of 35 percent of PAYE liability for
Social Relief of distress grant for the unemployed who do not receive grant or UI payment (extended to April 2021).
four months for businesses with expected
Additional spending: for medical equipment and • Increase transfers to households: grants and food distribution and public work program expansions.
gross income of less than R 100 mn.
General Government
staff for health facilities, and policing the • Increase child support and all other grants from May till Oct 2020.
• Deferral of 35 percent of provisional tax The Treasury will guarantee up to R 200 bn
lockdown, vaccine program and rollout, and • Distribute food parcels and provide transfers to SMEs.
South Africa
payments for the next six months for in loans where also the banks are taking part
second wave management. • Municipalities to use higher central transfers to fund emergency water supply, sanitation of public transport and facilities, and food and shelter for the
businesses and the self-employed with of the risk to help businesses (with a cap of Programs from the industrial development
homeless (R 20 bn).
expected gross income of less than R 100 R100 million per loan) pay operating corporation to support businesses.
Forgone revenue: VAT and customs duty • Contribute R 150 mn Rand to a solidarity fund to combat virus spread, track spread, ill care, support for disrupted lives.
mn. expenses and restart, suppliers etc
exemptions for essential sanitary products during • Additional allocations by the Department of Industry and Trade, Department of Tourism, and Department of small enterprises to assist SMEs in distress (R
USD bn USD bn USD bn
• A 90-day deferral for alcohol and tobacco (extended to June 11 2021).
17.7 2 the pandemic (immune boosters, hand sanitizers, 15.4 2.7 bn). 2.7 excise duty due to be paid in May and June 12 12 0.2
patient monitoring devices, etc.).
2020.
Forgone revenue (R 26 bn):
• Three-month deferral for filing and
• Tax subsidy of up to R 750 to employees with an income below R 6,500 per month.
payment date of carbon tax.
• Skills development levy holiday for four months.
% GDP % GDP % GDP
5.3 0.7 4.6 0.9 4.1 4.0 0.1
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
Accelerated spending: Early annual bonus
payment to pensioners.
LC bn LC bn LC bn
177 19.4 157.5 70.2 486 21 322 143 • All public banks: Principal and interest
Additional spending:
Deferred revenue: payments by those firms whose cash flows are
• Cash aid and raised minimum pension (TL 29.8 bn);
• Unemployment benefits (TL 7.3 bn); •Tax deferrals for the self-employed, affected adversely by Covid-19 will be
farmers, tailors, grocers, lawyers, financial postponed by minimum 3 months and provided
• Short-time work allowance (TL 36.7 bn);
advisers, architects, engineers, doctors, with refinancing.
• Cash aid to employees (TL 14 bn).
and dentists. • Various state bank lending schemes,
• Normalization support (TL 4.8 bn).
Non-financial Public Sector
• Tax deferrals for those aged over 65 or including: extending repayment terms on
• Social Support Program (TL 9.9 bn).
• Turkey Wealth Fund (TWF) has been
USD bn USD bn USD bn
those with chronic illnesses. specified credit card loans; low interest credit
25.2 22.5 Forgone revenue (TL 44.6 bn): 40,6 bn TL forgone tax revenue and 4 bn TL Financing cost of Tax and SSP Deferrals 10.0 69 3.0 46 20
2.8 Additional spending: including medicine, vaccine • Postponed payments regarding granted new rights to take equity in packages for low income households; April,
• VAT rate on food and beverage, cinema, theatre, museum and accommodation services was reduced from 8% to 1% until 31 December, 2020. It is • Treasury-backed credit guarantee system.
and medical equipment spending, protective firms affected by Covid-19, and was May and June repayments by tradespeople
Turkey
withholding tax returns and VAT
prolonged for five months for 2021.It was again prolonged to end of September 2021. • Credit guarantee fund doubled in size from
equipment and other needs of University Hospitals declarations, as well as Social Security assigned to inject a core capital of 0.4 extended without penalty; new low interest
• VAT rate on workplace rental services, passenger transportation, maintenance and repair of small home appliances, wedding and marriage organizations, TL25 to 50 billion as part of the fiscal
and Institutions, SUT expenditure, performance Contribution premiums (e.g., for percent of GDP into three state banks, loans for tradespeople; and new credit cards
residential maintenance, repair, painting, and cleaning services was reduced from 18% to 8% until 31 December, 2020. It is prolonged for five months for package.
pay for medics. retail/shopping malls, iron-steel, funded by issuance of Treasury for merchants with longer repayment periods;
2021. It was again prolonged to end of September 2021.
automobiles, logistics-transportation bonds. new lending campaigns directed to firms
• Withholding tax on workplace rent was reduced from 20% to 10% until 31 December, 2020. It is prolonged for five months for 2021.It was again prolonged
sectors). "maintaining" employees.
to end of September.
• Land occupation and revenue sharing • On June 1, public deposit banks (Ziraat Bank,
• VAT rate on passenger transportation by air was reduced to 1% from 1 April, 2020 to 30 June, 2020.
payments in leasing of hotels postponed for Halkbank and Vakifbank) launched new retail
• VAT rate on education and training services between 1 September, 2020 and 30 June, 2021 was reduced from 8% to 1% temporarily. It was again
loan campaigns for house purchases and
% GDP % GDP % GDP
6 months.
prolonged to end of September 2021.
3.5 0.4 3.1 1.4 • Accommodation tax deferred. 9.6 0.4 6.4 2.8 consumer spending. • Farmers’
• Support to tradespeople (TL 9 bn), Supports for Artists (TL 0,2 bn) and Additional Payments for Treasury Interest Supported Loans Given to Agricultural
• Retail, shopping malls, iron-steel, loans that will become due in May and June
Producers and Tradesmen (1,2 bn)
automobiles, logistics-transportation, etc. have been postponed by six months.
are offered to postpone VAT and Social
Security Contribution.
• Federal government launched a guarantee
LC bn LC bn LC bn
mechanism for all new credits and credit
37 9.6 28 13 54 1.6 52
lines, initially with a maximum maturity of 12
months granted by banks to viable non-
financial corporations and self-employed
Government loans (1.3bn):
Additional spending (€23.4 bn): (ended Dec 2020). Second scheme
• Federal loan to Brussels Airlines;
Additional spending (€9.6 bn): on medical • Federal government eased access to temporary unemployment for firms affected by Covid-19, raised the benefit replacement rate, and introduced a daily introduced end-July 2020 to extend the
and various (subordinated) loans
equipment, tests, contact tracing, administration, premium, as well as eased access to replacement income for the self-employed. It also introduced Covid-19 parental leave and increased unemployment maturity to 36 months, replace the loss
Deferred revenue (€12.9 bn): provided by regional governments for
etc. Measures also include advance payments to benefits (extension of switching on allowance for the young, freezing of degressivity, etc.), social assistance benefits, and support to local social services. tranching by uniform loss sharing between
• Deferred payment of tax and social companies and self-employed
General Government
hospitals (2bn allocated based on Covid-related Additional measures have been taken to support hard-hit sectors and vulnerable groups as the pandemic evolved, while key temporary measures have government and banks (80-20), and ease the
USD bn USD bn USD bn
security contributions for affected firms, self- affected by Covid-19 (facing liquidity
cost pressures and revenue losses) as well as a been extended until end-December 2021. viability criterion. The second scheme carved
42 11.0 31 15 employed, and households, without 61 1.8 problems, etc.); some of which 59
• Regional governments provided transfers for companies and self-employed affected by closures or significantly reduced turnover; further support to
Belgium
structural increase in the budget for mental health 10bn out of the total envelope of 50bn and is
application of interest charges and channeled through regional
care (200mn annually; for 2020 prorated from specific, affected sectors in addition to the health care sector; support for utility bills for affected households; and a host of smaller support measures. targeted at SMEs. Take-up is about 2.1bn.
penalties, estimated at about 10 billion investment vehicles.
Sept) and the federal health sector (wage Similar measures have been reintroduced in Oct-Nov 2021 in the context of the re-imposition of restrictions and the second lockdown. These are expiring in The scheme has been extended until end-
euros, and deferral of advance VAT
increases and improvement in working conditions; 2021. 2021.
payment in December 2020. Additional Equity injections (0.3bn):
350mn in 2021, 600mn thereafter). An additional, · Regional governments also provide
deferral of SSC payments due in Q4 for • Capital increase in Flemish and
one-off 200mn was allocated to federal health Forgone revenue (€4.2 bn): Loss carry backward for CIT and PIT, tax exemption for regional support measures (for firms affected by closures and reduced guarantees for affected companies and self-
firms affected by the second lockdown. Brussels regional investment
workers in 2020. Additional spending on vaccine turnover), social security contribution exemption for self-employed, temporary reduction in VAT in the hospitality sector (e.g., food and non-alcoholic employed in need of bridge loans. Take-up is
companies that will use the funds to
rollout. beverages), increase in the investment allowance for SMEs and natural persons (extended until end-2022), and increase in the CIT allowance for restaurant about 0.5bn.
provide capital support to firms in
and reception costs. Suspension of penalties for delays or non-performance of suppliers to the public sector. · The federal government signed a
need.
memorandum of understanding with
% GDP % GDP % GDP
8.2 2.1 6.1 2.9 11.9 0.4 11.5 Credendo ECA, Assuralia and private credit-
insurance firms, committing to provide
reinsurance for short-term (< 2yrs) trade
credit insurance.
Additional spending:
• Payments for employment support: Employees affected during the shutdown due to government measures will receive full wages of which the
government covered 80 percent up to CZK 39,000/month (since October the government has covered 100% up to CZK 50,000/month in case of business
shutdown due to government measures). Staff in businesses affected receive 60-100% of gross wages with a state contribution of 60% of total labor costs
LC bn LC bn LC bn
per employee (up to CZK 29,000/month) (CZK 49.2bn).
523 148 375 • Care Allowance to parents, who cannot work because they need to care for children up to 13 years, of 80% of eligible income until end of June 2020 14 881 0.9 880 • COVID III Program (Guarantees will cover
(calculated based on a progressive table) for sick leave. During the other waves of COVID, care allowance to parents with children up to 10 years, 70% of up to 30% of loan principal. The state will
Additional spending:
eligible income - since March 2021 80% of eligible income (in total CZK 13.2bn). issue 80-90% of the guarantees (total
• Purchases of medical equipment, vaccine, tests,
• Care Allowance to self-employed persons (CZK 434 per day in March 2020, CZK 500 per day since April), who cannot work because they need to care for amount of CZK 150bn). Estimates of the
etc. (CZK 29.9bn).
children up to 13 years. During the other waves of COVID for parents with children up to 10 years, CZK 400 per day (CZK 3.1bn) amount of guarantees offered will allow
• The government approved higher premium
• The state covers half of business property rents in Q2-Q4 2020 (CZK 9.9bn). SMEs to access loans amounting to
payments on state-covered health insurance--
• Programs in support of the sports, culture, tourism, transport, restaurants, agriculture and other closed sectors (CZK 45.7bn). CZK500bn.
increase by CZK500 per person as of June 2020
• One-off cash benefit for pensioners in amount of CZK 5000 (CZK 15.0bn). • COVID II Program of state guarantees in
General Government
(CZK 20.9bn) and by CZK200 per person since
• Loss carryback measure: Taxpayers who report tax losses in 2020 due to the state of emergency, will be able to reduce their tax bases for the tax years
Czech Republic
Government loans: total amount of CZK 20bn (loans up to CZK
January 2021 (CZK50.9bn). Deferred revenue:
2019 and 2018 by this loss (maximum CZK 30 million) (CZK 4.3bn). • The CMZRB provided CZK 0.9bn 15 million, state contribution on interest
• Debt relief of hospitals (CZK 6.6bn). • Postponement of advance payments on
• Self-employed receive lump sum of CZK 500 per day during Mar 12 and Jun 8 (CZK 20.2bn), additional lump-sum assistance grant (CZK 500 per day) to through interest-free loans, the rest costs up to CZK 1 million, state guarantee
• Bonus for workers in social services, hospitals, social security and health insurance
small business (Ltd) during Mar 12 and Jun 8 (CZK 1.7bn) and additional lump-sum assistance grant (CZK 350 per day) to contractors (CZK 0.1bn). The will be handled through state up to 80% of loan, 3-year maturity)
emergency responders, hygienically stations (CZK contributions for self-employed by 6 months
subjects in affected sectors received identical lump-sum during Oct 5 2020 and Feb 15 2021 (CZK 7.6bn) and lump-sum of CZK 1000 per day during Feb 1 guarantees on loans of commercial • COVID Plus Program of state guarantees
35.8 bn). (CZK 14.3bn)
and May 31 2021 (CZK 14bn) banks (COVID I Programme). provided by Export Guarantee and Insurance
• Other health measures: (mobile collection
• Other expenditure (CZK 9.6bn). Corporation in the amount of CZK 330bn.
teams, Smart Quarantine establishment, anti-
Forgone Revenue: • COVID Prague Program (CZK 1.6bn).
covid programmes for technological firms) (CZK
USD bn USD bn USD bn
• The effective reduction in the personal income taxation and increase in the basic rebate for taxpayers (in total CZK 99.1bn). • COVID Sport Guarantee Program (CZK
23 6.4 1.7bn). 16.2 0.6 38 0.0 38
• Waived social security contributions paid by employers (24.8%) with a maximum of 50 employees for the period between June and August. This support 4bn).
Forgone revenue:
will be provided concurrently with the wage compensation if two conditions are satisfied – minimum employment level of 90% and wages paid in March • COVID Travel Agency Guarantee Program
• Remission of VAT on purchase of the vaccine,
2020 are at least 90% (CZK 13.3bn). (CZK 0.3bn)
tests, respirators (CZK 2.6bn)
• Introduction of extraordinary allowance at CZK 370 per day for employees who have been ordered to quarantine (CZK 1.1bn). • Other guarantees (National guarantee,
• Reduced VAT rate to 10% for accommodation, sports and culture services (CZK 2.6bn). Expansion guarantee) (CZK 24.5bn).
• Reduced road tax rate for vehicles above 3.5t (CZK 2bn) and decrease in excise tax on diesel oil (CZK 5.6bn).
• Abolition of the real property acquisition tax (CZK 27.6bn).
• Lower dividends from Airport Prague (CZK 1.5bn).
• Introduction of extraordinary accelerated depreciation on assets (in the 1st and 2nd depreciation classes), acquired in 2020 and 2021 (CZK 25bn);
increase in the limit for the depreciation of tangible fixed assets and other measures (CZK 3.7bn).
% GDP % GDP % GDP
9.2 2.6 6.6 0.3 15.5 0.0 15.5
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
LC bn LC bn LC bn
79.5 80 319 364 282 Government loans (264 bn): 82
• Government (interest free) loans
(2020 & 2021) (announced: DKK
264.0; uptake: DKK 40.8 bn)
Equity injections or asset purchases
(18 bn):
• SAS AB has completed a
General Government
Accelerated spending (1 bn): recapitalisation of the company to
Additional spending:
• Advance payment of tax credits (DKK 1 which the Danish State (among
Grants to businesses (announced: DKK 35.8 bn; uptake: DKK 22.6 bn)
Denmark
bn) others) has contributed (DKK 3.8 bn) Guarantees (inc. trade credit insurance)
Employment support & unemployment benefits (announced DKK 30.8 bn; uptake DKK 20.9 bn)
• Danish Recapitalization Fund (DKK (announced DKK 82.2 bn; uptake DKK 36.5
USD bn USD bn USD bn
Boosting business activity (announced: DKK 9.6 bn; uptake 6.5 bn)
Deferred revenue (317.8 bn): 10 bn) Danish state will invest in bn).V78
12 12 Consumption support to Households (announced: DKK 2.2 bn; uptake 2.2 bn) 49 56 43.1 13
Tax deferrals (2020 & 2021) (announced equity as an investor of last resort by
Upskilling & Education (announced: DKK 1.1; uptake 1.1 bn)
317.8; uptake 206.0) acquiring preferred shares of the
beneficiaries affected by Covid-19
• A recapitalisation scheme
administered by The Danish Growth
Fund aimed at strengthening the
solvency of SMEs and smaller
midcaps (DKK 3 bn).
• Equity to start ups (DKK 1.2 bn).
% GDP % GDP % GDP
3.4 3.4 13.7 15.6 12.1 3.5
LC bn LC bn LC bn
11.3 4.1 7.2 0.5 17 1.2 12 4.0
•Increasing Finnvera’s domestic financing
authorisations from EUR 4.2 to EUR 12
billion. About EUR 2 billion of the existing
Additional spending (€6.1 billion):
authorisations have already been used in
•Support for enterprises: grants provided for companies by Business Finland and ELY Centres, support for solvency of sole entrepreneurs, support for
spring and thus the increase in
catering entrepreneurs, support for agricultural and natural resource economy enterprises, general cost support for companies, estimated increase in
authorisations was about EUR 10 billion.
Finnvera’s loss compensation etc. (€4 billion)
(€10 billion)
•Extension of unemployment security: eliminating the waiting period, speeding up the layoff procedure, making entrepreneurs eligible for unemployment
•Increasing Business Finland’s lending
security, extending the payment period of startup grants, streamlining unemployment benefit payments etc. (€700 million)
authorisations, total increase for the period
USD bn USD bn USD bn
•Extension of social benefits: support for individuals arriving from other countries and parents of small children, temporary increase in social assistance • Injecting capital into Finnish Industry • The State Pension Fund will invest in
General Government
12.9 4.7 8.2 0.6 20 1.4 14 2020-2022 (€300 million) 4.6
Additional spending: (€200 million) Investment for the setting up of a new commercial paper (€1 billion).
Deferred revenue: Easing of payment •State guarantees to cover Finnair’s
•Health and social services resources and •Children and young people, and wellbeing of the elderly: free leisure activities, early childhood education and care, basic education and general upper stability programme (€400 million) • Bank of Finland's investments in commercial
financing needs (€500 million)
Finland
terms for taxes and lowering the interest on
equipment purchases, and covid-19 research (3.1) secondary education, guidance counselling and youth work, student health care, ensuring properly functioning services for the elderly (€300 million) • Equity investment in Finnish paper (€1 billion).
late payments from 7% to 2.5%. Assessing •State guarantees to shipping companies to
•Other expenditure increases arising from the •Investment projects: basic transport infrastructure maintenance, developing the transport network, renovation construction, and public transport support. Minerals Group (€500 million) • Authorizing the Financial Stability Fund to
the impacts of the delays of 2020 and 2021 ensure cargo traffic important to security of
coronavirus situation (0.9) The sums for the years 2021 and 2022 are based on a technical assumption concerning the timing of the projects. (€400 million) • Capitalisation arrangements in borrow funds to meet its X81statutory
tax revenue to 2022 and 2023 (€500 million) supply (€600 million)
•R&D&I, competence and wellbeing: additional starting places for higher education and developing continuous learning, research appropriations for the Finnair Plc and other state owned obligations concerning the deposit guarantee
•State guarantees for the loans granted
Academy of Finland, public employment and business services and developing the service structure. (€400 million) companies (€300 million) (€2 billion)
within the framework of the European
instrument for temporary Support to mitigate
Unemployment Risks in an Emergency
(SURE) (€400 million)
Forgone revenue (€1.1 billion):
•State guarantees for any losses arising from
•Lowering of private sector pension contributions for the period May 1 - 31 December 2020 (1.1)
the Pan-European covid-19 guarantee fund
% GDP % GDP % GDP
to be established under the European
4.8 1.7 3.0 0.2 7.4 0.5 5.2 Investment Bank (€400 million) 1.7
LC bn LC bn LC bn
82 16.6 66 12 35 35
Additional spending (61.1 bn):
• Companies expecting a reduction in revenues over 20% can request a compensation for labor costs (max 90% of labor costs) to allow companies to
continue paying wages; compensation for affected sectors (for example, hospitality and travel).
• Income support for entrepreneurs and self-employed (administered at municipal and regional level) for a period of three months through expedited Deferred revenue: Tax deferrals for • The loan guarantee program for businesses
General Government
companies that are in financial distress due (especially those affected by the outbreak)
The Netherlands
Additional spending: including on purchase, procedures.
USD bn USD bn USD bn
to the covid-19 crisis. Temporary was expanded to cover up to 90 percent of
distribution and sale of medical devices; vaccine • Support for start-ups and small innovation companies through loans provided by government regional agencies.
94 18.9 75 13 suspension of penalties for late tax 40 40 total loan for SMEs (with maturity of 1 year or
research contribution; healthcare costs in the • Scaling up of the short-time working scheme (unemployment benefit compensation available to companies needing to reduce their staff by at least 20
payments. Entrepreneurs can request a less) and 80 percent for large firms.
Caribbean Netherlands; training for healthcare percent).
deferral of tax payment, without the need to • V84A guarantee scheme for supplier credit
personnel and bonusses; research. The reported • Allowances for SMEs affected by the outbreak to help them finance their fixed costs.
provide evidence. Businesses can calculate was also established.
16.6 billion covers 2020-2022. • 60.4 billion in 2020-2022.
provisional tax payments on an expected • A guarantee scheme for supplier credit was
(reduced) basis. also established.
Forgone revenue (info not available for 2021-2022, 4.6 bn in 2020):
• Reduction of tourist taxes and taxes in the culture sector.
% GDP % GDP % GDP
10.3 2.1 8.2 • The interest rate on tax deferrals is reduced from 4% to just above 0%. 1.4 4.3 4.3
LC bn LC bn LC bn
62.1 5.1 57 6 3.4 2.9
Additional spending (NZ$48.4 bn): including wage subsidies available for all employers that are significantly affected by the impact of COVID-19 (NZ$13.9
billion); income relief payment to support people who have lost their job (NZ$570 million); financial support for workers that are not paid normally during self- • NZ$ 900 mn loan is granted to Air
isolation (NZ$126 million); temporary increase in winter energy payment (NZ$480 million); permanent increase in benefits (NZ$2.4 billion in next four New Zealand, an airline company, of
Central Government
years); infrastructure investment (NZ$3.8 billion); support package for the aviation sector (NZ$600 million); tourism recovery package (NZ$400 million); which the government owns 52 • A loan guarantee scheme for firms with a
Additional spending: doubling resources for
New Zealand
housing and urban development (NZ$ 4.7 billion); education (NZ$3.4 billion); transport projects (NZ$600 million); government R&D (NZ$196 million); percent of shares. turnover of between NZ$ 250 thousand and
public health units; expanding intensive care
USD bn USD bn USD bn
targeted training and apprenticeship fund (NZ$ 320million); and Flexi-wage subsidies (NZ$311 million). • Maximum NZ$100 thousand loan is NZ$ 80 mn per annum, with the Government
40 3.3 capacity and equipment at hospitals; expanding 37 4.1 2.2 1.9
granted to small businesses that carrying 80% of the credit risk. The loans will
health line capacity; support for primary care; the
Forgone revenue (NZ$8.6 bn): including the reinstatement of depreciation deductions for commercial and industrial buildings at a 2% diminishing value employ 50 or fewer full time equivalent be limited to NZ$ 5 mn for a maximum of five
purchasing of vaccines, the cost of managed
applying from the 2020-21 tax year (permanent); increasing the threshold for provisional tax from NZ $2.5K to NZ $5K applying from the FY2020-21 tax year employees (NZ$ 1.7 bn). years and expected to be provided by the
isolation.
(permanent); increasing the threshold for writing off low value assets to NZ $5K for the next tax year, before reverting to NZ$1K in the longer term; time- • NZ$150 million short-term R&D banks at competitive, transparent rates.
limited discretion of Inland Revenue to remit use of money interest (the interest on tax debt) if a taxpayer is unable to pay on time due to COVID-19; and tax scheme to support private sector R&D
loss carry-back mechanism for firms to offset a loss in a particular tax year against a profit in a previous year, and receive a refund on the tax paid in the investment.
previous profitable year.
% GDP % GDP % GDP
19.3 1.6 17.7 2.0 1.1 0.9
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
LC bn 225 24.7 200.5 LC bn 138 60 LC bn 78
Additional spending:
Additional spending: • The reinstatement of a government
• Strengthening the financial situation in the
• Include household income protection scheme offering larger wage subsidies for temporary lay-offs, more generous unemployment benefits, and expanded fund that buys bonds issued by
hospital trust through increased appropriations
USD bn USD bn USD bn
sickness and child care; Norwegian companies to increase • Government guarantee scheme for bank
Central Government
24 2.6 and temporary reduced employer tax (NOK 6 bn). 21.3 15 6.3 8
• Measures for business offering a scheme to compensate heavily affected but otherwise sustainable businesses for unavoidable fixed costs, grants for liquidity and access to capital in the loans to SMEs (NOK 50 bn).
• Increased appropriations to cover expenses for
start-ups and subsidies of domestic air routes; Norwegian bond market, with a ceiling • A scheme for re-insurance of private credit
Norway
necessary medicines, medical equipment and
• Strengthening of critical sectors other than healthcare (public transport, municipalities); of NOK 50 bn. insurance providers (NOK 20 bn).
laboratory analyzes (NOK 4.8 bn). • Deferral of various tax payments.
Forgone revenue: • Increased funding for Innovation • A guarantee scheme for the aviation
• Other measures.
• Lowering of reduced VAT rate from 12 to 6 percent; Norway and Research Council (NOK industry (NOK 6 bn).
Forgone revenue:
• Change in CIT regulations so that lossmaking companies can re-allocate their losses towards previous years’ taxed profits 5.4 bn). • A loan scheme for package tour operators
• Strengthening the financial situation in the
% GDP 2/ % GDP 2/
• Temporary amendments to the petroleum tax system to improve liquidity in the sector. • Grant to help alleviate the financial (NOK 2 bn).
% GDP
hospital trust by NOK 6 bn through increased
7.4 0.8 6.6 • Suspension of aviation charges. 5 2.0 situation in Avinor (NOK 3.6 bn). 2.6
appropriations and temporary reduced employer
• Temporary lowering of the employers’ social insurance contributions. • Other (NOK 0.5 bn)
tax.
Deferred revenue: Figures refer to 2020
eop stock of:
• Suspension of payments on CIT account
(0.7 bn).
• Suspension of tax foreclosures from Tax
Revenue (estimate) (0.1 bn)
LC bn 12.1 2.2 9.9 1.1 • Suspension of payment of installment LC bn 11.5 LC bn 11.5 A maximum of €13 billion authorized under
plans and contributory execution processes the EU Temporary State Aid Framework.
Policy measures for 2021:
• Reduction of PIT withholding tax (0.2 Public guarantee programs rolled out in 2020
bn)+M91 include:
• FYI: short-term intra-year measures, that • Credit lines rolled out in April 2020
we included earlier, are not covered. targeting micro, SMEs and mid-cap
companies (€6.2bn), including: restaurants
(€.6 bn); travel agencies (€0.2M); tourism
(€0.9M); and industry (€4.5bn).
Additional spending (€8.7 bn): • Capitalizar credit line in May 2020 (€0.4bn)
USD bn USD bn USD bn
• Support measures for employment and resumption of activity (€3.0 bn); targeting working capital needs and open to
13.8 2.5 11.3 • Non-repayble subsidies to businesses affected by the pandemic, program Apoiar.pt (€1.1 bn); 1.3 13.1 13.1 large companies;
• Social protection programs, such as extension of unemployment coverage and support to self-employed and informal workers (€0.6 bn); • Credit line for treasury needs of micro
Additional spending (€2.2 bn): • Extraordinary financial incentive (subsidy) to businesses for normalization of economic activity (€0.3 bn); companies in the tourism sector (€0.06 bn);
General Government
• Medicines, personal protective equipment, • Family support programs (€0.2 bn); • Credit insurances guaranteed on export
complementary means of diagnosis and therapy; • Other support measures (€0.2 bn); operations: metallurgy and construction
• Investment, incl. digital education, teleworking (€0.4 bn);
Portugal
• COVID-19 tests and vaccines; (€0.4 bn); short-term export (€0.3 bn);
• Personnel expenses, incl. extraordinary health • Investment under the Recovery and Resilience Plan in 2021 (€0.5 bn); • Credit line targeting companies in Madeira
insurance subsidies for health professionals; • Support to national airlines (€1.3 bn in 2020 and €1.1 bn in 2021); region (€0.1 bn);
• Profilactic isolation; • Creidt line fo SMEs in November 2020
• Investment to expand intensive care services of Forgone revenue (€1.2 bn): (€0.8bn), of which 20% is non-repayable;
the National Health Service. • Exemption from payment of the Single Social Fee (€0.7 bn);
• Lowering of reduced electricity VAT rate (€0.2 bn); Introduced for the first half of 2021:
• Temporary waiver of VAT on purchases of certain medical material; • New and expanded credit lines targeting
• VAT refund program for catering, accommodation and culture (€0.2); SMEs (€0.750 bn);
• Other tax relief measures, such as road toll reductions,property rents, SME taxes (€0.1). • Industry and tourism exporting companies
(€1.050 bn), with loans up to €4,000 per
worker, of which 20 percent can be
converted into a non-refundable subsidy if
% GDP % GDP % GDP
6.0 1.1 4.9 0.5 5.7 5.7 jobs are maintained;
• Credit line for event organizers (€0.050 bn),
20% non-refundable;
Credit line for large companies in the sectors
most affected (€0.750 bn);
• Travel agencies and tour operators,
including SMEs (€0.4 bn).
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
LC bn LC bn LC bn
Additional spending:
86 18.6 67.7 22 22
• Support to households, including a cash payout to all Singaporeans (higher for families with children under 20), and additional payments for lower-income
Central Government
individuals and the unemployed.
• Support to businesses and workers, including wage subsidies; support to cover rental costs, an enhancement of financing schemes, and additional • S$22 bn in loan capital was set
Singapore
Additional spending: For COVID-19 testing,
support for the self-employed and industries most directly affected.. aside to help businesses facing cash
clinical management, tracing, vaccination and
• Other measures: e.g. support to R&D investment, a national stockpile of health supplies, and a program on food resilience.
USD bn USD bn USD bn
flow challenges with loan obligations
63 13.5 therapeutics, and isolation facilities. 49 16
16 and insurance premium payments.
Forgone revenue:
• Corporate income tax rebate and property tax rebates; carry-back provisions for qualifying deductions; faster write-downs for qualifying investments;
foreign worker levy waivers.
% GDP % GDP % GDP
18.4 4.0 14.4 4.7 4.7
Additional spending:
LC bn 207 38.0 • Increased testing and tracing for Covid-19 (SEK 169.0 335 LC bn 262 11.7 LC bn 250
7 bn); funding of extraordinary costs associated
with Covid-19 for municipalities and regions (SEK
• Credit guarantees for Swedish airlines
5 bn) and elderly care boost (SEK 2.2 bn).
(SEK 5 bn).
• Extra funding to train up to 10,000 people in
Deferred revenues: Deferral of a maximum • SEK 8.3 bn capital injection to the • Expansion of the Swedish Export Credit
Central Government
health and social care during 2020Q4. Folk high Additional spending (SEK 136 bn): additional expenditures on wage subsidies for short-term leave, temporary payment of sick leave, more funding to the
of three month worth of payments of Scandinavian carrier SAS, the state- Agency’s credit guarantee framework and
schools' adult vocational training was also to be media, cultural and sports sectors and for education and training, rent subsidies to certain sectors, more generous unemployment benefits, expanded active
companies’ social contributions, VAT and owned airport operator Swedavia the programs under the Swedish Export
Sweden
expanded with 1000 seats during 2020, focusing labor market policies, temporary grants to businesses based on their loss of turnover to cover their fixed costs; supplementary housing allowances to
payroll taxes for a period of up to 12 months Lernia (state-owned education and Credit Corporation (SEK 125 bn).
on health and social care. families with children, infrastructure investment, extra support to public transport, measures to prevent Covid-19 fraud, general grants to municipalities and
(SEK 27 bn if uptake similar to GFC, and matching firm) • Central government guarantees for loans to
USD bn USD bn USD bn
• The National Board of Health and Welfare’s regions.
22 4.1 18 36 SEK 315 bn if fully used by all firms), 28 1.3 • SEK 3.4 bn capital injection to ALMI 27 companies (SEK 100 bn)
credit framework has increased to enable
deferral of annual VAT for 2019 (SEK 7 bn) (the Swedish SME and Entrepreneur • Guarantees to the EU for loans to member
purchases of personal protective equipment and Forgone revenue (SEK 33 bn): temporary reduction in employers' social security contributions.
and deferral of SME taxes (SEK 13 bn). Agency) states, SURE, and to the European
intensive care equipment.
Investment Bank for a guarantee fund for
• Removal of income ceiling for student aid to
support to companies (SEK 20 bn).
enable health and medical care students to help
out in the health care sector without their student
aid being reduced.
% GDP % GDP % GDP
4.2 0.8 3.4 6.7 5.3 0.2 5.0
LC bn 56 7.2 48.6 LC bn 44 1.1 LC bn 43
• Guarantees for Covid-19 bridge loans for
Central Government
Additional spending: Includes: firms with annual turnover up to CHF 500 mn
• Medical goods including vaccines (CHF3.765 Additional spending: • Loan support to sports clubs (CHF 40 bn)
Switzerland
billion) • Benefits COVID income replacement directly and indirectly affected (CHF 8.44 bn) (CHF400 million) • Guarantees for startups (CHF 0.1 bn)
USD bn USD bn USD bn
59 7.7 • Covid-19 tests (CHF3.036 billion) 52 • Financing for short term work program and the unemployment fund (CHF 26.2 bn) 47 1.2 • Loan to ICRC (CHF 200 mn) 46 • Guarantees for airlines (CHF 1.275 bn)
• Additional spending on medication, health • COVID bridging loan losses (CHF 2.387 bn) • Financial support to air traffic control • Guarantees for flight-related business (CHF
protection and prevention, and by Federal • Support to cantonal hardship programs (CHF 8.232 billion); and other measures company Skyguide (CHF500 mn) 0.6 bn)
Department of Health (CHF0.418 billion) • Guarantees for SNB loan to IMF (CHF 0.8
% GDP % GDP % GDP
bn)
7.9 1.0 6.9 6.2 0.2 6.1
• Lk11 bn sovereign guarantee for large
Accelerated spending (2.1):
LC bn LC bn LC bn
businesses to tap overdraft or credit lines in
36 18.2 18 · Annual indexation of pensions to CPI - 26 26
the banking sector to pay worker salaries.
usually applied in July, brought forward to
Government guarantees 100% of the
Additional spending: April. Pensions were increased by 2.3%
principal and directly covers interest costs.
Additional spending: · Unemployment benefits and social assistance layout are doubled. Support of small businesses/self-employed that are forced to close activities due to the effective April 1.
Interest rate is capped at 2.85% and maturity
· Additional health equipment (ventilators) pandemic (a minimum wage of Lk26,000 per month), and people in family businesses (with declared but unpaid family members in the payroll, for up to
General Government
is up to 2 years with a 3 months grace period
· Personal Protective Equipment two minimum wages). These measures lasted April to June. Deferred revenue (0):
on principal.
USD bn USD bn USD bn
· Bonuses for front line health-workers dealing · One-off transfer of Lk40,000 to affected people (in tourism, active processing and employees of small businesses not included in the first package, · All large companies (except banks,
• LK15 bn additional unfunded sovereign
Albania
0.3 0.2 with Covid-19 0.2 including employees of large businesses that have been laid off due to the pandemic. telecommunication, SOE-s and companies 0.2 0.2
guarantee line (0.9% of GDP) was approved
· Setting up a new quarantine center · An additional minimum wage will be paid to public transport workers who started work one month later than the removal of restrictions for the rest of the in the chain of supply of essential goods)
on April 15 to enable loans for working
· COVID-19 treatment and vaccines (Lk10.2bn for economy ( Lk135m). can defer the corporate income tax
capital and investments. All private
2021) · A temporary increase in the payments for social assistance (Lk 2.5 bn for 2021). installments for Q2 and Q3 2020 to Q2 - Q3
companies that have been tax compliant and
· Wage increases for doctors and nurses (Lk4.5bn Foregone revenue: 2021.
credit-worthy before the pandemic are
for 2021) · Small businesses (those below an annual turnover threshold of Lk14 million) will not pay profit tax in 2020 (normative act April 23). Estimated amount · For tourism, active processing and call
eligible. The government guarantees only
Lk81 mn. centers – and small businesses with
60% of the principal with loan maturity is up
% GDP % GDP % GDP
turnover of Lk14 mn or less – the payment
2.3 1.1 1.1 1.6 1.6 to 5 years with caps on interest rate (5%),
of Q2, Q3 and Q4 of 2020 profit tax is
individual loan limit (Lk300 mn), and 6-month
deferred to Q2-Q4 2021.
grace period on repayment of principal.
1) State-owned Bulgarian Development Bank
(BDB): provision of interest-free loans up to
BGN 6900 to protect people deprived of work
(12 commercial banks expressed interests).
Portfolio guarantees by BDB for securing bank
LC bn LC bn LC bn
Additional spending (1.702 bn): Additional spending (BGN 3.778 bn):
6.3 1.7 4.6 0.6 4.6 1.6 3.0 loans of up to BGN 300,000. Total amount is
• Purchase of vaccines and medicines - BGN • Pensioners support - bonuses, minimum pension increase - BGN 1639.4 mn;
projected at BGN 2 bn (estimated contingent
198.8 mn; • Parental support - BGN 180 mn;
liability is BGN1.5 billion).
• Support of personnel on the frontline of the fight • Active labor market policies - BGN 14 mn;
2) The Fund of Funds: Loans up to BGN 50
with COVID-19 - BGN 192 mn • Tourism vouchers of BGN 210 for the people of the frontline - BGN 10 mn;
thousand for micro enterprises, self-employed,
• Additional financing of medical activities - BGN • Increased unemployment benefits and other social support - BGN 344 mn; • Capital increase in the state-owned
entrepreneurs from vulnerable groups
748 mn • 60/40 employment subsidy scheme - BGN 1136 mn; bank (BGN 700 Mn)
General Government
(disabled, young people up to 29 years,
• Provision of PPA and other equipment to the • Support for artists, who have been hit by the lockdown - BGN 5 mn; • Financial supports through other
unemployed for more than 6 months). Interest
medical establishments - BGN 130 mn • Tourism support - BGN 47 mn; state-owned entities and other EU-
Bulgaria
rate subsidy for loans to SMEs up to BGN 3.6
• Subsidies and capital transfers to medical • Agricultural producers support - BGN 85 mn; Deferred revenue: Deferral of corporate tax affiliated institutions, including 1) BGN
Mn (estimated contingent liability is BGN 680
establishments - BGN 70 mn • Expenditures for remote education - BGN 30 mn; payments till June 30 2020. 344 Mn secured through the Fund of
Mn). Equity investment with an average
• Provision of PPA and other equipment to the • National co-financing of EU-funded measures - BGN 168 mn; Funds, 2) BGN 160 Mn through
investment of about BGN 800,000 for
state administration - BGN 35 mn; • “Keep Me” program - BGN 25 million; JEREMIE (EIF), 3) BGN 418 Mn
companies, especially in startups, innovation,
USD bn USD bn USD bn
• Health expenditures in education - BGN 38 mn • "Employment for you" program - BGN 50 million; though the Urban Development
3.7 1.0 2.7 0.4 2.7 0.9 1.8 and digitalization.
• Additional remuneration in healthcare - BGN 287 • "Parents in Employment" program - BGN 23 million. Funds.
3) JEREMIE (EIF) for loans, where the
mn Support with BGN 290 each in the workplace in the hotel and restaurant sector - BGN 22 million.
maximum guarantee / credit amount for SMEs
Forgone revenue (BGN 0.486 bn):
and medium-sized enterprises is up to BGN
Foregone Revenue (0.003 bn): • Tax relief for households with children with disabilities - BGN 143 mn;
3.6 Mn revolving financing (estimated
• Exemption from VAT and customs duties of • Reduced VAT rate of 9% for restaurant services, books, baby food, wine, beer, tour operators and tourist trips, gyms and sports facilities and food delivery
contingent liability is BGN 720 Mn).
import of key medical supplies - BGN 3 mn until end-2021 - BGN 343 mn.
4) Urban Development Funds, managed by the
Fund of Funds for long-term investment and
working capital loans up to BGN 40 mn,
% GDP % GDP % GDP
5.3 1.4 3.9 0.5 3.9 1.4 2.5 targeting municipalities, PPPs and businesses
hit by the crisis.
LC bn 25,400 1,201 24,199 3,204 LC bn 5,006 2,603 LC bn 2403
Central Government
Accelerated spending:
Additional spending: Financing of additional Additional spending: cash transfers for the most vulnerable •Injection to the unemployment
•Accelerated pay to government's suppliers. Loans to unemployment insurance fund and
% GDP USD bn % GDP USD bn % GDP USD bn
Chile
healthcare equipment, instruments, laboratories, insurance fund to pay for enhanced
32 1.5 31 4.0 Deferred revenue: 3.3 3.0 capitalization of state-owned financial
contracting of emergency personnel and extension Forgone revenue: Tax deferrals (CIT,VAT) and suspension of stamp tax for six months. 6.3 coverage and to the state-owned bank
•Deferred CIT, VAT and property taxes. institutions to provide loan guarantees.
of working hours, etc. for loan guarantees.
12.7 0.6 12.1 1.6 2.5 1.3 1.2
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
• Equity injection for capitalization of
Findeter and Bancoldex (Colombian
LC bn 46,304 14,312 31,992 1780 LC bn 53,990 28,415 Development Banks) for the purpose LC bn 25,575
Additional spending (30,037 bn pesos): of credit lines.
Additional spending (13,627 bn pesos): • Expanded transfers for vulnerable groups including expanded social programs and support to workers in the informal sector. • Equity injection for credit lines for
• Additional resources for health sector budgetary • Support for recently unemployed workers. payroll, working capital and loan
support from central government. • Payroll subsidy for three months equivalent to 40 percent of the minimum wage per worker for businesses with a revenue fall above 20 percent and a payments, for SMEs and independent
General Government
• Additional payment to first line respondent health subsidy worth 50% of June's bonuses for employees earning minimum wage for businesses with a revenue fall above 20 percent workers and for larger companies in
Accelerated spending: Accelerated CIT Support to SMEs through the National
workers for 450 thousand million pesos and • Increased infrastructure spending to support the recovery. the most affected sectors through the
Colombia
and VAT refunds for corporates. Guarantee Fund, with the government
transfer of 243 thousand million pesos to cover National Guarantee Fund (government
providing a capital injection of 0.2 percent of
hospital payrolls. Forgone revenue (1,995 bn pesos): capitalization of 0.3 percent of GDP to
USD bn USD bn USD bn
Deferred revenue: Delayed VAT and CIT GDP to guarantee loans up to 2.5 percent of
12.5 3.9 · Resources for vaccines and testing capacity. 8.7 • No road tolls during the quarantine period. 0.5 14.6 7.7 guarantee around 2.2 percent of GDP 6.9
payments until December. GDP.
• Elimination of withholding tax for companies in bankruptcy protection. of loans).
Forgone revenue (685 bl pesos): a reduction of • Tariff reduction for soy beans and corn, no VAT for internet connection and new trucks. • A new National Emergency
tariffs for strategic health imports, VAT exemption • No interest costs on delayed payment of electricity and gas for most strata 1-4 households. Lowered interest rate on tax arrears. Mitigation Fund (FOME) was
on over 100 medical goods. • For a duration of six months, public sector workers earning between Col Pesos 10-15 mn will pay additional taxes worth 10% of their salaries, those announced, where the central
earning above 15 mn will contribute 15%. government partially finances
response measures with resources
% GDP % GDP % GDP
from regional stabilization funds (FAE,
4.6 1.4 3.2 0.2 5.4 2.8 FONPET). 2.6
LC bn 91.6 12.9 78.7 LC bn 7.4 7.4 LC bn
Additional spending: • Stock-purchase by the central bank of EGP
Finance Ministry to guarantee EGP 3 billion
• Industrial companies have received relief in the form of lower energy and tax costs: Lower energy costs for factories (EGP 6 billion), subsidy pay-out for 20 billion
of low-interest Central Bank of Egypt loans
exporters (EGP 1 billion). • Various loan subsidies to tourism, industry,
for Tourism Sector: The ministry will
• Increase in support to pensioners and irregular workers: EGP 27.6 billion will be disbursed to 2.4 million families, totaling some 10 million citizens. agriculture and housing: The preferential
Additional spending (12.941 bn): guarantee the loans for three years,
Central Government
• A new consumer spending initiative has been announced by the government, as part of which, two-year low-interest installments will be made available to interest rate has been reduced to 8 percent
The government provides support to the public including a one-year grace period. The loans
encourage spending. This 3-month program will also include discounts on selected consumer goods. from 10 percent, for the tourism, industry,
healthcare sector, including providing urgent and under the tourism lending initiative, which
• A new government holding fund to guarantee mortgages and consumer loans made by banks and consumer finance companies for up to EGP 2 billion agriculture and construction sectors, as well as
Egypt
necessary medical supplies to be able to take Deferred revenue: 6-month grace period are subsidized by the CBE, carry a 5 percent
USD bn USD bn USD bn
has also been announced. for housing loans for middle-class families. The
preventive measures, and additional funding to for MSMEs to pay insurance premiums. interest rate (reduced from 8 percent) and
5.7 0.8 4.9 0.5 0.5 central bank has approved an EGP 100 billion
accommodate higher wages for public heath staff, can now also be used to cover wages,
Forgone revenue: guarantee to cover lending at preferential rates
purchase of medical and preventive supplies and commitments to suppliers, and maintenance
• Temporary real estate tax relief has been provided for industrial and tourism sectors; the moratorium on the tax law on agricultural land has been extended to the manufacturing, agriculture and
equipment's, and purchase of meals etc. expenses amid a COVID-induced slump.
for 2 years+K114. contracting sectors, previously covered a under
Beneficiaries are allowed to use up to 15
• The stamp duty on transactions and tax on dividends have been reduced for equity investors and capital gains tax has been postponed until January 2022 a lending support initiative.
percent of the loan to cover basic operations
and foreign investors are permanently exempt. Investors will now pay a withholding tax of 5 percent on dividend payouts from listed companies, down from • Housing initiative to avail housing units to all
costs.
10 percent previously. applicant with low cost of financing
% GDP % GDP % GDP
1.6 0.2 1.3 0.1 0.1
LC bn LC bn LC bn
3.5 1.3 2.2 0.2 0.1 0.1
• Within the frame of the program “Co-
financing Mechanism for Supporting
Family-owned, Small and Medium-
General Government
Additional spending (1.6 bn): Includes support to households and businesses. For households: compensation for private sector employees who lose jobs; Accelerated spending: Accelerated VAT
size Hotel Industries”, Enterprise
direct transfers to vulnerable families and people with severe disabilities; direct transfers to families with children; university tuition fee subsidies; subsidies refunds.
Additional spending: Healthcare goods and Georgia (the agency of the Ministry of
Georgia
to households for utilities (electricity and water) bills and tariff hikes. For businesses: electricity subsidies for food producers; other subsidies to food
services; testing and treatment; purchase of Economic and Sustainable
producers (e.g., flour); interest rate subsidies on mortgages (construction sector); interest rate subsidies and other financial support to targeted sectors (e.g. Deferred revenue: Credit guarantee fund (GEL 0.097 billion)
USD bn USD bn USD bn
vaccines; purchase of COVID-19-related health Development of Georgia) will co-
small hotels and agriculture); and microgrants. • Extension of customs clearance term for
1.1 0.4 equipment. 0.7 0.0 0.0 finance up to 80 percent of the annual 0.0
vehicles imported before April 2020 (until
interest rate on loans issued to family-
Forgone revenue (0.63 bn): Income tax exemption for businesses that retain workers; property tax exemption for the tourism sector. September 2020).
owned, small and medium-sized
hotels. This measure was extended to
restaurants and sports facilities.
% GDP % GDP % GDP
7.1 2.6 4.5 0.0 0.0 0.0
LC bn 21.3 3.2 18.1 n.a.
Ceneral Government
Guatemala USD bn
Additional spending: Healthcare infrastructure, Additional spending: wage increase for health worker and security forces, cash transfers and food assistance program for the most vulnerable, elderly Deferred revenue: Income tax payments
2.8 0.4 2.3
equipment, medical supplies and vaccines. care program, emergency funding for SME, electricity subsidy and wage subsidy for formal sector employees. deferred by one quarter.
% GDP
3.6 0.5 3.0
LC bn LC bn LC bn
Additional spending (2591 bn):
3,888 497 3391 200 2,017 2017
• Cash payments to the unemployed, self-employed (KZT 42,500 per person per month benefiting 4.5 million people).
• The SME working capital financing (KZT 800
• Subsidized lending as part of the Economics of Simple Things state program (KZT 1 trillion, an increase of KZT 600 billion).
bn) program will be financed by Kazakhstan
• Subsidized lending to finance SME working capital (KZT 600 billion, augmented to KZT 800 billion in September).
stability fund, a subsidiary of the National Bank
• Employment Roadmap state program (KZT 1.8 trillion).
of Kazakhstan. The program is extended to end-
Additional spending: Funding allocated to the • Additional support was announced on March 31, expanding cash transfers to a broader segment of the population (another 1.5 million beneficiaries, so far
USD bn USD bn USD bn
The authorities have identified over 300 2021. eneficiaries of this program are also
Central Government
9.4 health system in 2020 (KZT 232 billion) and in payments have already been received by 2.7 million people), indexing pensions and targeted social assistance to a 10-percent increase, and providing 0.0 4.9
1.2 8.2 0.5 4.9 enterprises, the "core" enterprises, to receive expanded to cover some large enterprises that
2021 (KZT265) to cover additional compensation access to medical care by uninsured citizens during April 1 to July 2. Deferred revenue:
Kazakhstan
preferential treatment from the state, experience liquidity difficulties as a result of the
for medical staff, spending on medical services, • The government will also subsidize credits to farmers (at 5-6% interest rate, compared with over 10% market rate). • Deferral of payroll taxes from April 1st to
including guarantees and liquidity support, pandemic (airlines, hotels, etc.). The total
including the purchase of vaccines, PPE, PCR • Some of the above mentioned measures are either below the line or off-budget (by development agencies or NBK); the budgetary impact is an increase in June 1st 2020. This is intra-year, with no
provided that they preserve employment, financing provided by the National bank is
tests and the construction of medical facilities. expenditure for the republican budget (central government) by KZT 1,400 billion. In mid-July during the second quarantine, the authorities offered another impact on revenue for the year as a
support domestic suppliers, and meet around KZT 2500 billion (to support SMEs and
Medical staff salary is expected to increase over cash transfer program (KZT 42,500) to people who lost their jobs due to the quarantine. whole.M126
certain transparency and governance infrastructure projects) in the form of
2021-23 with the estimated fiscal cost of KZT 557
requirements. subsidized lending. There are two other loan
billion. Forgone revenue (800 bn):
schemes funded by state-owned entities aimed
• Tax breaks for large trade centers, cinemas, which are closed during to COVID-19; tax exemptions for individual entrepreneurs and SMEs.
% GDP % GDP % GDP
at supporting small businesses for up to
5.5 0.7 4.8 • VAT exemptions on food and socially important goods and services (such as lower utility rate); 0.3 2.9 0.0 2.9
KZT1.2 tn. These programs have been
• Additional support to hard-hit industries (e.g. VAT exemptions for civil aviation; land tax and VAT exemptions for tourism; land tax exemption for agricultural
extended until 2022.X126
producers; property tax exemptions for SMEs in vulnerable sectors).
• Tax exemptions have also been extended in light of the second quarantine.
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
The Parliament amended the law governing the
central bank to allow for a range of
unconventional financing measures, including
LC bn 39.3 1.3 38.0
Additional spending: LC bn 159 14.2 • The State Investment Corporation LC bn 145 1) one-off exceptional transfer (grant, not
will raise Rs 4 billion (0.9 percent of advance) from the central bank to the
• Implementation of the Wage Support Scheme providing wage subsidy to employers, and Self-Employed Assistance Scheme providing income support to
GDP) to make equity investments in government of the amount R60 billion (12
General Government
those employed in informal sectors or self-employed. The schemes were extended until September 2021 for employees in tourism-related sectors.
troubled firms, including SMEs. percent of GDP); 2) setting up an SPV "The
• The government provided Rs 9 billion support to Air Mauritius from its National Resilience Fund.
• The Development Bank of Mauritius Mauritius Investment Corporation" - with a two-
Mauritius
• In October 2020, the government announced that Rs 9 billion would be redirected from November 2020 until June 2021 funding the following initiatives: (i)
Additional spending: Increase in general public Ltd provides Rs10 billion (2.3 percent fold objective: (1) invest in local companies to
The Human Resource Development Council will increase the National Training and Reskilling Intake by around 9,000 unemployed beneficiaries who will be
health spending. of GDP) in credit to distressed support the recovery and mitigate contagion of
paid monthly stipends, (ii) Employment Support Scheme for SMEs to support 11,000 employees with a monthly payment of Rs 10,200, (iii) Recruitment by
enterprises and cooperatives. the ongoing economic downturn to the banking
Landscape of around 2,000 unemployed people for the National Clean-Up Campaign, (iv) the Air Freight Scheme, incorporated into the Economic Recovery
• Established COVID-19 Solidarity sector, thus limiting macro-economic and
USD bn USD bn USD bn
Plan, with two components: supervision of the national airline currently under voluntary administration and support for the export sector.
1.0 0.0 1.0 4.0 0.4 Fund to fund COVID-19 related 3.7 financial risks; and (2) transfer US$2 billion
projects, with around Rs145 million from FX reserves to the SPV to finance
Forgone revenue: A range of small tax reductions, such as cutting a 1% levy on the tourism sector to 0.5% and reducing port taxes.
raised by early May 2020. different potential investments.
• The Bank of Mauritius made 2.5 percent two-
year savings bonds available to retail investors,
% GDP % GDP % GDP
worth Rs 5 billion (1 percent of GDP).
9.2 0.3 8.9 37.3 3.3 33.9
LC bn 33.2 4.2 29 LC bn 20.0 LC bn 20.0
Spending Measures (29 bn):
USD bn USD bn USD bn
Targeted subsidies on private sector wages and social security contributions (for April, May, and June); cash vouchers for minimum wage earners, the
General Government
0.6 0.1 0.5 0.4 0.4
North Macedonia
Spending Measures: unemployed, recipients of social assistance and young people; partial reimbursement of university tuition fees and IT courses; loans at favorable terms and Spending Measures: Accelerated refund of
• Increased spending for medical supplies and loan guarantee schemes for MSMEs subsidized by the government; targeted support for the agricultural, textile, and some other sectors. VAT tax credits.
Several interest free or low interest rate
equipment.
loans to SMEs from the MKD development
Foregone Revenues (2 bn): Deferred Revenue: Deferral of CIT/PIT
banks channeled through commercial banks
Foregone Revenues: Lowering the late interest rate for public taxes and duties from 0.03% to 0.015%. payment or filing obligations for specific
• Abolished the import duty on medical supplies Lowering the penalty rate, by 50% i.e. to 5% for corporates and to 4% for the households. sectors of the economy
PIT and CIT deferrals (extended several times, currently through June 2021), temporary changes to CIT loss carry forward provisions, deduction of Covid-19
% GDP % GDP % GDP
5.0 0.6 4.4 related expenses from taxable income, higher turnover tax thresholds, lower custom duties, and reduced VAT rate for the catering sector. 3.0 3.0
• Risk sharing facility under the refinance
scheme for the payment of wages and
LC bn LC bn LC bn
828 178 650 480 Accelerated spending: n.a. n.a. salaries to prevent layoffs, whereby the n.a.
Additional spending: Increase general public
• Accelerated tax refunds (PKR 100 billion) Government of Pakistan bears 60 percent
Central Government
health spending for National Disaster
Additional spending (PKR 600 billion): Cash transfers to daily wage workers (PKR 200 billion); cash transfers to low-income families (PKR 150 billion); and duty drawbacks for exporters. first loss on disbursed portfolio for eligible
Management Authority (NDMA) to procure
funding to utility stores (PKR 50 billion); financial support to exporters, SMEs, and agricultural sector (PKR 200 billion). • Accelerated procurement of wheat (PKR SMEs.
Pakistan
healthcare equipment and kits (PKR 75 billion).
280 billion). • Temporary Economic Refinance Facility to
USD bn USD bn USD bn
Budget allocation for an emergency fund to
Forgone revenue: stimulate new investment in manufacturing
5.2 1.1 combat Covid-19 (PKR 100 billion). 4.1 3.0
• Relief on fuel prices (PKR 50 billion). Deferred revenue: at maximum interest rate of 7 percent fixed
• Special tax regime for the construction sector until the end of December 2021 (no cost estimate). • Deferral of tax filing by 3 months. for 10 years.
Forgone revenue: Tax exemptions on health
• Power and gas bill deferral (PKR 100 • Refinance Facility for Combating COVID-19
supplies.
billion). to support hospitals and medical centers in
% GDP % GDP % GDP
2.0 0.4 1.6 1.2 combating the virus at maximum interest rate
of 3 percent fixed.
LC bn LC bn LC bn
69 12.0 57 12 84 69
• Guarantees to new financial sector loans
Additional spending (12.01 bn): Purchase of Additional spending (40.659 bn):
for working capital, primarily targeted to
General Government
medical equipment for Ministry of Health as well • Cash transfers for poor families, independent workers, and other families in need.
SMEs. The program is also tied to a liquidity
USD bn USD bn USD bn
as new hiring, purchase of cleaning kits for • Electricity subsidy.
20 3.4 16 3.4 20 0.0 20 provision program in which the central bank
schools, enhanced monitoring and information • Tablets for students. Deferred revenue:
Peru
can accept the guaranteed loans for repo
campaigns. Purchase and distribution of test kits, • Public works and other public investment projects. • Deferral of corporate and personal income
operations. It also includes an Enterprise
medical supplies, vaccines. • Transport subsidies. taxes.
Support Fund program for SMEs and micro
Forgone revenue (0.033 bn): . • In-kind grants.
enterprises. Government guarantees backing
• Elimination of import taxes on medicines and • Wage subsidies.
% GDP % GDP % GDP
loan restructurings for households and
9.6 1.7 medical health supplies. 7.9 Forgone revenue (16.2 bn): Tax deferrals (CIT and VAT) 1.7 9.6 0.0 9.6
SMEs.
LC bn 799 163 636 LC bn 105 5 LC bn 100
Central Government
Additional spending: Spending on medical
Philippines
Additional spending (498 bn): Cash aid to low-income households and social protection measures for vulnerable workers. Subsidies to rice farmers and
USD bn USD bn USD bn
buildings, equipment, staff, and medical supplies.
wages for small businesses. Retraining of displaced workers. Support for loan and interest repayments. • Equity injection to support loan • Special loan package for affected micro
16.1 3.3 12.8 2.1 0.1 2.0 • Credit guarantees for small businesses.
programs for SMEs. entrepreneurs and MSMEs.
Forgone revenue: Expedite imports of PPEs and
Forgone revenue (138 bn): Corporate income tax rate reduction.
medical goods.
% GDP % GDP % GDP
4.5 0.9 3.5 0.6 0.0 0.6
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
LC bn 150 14.7 136 n.a. LC bn 112 38 LC bn 74
Additional spending (PLN 114.8 bn): Wage subsidies for employees of affected businesses up to 40 percent of average wages; care allowance for
children owing to school closures; monthly benefit for self-employed individuals. Includes the nonreturnable portion of the Polish Development Fund's
General Government
USD bn USD bn USD bn
provision of liquidity loans that is treated as an above-the-line expenditure item. Several of these measures have been extended durin the second wave, with Deferred revenue:Possible deferral,
39 3.8 35 29 10 19 • Credit guarantees and micro-loans for
Additional spending: Allocated to support patient eligibility limited to companies in sectors most impacted by the partial lockdown,including the write-off of the repayable portion of liquidity loans for affected payment in installments, or cancellation of
entrepreneurs from the Polish Development
Poland
care, co-finance healthcare infrastructure SMEs and the extension of liquidity loans, guarantees, wage subsidies. taxes. Deduction of this year’s losses for The share of below-the-line activity in
Fund and BGK state-owned development
improvements, and telemedicine and 2021 tax settlement (the tax returns for the PFR liquidity loans for firms.
bank.
digitalization. Foregone revenue: (PLN 20.7 bn) For micro firms up to 9 employees social insurance contributions will be covered by the budget for 3 months. For 2019 might be corrected in order to deduct
companies employing from 10 to 49 employees 50% of social insurance contributions will be paid by the budget. Extended to month of November for the losses of 2020 from 2019 income).
affected industries, and later for December and January. Also includes non-collection of tax revenue (CIT/PIT) in 2021 due to subsidies granted for liquidity
% GDP % GDP % GDP
loans.
6.5 0.6 5.8 4.8 1.6 3.2
LC bn 36 10 26 2.3 LC bn 44 1.7 LC bn 42
· Loan guarantees up to 80% of the value of
the financing granted to SMEs for working
capital and investment. ( maximum value of
the line of credit for financing the working
capital is 5 million lei and for investments 10
USD bn USD bn USD bn
million lei).
8.5 2.4 Additional spending: 6.1 0.5 10.4 0.4 10.0 · Loan guarantees up to 90% of the value of
· Purchase of medical equipment and supplies the financing for micro-enterprises or small
2020 (RON 3.8 bn - expired); enterprises, for financing of working capital
Deferred revenue: Deferring by 3 months
· Financial support to quarantine centers 2020 (maximum value RON 500,000 for micro-
Additional spending (RON 19.6 bn): the payment of property taxes (expired)
Central Government
(RON 0.3 bn - expired); enterprises and RON 1 million for small
Paying 75 percent of the gross wage to employees of companies facing difficulties (RON4.3 billion); paying 75 percent of gross wage to affected self- Expediting VAT refunds (expired)
· Risk bonus for healthcare workers 2020/2021 • RON1.1 billion loan to buy medical businesses. Interest is subsidized for all
employed and individual enterprises (RON0.9 billion); Covering partially the wages of parents staying home for the period the schools are closed (RON Temporary suspension of tax controls and
Romania
(RON 1.8 bn); supplies granted to pharmaceutical loans.
0.09 bn); Continue to pay technical unemployment benefits to those returning to work (4.6 billion RON); The state finances 75% of the gross salary for enforcement (expired)
· Purchase of medical equipment and supplies SOE; and RON0.6 billion loan to low- · State guarantees for leasing of work
professional athletes (RON 0.1bn); Grants to businesses (RON8.6 billion); Wage supports to hire job seekers over 50 or below 30 or Romanian citizens Suspending labor inspections (expired)
(including vaccination program) 2021 (RON 2.3 cost carrier Blue Air and state-owned equipment for SMEs. The guarantee is up to
returning to the country after losing their jobs abroad. Deferral of rent and utility payments for
bn); airline Tarom. 80% loan for IT equipment, and 60% for
affected SMEs (expired)
· Additional bonuses for health personnel 2020- other technological equipment. The
Forgone revenue (RON 0.9 bn): 5 to 10 percent discount for corporate income tax payments. Exempting for 90 days the specific tax for
2021 (RON 2.1 bn). maximum value of the financing will be
hospitality industry (expired)
5,000,000 RON. The leasing period will be
+I147 Capping the fee on medicine sales; 72 months.
suspending VAT for medical imports. · State guarantee scheme for large
companies to be implemented by state-
% GDP % GDP % GDP
owned Eximbank. The guarantee is up to
3.4 0.9 2.5 0.2 4.2 0.2 4.0
80% of loan
· State guarantees for factoring (SMEs)
· State guarantees for holiday vouchers and
trade credit insurance (SMEs)
LC bn 664 125 539 148 LC bn 175 LC bn 175
Additional spending:
Measures announced in 2020 include:
USD bn USD bn USD bn
Wage subsidies (RSD 93bn): Tax and SSC deferments (RSD 121bn or Measures announced in 2020:
6.4 1.2 5.2 (i) Payment of 3 minimum wages for all employees in SMEs and entrepreneurs (about 900,000 employees) 1.4 2.2 percent of GDP), to be repaid in 24 1.7 1.7 • A state guarantee scheme for bank loans 0.0
(ii) Payment of 50 perfect of minimum wages to large companies for employees who are not working installments starting from February 2021: (i) to SMEs has been approved (exposure of
General Government
· 10 percent wage increase for public healthcare One-off payment to all pensioners (RSD 7bn) Deferment of labor taxes and SS RSD 56.5bn)
sector (RSD 13bn, about RSD 17bn estimated in New loans to SMEs from the Development Fund (RSD 24bn) contributions for all private companies for
2021) Universal cash transfer of EUR 100 to each citizen over 18 years old (about RSD 71bn) three months, with no interests to be EUR 200mn (0.4 percent of GDP) subsidized
Serbia · Increased healthcare spending (about RSD 60bn Support to 14,000 most vulnerable women in 50 municipalities across Serbia (worth RSD 12bn) in hygiene packages and essential foods applied; (ii) Deferment of Q2 CIT payments; Measures announced in 2021: loans (1 percent interest rate) to SMEs from
) in 2020. One-off fiscal support to help hotels in cities, through a fixed subsidy per room and per bed, with an estimated cost of RSD 1.3 billion. and (iii) Grants and donations exempt from • The existing scheme for state guaranteed the Development Fund
· Increased healthcare spending (about RSD 36bn Measures announced in 2021 include: paying VAT. bank loans to SMEs will be expanded by
) in 2021. Three additional months of wage subsidies (RSD 73bn) Deferment of labor taxes and social security EUR 500 million (1 percent of GDP) and a
Additional payments for employees in travel and hospitality contributions for all private companies new EUR 500 million scheme for vulnerable
% GDP % GDP % GDP
EUR 30 universal cash transfers to all adult citizens, paid in May and November (RSD 43bn) extended for an additional month (RSD 30 companies was announced.
12.2 2.3 9.9 Pension bonus (RSD 8.5bn) 2.7 billion). 3.2 3.2 0.0
Support for the transport sector and for city hotels (RSD 3bn)
One-off financial assistance to all the (registered) unemployed, of EUR 60, to be paid in June.
A one-off payment to vaccinated citizens.
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
LC bn LC bn LC bn
2,290 n.a. n.a. Additional spending: 665 90 325 250
· Paid training and community activities to improve skills of the recent graduates looking for jobs; assistance to workers, farmers, and entrepreneurs
affected by Covid-19 (includes THB 5,000 per person per month for 3 months, for 14 million qualifying workers not enrolled in the social security system and
10 million farmers). Deferred revenue: Tax relief for
· Stimulus package to the tourism sector amounting to THB 22.4 billion including subsidies for 5 million domestic trips between July and October, 2020 (40 businesses: (i) corporate income tax
percent of certain accommodation, event and food costs). deadline extended to August and
· Transfers to elderly, children up to 6-years-old, and holders of state-welfare cards that had previously not received assistance linked to the impact of Covid- September; (ii) one month extension of
• Soft loans by Social Security Office
Non-financial Public Sector
19. This program covers about 6.8 million people with approximate cost of THB 20 billion. deadline for filing and payment of VAT, • THB 150 billion in soft loans (2 percent
(30 billion baht at 3 percent) to
· On September 22 the government passed a new shopping subsidy package for welfare cardholders worth THB 51 billion. The package will cover 24 Special Business Tax, and other taxes interest) sourced from the Government Saving
businesses registered under the • The Bank of Thailand has been authorized
Additional spending: Preventive and remedial million mainly low-income people via two schemes:14 million welfare cardholders will receive an extra monthly discount of Bt500 from October to under the Revenue Department; (iii) Filing Bank to commercial banks at 0.01 interest per
Social Security System. to lend THB500 billion to financial institutions
Thailand
measures; extra-hazard compensation for December on their shopping;10 million people will get daily discounts of up to B100 on food, beverages and household essentials. of excise tax extended to May and payment year. THB10 billion out of the 150 bn are set
• Soft loans for individuals: (i) THB 40 for on-lending to SMEs. Financial institutions
healthcare workers; exempted import duties for to July; (iv) Filing of excise tax by petroleum out to lend and preserve liquidity among SMEs
billion soft loan program at 0.1 percent will be compensated up to 60 or 70 percent
products related to combatting Covid-19 until Forgone revenue: product operators extended to the 15th of in tourism.
interest without collateral; (ii) THB 20 of the additional loans in case these turn
September 2020. · 41 billion baht in discounts and refunds of water and electricity bills; reduced social security fund contributions for both employers and workers; rental fees the following month for 3 months. •THB 100 billion announced but not yet
billion made available for THB 50 nonperforming.
levied on leases for residential or agricultural purpose waived for one year; SMEs that keep their employees can claim a tax deduction for 3 times wage · Reduced withholding tax form 3 percent to approved in soft loans from the Government
thousand baht per person with
expenses paid from April to July 2020; SMEs with soft loans from Government Saving Bank can deduct 1.5 times interest expenses paid April-December 1.5 percent from April to September 2020. Saving Bank for SMEs in the tourism sector.
collateral.
USD bn USD bn USD bn
2020. 400,000 baht limit (form 200,000) for tax deduction of investments in the Super Saving Fund. · Expedited VAT refund process for
73 21 2.9 10 8.0
· Tax relief including for i) for personal income tax deduction for health insurance premium; ii) import duties for products preventing related to prevention or exporters.
treatment of Covid-19 exempted until September 2020; iii) from January 2020 to December 31, 2021 taxes are exempted and fees are cut for debt · Delay in collection of fees and charges
restructuring with non-financial creditors; iv) reduction in excise tax on jet fuel for domestic flights; reduced withholding tax. levied by government agencies and SOEs.
· 400,000 baht limit (form 200,000) for tax deduction of investments in the Super Saving Fund.
· As of October 8th, income tax deductions (to rebate VAT) on products worth THB 30,000 per person running from October 23 to December 31, 2020, to
help boost spending on goods and services.
% GDP % GDP % GDP
14.6 4.2 0.6 2.1 1.6
• Creation of a fund for public donation
LC bn 3.0 0.4 2.6 0.3 LC bn 0.9 0.7 to the health sector: TND 186 mn LC bn 0.2
• Creation of an investment fund of
TND 500 mn (with initial 100 mn) on
the initiative of the Caisse des Dépôts
Additional spending: Monthly cash transfers for low income households, disabled, and homeless people for up to three months; temporary support for Accelerated spending: et des Consignations in order to
General Government
• Allow the State to guarantee new credits
Additional spending: Additional health spending, unemployed and self-employed; strategic stock of basic food items; continued payments of benefits for ALMPs; activation of mechanism for the State to • Accelerated VAT refunds. finance strategic private companies.
amounting to TND 1.5 bn for management,
USD bn USD bn USD bn
including the creation of a fund for the acquisition take charge of the interest rate differential between the monetary market rate and the effective interest rate, on investment loans for SMEs (max 3%); • Creation of a “bridging fund” of TND
operation and maintenance provided by the
Tunisia
1.1 0.1 0.9 0.1 0.3 0.2 0.1
of equipment for public hospitals. creation of a special program for the support of social work institutions and job creation for vulnerable classes. Deferred revenue: 100 mn on the initiative of the CDC,
banking system until December 31, 2020
• Postponement of CIT payments, other for the repurchase of shares in
reimbursable over seven years, including a
Forgone revenue: Waiver of VAT for businesses Forgone revenue: Suspension of penalties for delayed tax returns for three months, starting April 1. Amnesty on customs offenses against industrial taxes, and social contributions until June. investment funds for companies in
two-year grace period in sectors such as
selling medicines. establishments convicted before March 20, 2020 (with the latter required to pay the amounts due to customs with a 10% fine). Allow companies to revalue • Rescheduling tax arrears for up to 7 years. strategic sectors experiencing
tourism, transport, culture, etc.
their assets based on real value, while exempting the goodwill. • Deferral of car road tax payments. difficulties.
• Creation, at the initiative of the CDC,
of an investment mechanism of TD
% GDP % GDP % GDP
100 mn for the acquisition of
2.7 0.4 2.3 0.3 0.8 0.6 0.2
equipment for hospitals and public
health establishments.
LC bn 32 n.a. n.a. LC bn n.a. n.a. LC bn n.a. n.a.
United Arab Emirates General Government
Additional spending: Additional disinfection Additional spending: The interventions are targeted at relieving hard-hit SMEs and households through a combination of improved access to affordable
procedures carried out in health, education and credit, subsidies, fee exemptions, improved payment terms on government contracts and additional waivers and rebates initially planned for 3 months. A • The Abu Dhabi government • State-owned enterprises and banks have
other public facilities. Active screening and testing, dedicated task force has been established to ensure smooth and uninterrupted supply of consumer goods. announced provision of loans to • Abu Dhabi: Credit guarantees and liquidity been asked to support the private sector
USD bn USD bn USD bn
continuous surveillance and rapid response team SMEs. support to small- and medium-sized through loan restructuring, lowering lease
8.7 to deal with suspected cases. Free vaccines. Free Forgone revenue: Suspension or reduction of various government fees, labor charges, and penalties for the business sector; reduction of lease payments • Dubai government injected $ 3 bn enterprises. payments (by real estate companies), halting
PCR tests for students (from July 2021) and in government-owned premises and malls; cancelling certain fines imposed by the government and the customs department and tax reimbursements to equity into the Emirates airlines. evictions, etc.
vulnerable groups. hotels and restaurants.
% GDP % GDP % GDP
2.4
LC bn LC bn LC bn
Credit guarantee scheme for the SME
631 253 378 20.0 20.0
sector.
Additional spending:
· Expansion of existing social transfer programs for vulnerable households, including allowance programs for the disadvantaged elderly people, widows and
Additional spending:
female divorcees, and food aid distribution; Cash assistance to the jobless poor affected by COVID-19.
Additional spending on vaccines, healthcare
· Wage support for export-oriented industries; Fund for the construction of home for homeless people; Providing support for farm mechanization; Enhancing
equipment, testing; compensation against COVID-
the amount of agricultural subsidy; Employment creation program through government financial institutions; Subsidy for partial remission of commercial
Central Government
19 related health risks of officials, doctors and
bank's suspended interest of April and May of 2020; Social safety net program for the workers who lost their job in the RMG, leather goods and footwear
USD bn USD bn USD bn
field staff; hiring of additional healthcare workers,
Bangladesh
industries. Micro-credit and the marginal people's livelihood development program.
7.4 3.0 COVID-19 Preparedness and Response Plan by 4.5 0.2 0.2
the Ministry of Health. etc.
Forgone revenue:
· Income tax relief e.g. increase in tax-free limit (from 2.5 to 3.0 lakh for males, from 3.0 to 3.5 for females), reduction in minimum tax rate from 10% to 5%
Forgone revenue:
and in the maximum tax rate from 30% to 25%, and introduction of a tax rebate for taxpayers who file income tax returns online for the first time.
The National Board of Revenue has temporarily
· Corporate tax reductions e.g. reduction in tax rate for non-publicly traded companies from 35% to 32.5%, reduction of tax rate at source of local supply of
suspended duties and taxes on imports of medical
essential commodities, and withholding tax rate on export proceeds is reduced from 1% to 0.5%.
supplies, including protective equipment and test
· VAT rate reductions (e.g. Advance Tax on imported raw materials for manufacturing industries) and exemptions (penalty and interest in case of failure to
kits.
submit the VAT return and pay income tax on time).
· Preferential treatment on import duties for various essential raw materials for targeted industries.
% GDP % GDP % GDP
2.3 0.9 1.4 0.1 0.1
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
LC bn 329 42 287 LC bn 110 LC bn
Additional spending:
Additional spending: · clearance of arrears on death benefits due to deceased civil and military agents, indemnities and ancillary wages owed to retirees,
Hiring of additional healthcare workers, prevention . establishment of a Youth Entrepreneurship Fund;
Central Government
measures, clearance of arrears for medical . creation of a solidarity fund for the vulnerable population amounting to CFAF 100 billion.
expenses for civilian agents and defense and . clearance of arrears to suppliers;
Chad
security forces, etc. . subsidies to agriculture.
Forgone revenue:
Forgone revenue: ·exonerations of employer’s charges for the recruitment of young graduates, exemption from VAT on many items, particularly on equipment and other
tax exemptions and simplification of the import agricultural related ingredients, and reduction of charges for enterprises that work in the hotels’ business.
USD bn USD bn USD bn
process for food and necessity items, including · reduction in business license fees and the presumptive tax by 50 percent, and (ii) tax breaks, such as carryforward losses and delays in tax payments,
0.6 0.1 health equipment. 0.5 which will be considered on a case-by case basis; 0.0 0.0
. suspension of payments of electricity and water bills,
% GDP % GDP % GDP
5.3 0.7 4.6 0.0 0.0
LC bn 84 21 63 LC bn 21 21 LC bn
Additional spending: Emergency food distribution to vulnerable individuals; emergency shelter and non-food items, additional protection of vulnerable
General Government
Additional spending: Increasing healthcare groups, additional education outlays, logistics, agricultural sector support, and support to FDI operations via facilitation of logistics in export and import
capacity, diagnostic and medical equipment, process. For FY2019/20, the authorities indicated that the COVID-19 related spending (including health and non-health sector) was 52.4 billion birr. For • Capital injection into the
USD bn USD bn USD bn
Ethiopia
increasing payments to health workers, FY2020/21, the authorities have allocated about 30 billion birr for COVID-19 related spending. Development Bank of Ethiopia by the
2.4 0.6 1.8 0.6 0.6
procurement of personal protective equipment. Ministry of Finance. Not strictly related
Forgone revenue: to Covid, but aimed at facilitating
Forgone revenue: Import tax exemptions for • Forgiveness of tax debt prior to 2014/15 and amnesty on interest and penalties for tax debt pertaining to 2015/16-2018/19. lending by DBE to private enterprises.
medical supplies. • Exemption from personal income tax withholding for 4 months for firms who keep paying employee salaries despite not being able to operate due to Covid-
% GDP % GDP % GDP
19.
2.5 0.6 1.9 0.6 0.6
LC bn 12.5 4.2 Additional spending: address availability of test
8.3 n.a. LC bn 1.2 1.2 LC bn
Central Government
kits, pharmaceuticals, equipment, and bed Additional spending:
capacity. Investment in healthcare infrastructure, •The government committed US$100 million to support preparedness and response, and about US$160 million under its Coronavirus Alleviation • Soft loan scheme to support MSMEs
Deferred revenue:
Ghana
including the construction or upgrade of 100 Programme to the promotion of selected industries (e.g., pharmaceutical sector supplying COVID-19 drugs and equipment), the support of SMEs, and including a one-year postponement of
USD bn USD bn USD bn
• Tax filing dates were extended by six
2.2 0.8 district and regional hospitals. 1.5 employment. 0.2 0.2 interest payments for non-marketable
months.
• Food packages and National Buffer Stock Company and subsidies for water and sanitation bills. debt and a two-year repayment period.
Forgone revenue: Tax waiver for health • Subsidies for water and sanitation bills.
personnel.
% GDP % GDP % GDP
3.3 1.1 2.2 0.3 0.3
LC bn 55 49 6.6 LC bn 15 15 LC bn
Central Government
Guinea-Bissau
Additional spending: Emergency measures to
upgrade the main national hospital,
USD bn USD bn USD bn
Additional spending: Transfers to vulnerable families (0.1 percent of GDP), citizen security to enforce COVID-19 measures (0.2 and 0.1 percent of GDP in Loans to banks for on-lending to the
0.1 0.1 pharmaceuticals, food provision and medical 0.0 0.0 0.0
2020 and 2021, respectively) and investments to strengthen the agricultural sector (0.4 percent of GDP in 2021). cashew sector.
equipment to the country’s hospitals. Also
includes vaccine costs.
LC bn % GDP LC bn % GDP LC bn % GDP
6.7 5.9 0.8 1.8 1.8
20 12.7 7.4 2.8 16 9.6 Public development bank Banhprovi 6.9 0
will deploy L5,625 mn (0.9 percent of
• Public development bank Banhprovi will
Central Government
Deferred revenue: Congress approved GDP), funded with loans from the
provide $275 mn in guarantees to cover
Additional spending: Healthcare personnel, deferrals to the second half of 2020 and regional development bank CABEI, to
USD bn USD bn USD bn
potential losses on new loans to SMEs and
Honduras
0.8 0.5 facilities and supplies, including vaccines. 0.3 early 2021 for payments of income taxes 0.3 finance loans to SME and other 0.3 0.0
Additional spending: Temporary unemployment benefits to formal workers (0.6 percent of GDP), delivery of food supplies to poor families (0.2 percent of other companies, with varying coverage of
and social contributions, favoring especially sectors affected by the pandemic. A
GDP), and cash transfers to informal workers (0.4 percent of GDP). commercial banks' exposures on the loans
Foregone Revenue: Temporary VAT exemptions SMEs. VAT payments were also deferred dedicated L4,000 mn (0.7 percent of
covered by the guarantee scheme. The
for medical supplies for SMEs in non-essential sectors not GDP) rediscount facility funded with
scheme will be funded with loans from the
% GDP % GDP % GDP
operating during the curfew. accumulated profits at Banhprovi was
regional development bank CABEI.
3.4 2.2 1.3 1.2 also created for loans restructured as 1.2 0.0
a result of the pandemic.
LC bn 264 21.6 242 33 LC bn LC bn
Accelerated spending:
Additional spending (56 bn): Social protection and cash transfers; food relief; and funds for expediting payments of existing obligations to maintain cash
Central Government
• Expedite payment of all verified VAT
flow for businesses during the crisis, rehabilitate road and school infrastructure; hiring of teachers; supply of farm inputs; improve market access for
Additional spending: Recruitment of additional refunds; or in the alternative, allow for
USD bn USD bn USD bn
farmers; renovation of tourist facilities.
health workers, expansion of hospital bed offsetting of withholding VAT, in order to
Kenya
2.5 0.2 2.3 0.3
capacity, enhanced surveillance, laboratory improve cash flows for businesses.
Forgone revenue (186 bn): Full income tax relief for persons earning below the equivalent of $225 per month, reduction of the top pay-as-you-go rate from
services, isolation units, equipment, supplies, and • Payment of verified pending bills to
30 to 25 percent, reduction of the base corporate income tax rate from 30 to 25 percent, reduction of the turnover tax rate on small businesses from 3 to 1
communication and vaccines. improve liquidity in the economy and
percent, and a reduction of the standard VAT rate from 16 to 14 percent. Some of the tax measures, including the reduction of top PAYE rate, corporate
ensure businesses remain afloat by
income tax rate and VAT were reversed effective January 1, 2021.
% GDP % GDP % GDP
enhancing their cash flows.
2.5 0.2 2.3 0.3
Deferred revenue: Deferment of income Government plans to extend government
• Extend and Improve Quarantine
LC bn LC bn LC bn
and commercial tax payments due in the guarantees to firms, existing or new, in
832 185 647 300 300
Centres/Facilities; second third, and fourth quarters of FY selected high growth sectors affected. No
Non-financial Public Sector
· Importation of Key Medical Products; upgrade 19/20 to January 31, 2021 amount is announced.
Establish funds to on lend to support
Existing Health Facilities based on different priority
Additional spending: Cash transfers, food, cash-for-work, pension support, health benefit extension. Support for productivity enhancement in businesses, SME, MFI, small farmers, trade
levels;
and targeted support to rural and agriculture sectors financing.
Myanmar
· Ensure regular, stable electricity supply
Forgone revenue: Waive the 2% Withholding Tax on exports. Additional 100 billion kyat from re-
(including through provision/purchase of
Further tax relief on additional salary and wage expenses and additional expenditures for capital equipment during Income Year 2019-2020 was granted by appropriation of ministries’ budget
USD bn USD bn USD bn
generators and fuel) for specialized medical (and
0.6 0.1 0.5 an order of the President Office on June 12. Exempt electricity tariffs for all households (excluding embassies and 0.2 0.2 was allocated to COVID-19 Fund for
associated) facilities handling COVID-19 affected
international organizations) up to 150 units per month for April to December. providing soft loans to COVID-19
patients in States and Regions where
affected businesses.
electrification levels are low.
· Ensure refrigeration for cold chain maintenance
for vaccinations and special drugs
% GDP % GDP % GDP
0.7 0.2 0.6 0.3 0.3
A. Above-the line measures B. Below the line measures C. Contingent liabilities
Government Total on- Total off- Equity injections, asset purchases,
Total Additional spending and forgone revenue in the Total Additional spending and forgone revenue Total D. Accelerated spending and deferred Total Total Total Quasi-fiscal operations (noncommercial activity
s Unit budget
size health sector size in areas other than health size revenue in areas other than health Unit budget
size
loans, debt assumptions, including Unit size
Guarantees (on loans, deposits etc.)
size of public corporations on behalf of government)
Level
(A-D) (B+C) through extra-budgetary funds
LC bn 58 26
Additional spending:
33 LC bn 100 50 LC bn 50
• Reinforced protection for medical staff;
increased capacity to quarantine; recruitment of
1,500 health workers; set up isolation sites; Additional spending:
• Exemption of VAT and duties on medical goods. • Compensation for job losses and to businesses for loss of value added.
USD bn USD bn USD bn
Central Government
0.1 0.0 0.1 • Support to vulnerable households, food and cash transfers; 2 month-suspension of utility bills for vulnerable households. 0.2 0.1 0.1
Forgone revenues: There are bank guarantees to the
• Increase social assistance packages; Support to informal enterprises, formal sector for the lost values, and formal job loss for the next 6 months.
Higher depreciation cost allowed in tax declaration government for unpaid taxes beyond the
• Support to local industries, agriculture and food production. Credit support to the private sector in
Niger
for businesses suspension period announced. Credit
the form of loan guarantees placed in
New import credits support to the private sector in the form of
Forgone revenues: dedicated bank deposits.
Delaying vehicle taxes loan guarantees worth 50 bn supporting a
• Higher depreciation cost allowed in tax declaration for businesses; provide new import credits; delay vehicle taxes; suspension of the uniform informal tax total of 150 bn in new loans to private sector.
Suspension of fiscal controls
and transport VAT in urban centers.
Suspension of the uniform informal tax and
transport VAT in urban centers • Reduction of VAT on the hotel sector to 10 percent and the exemption of the minimum flat tax (IMF) from 2019 tax declarations. Suspension of tax
Reduction of VAT on the hotel sector to 10 percent collection from travel agents, restaurant and the sports sector.
% GDP % GDP % GDP
0.7 0.3 and the exemption of the minimum flat tax (IMF) 0.4 1.3 0.6 0.6
from 2019 tax declarations
Suspension of tax controls
Additional spending: The Federal Executive
Council (FEC) approved the N2.3 trillion stimulus
LC bn 3729 2372 package (1.5% of GDP) proposed by the 1357 LC bn LC bn
Economic Sustainability Committee, designed to
cushion the impact of the COVID-19 pandemic on
Nigeria’s economy. Measures include: mass
agriculture program, extensive public work and
General Government
road construction, mass housing program,
strengthening social safety net, support micro, Additional spending: Measures include: mass agriculture program, extensive public work and road construction, mass housing program, strengthening
Nigeria USD bn USD bn USD bn
small and medium enterprise, etc. The stimulus social safety net, support micro, small and medium enterprise. Conditional cash transfers are provided to households on the social register, the coverage of
10.4 6.6 3.8
package includes the initially approved N500 which is being expanded from 2.6m to 3.6m households. School feeding programs continue even with school closures. A Special Public Works program is
billion (0.34% of GDP) intervention fund, which set up.
was approved by the President to support
healthcare facilities, provide relief for taxpayers Forgone revenue: Income tax relief and import duty waivers for medicine and medical goods were introduced.
and incentivize employers to retain and recruit
staff during the downturn.
In July, the parliament approved the 2021
% GDP % GDP % GDP
2.4 1.5 supplementary budget of N983 bn, of which N72 0.9
bn will be additionally spent for vaccine and health
sector (the rest will go to security spending).
• Guarantee fund will provide credit
LC bn LC bn LC bn
795 181 614 80 200 200 guarantees for companies affected by the
COVID-19 crisis (CFAF 70 billion) through
Accelerated spending (31 bn): the budget, including with support from the
Additional spending (97 bn): Enhance treatment
Central Government
Additional spending (544 bn): (i) social safety net programs: urgent food aid, subsidies to help the most vulnerable to pay utility bills (water, electricity) and Accelerated domestic VAT refunds. European Investment Bank, which would
and testing capacity through procuring medical
USD bn USD bn USD bn
support to diaspora (CFAF 97 bn - 0.68% of GDP), (ii) other economic support measures, such as direct support to heavily hit sectors (CFAF 100 bn - leverage another FCFA 130 billion from the
supplies, improve prevention, intensify
Senegal
1.4 0.3 1.1 0.68% of GDP), (iii) some arrears to private sector suppliers will be settled faster than originally anticipated (CFAF 200 billion - 1.40% of GDP), and (iv) 0.1 Deferred revenue (49 bn): Deadline for 0.3 0.3 banking sector. Money would be deposited
communication, conduct a wide vaccination
action on securing key food and energy supplies (CFAF 34 billion - 0.24% of GDP). payment of suspended VAT extended from in a special account, with the government
campaign.
12 to 24 months (CFAF 15 billion). portion to be called first. Unused resources
Forgone revenue (70 bn): Tax rebates for companies that keep their workers on payroll or pay 70% of salary (FCFA 40 billion - 0.28% of GDP). Import VAT Accelerated refund of VAT credits, deferral would flow back to the government. From the
Forgone revenue (3 bn): Exoneration of import
suspension for 24 months. Accelerated domestic VAT refunds. of CIT for SMEs and companies in hardest total, CFAF 100 billion will go for credit to
tax/duties for health related imports.
% GDP % GDP % GDP
hit sectors. large companies with a 20 percent state
5.6 1.3 4.3 0.6 1.4 1.4 guarantee and CFAF 100 billion for small
enterprises with a state guarantee of 50
percent.
Additional spending (22,700 bn):
· Doubled the number of households receiving social benefits;
LC bn 34,100 7,050 27,050 · Raised spending to cover the average salary for worker taking care of their children during the quarantine period. LC bn 12,375 12,375 LC bn
· Increased spending to cover leave payments of employees of age 60+ with chronic illnesses (that must stay at home during quarantine period).
General Government
· Provided assistance to affected businesses via revolving facilities, debt service deferrals at subsidized interest.
Additional spending on medicines, quarantines, · Increased spending for public works to support infrastructure in the regions and support employment. Government equity injections and new
Uzbekistan
treatment, and hospital facilities. Salary · Increased lending to individual entrepreneurs and state enterprises. loans to SOEs to repay debt and
supplement for medical employees (6 percent of finance additional investment. Rollover
wage for the time engaged in anti-COVID-19 Forgone revenue (4,350 bn): loans issued under the government
measures). · Reduction of minimum payment of social tax for individual entrepreneurs (a single tax for small businesses) from UZS 223,000 to UZS 111,500 per month program for individual entrepreneurs.
during Apr-Oct 2020: (central government). Reduced tax rate for usage of water resources for farmland by 50 percent: (central government); Temporary
USD bn USD bn USD bn
suspension of tourism tax: (central government); Extended a moratorium on tax audits: (central government)
3.4 0.7 2.7 · Moratorium on tourism and hotels from paying property and land tax and social tax rate is reduced from 12 to 1 percent (central government). SMEs 1.2 1.2
whose revenue drops significantly can defer payments of turnover tax, land tax, property tax, social and water use tax.
·Exemption of income tax for self employees.
% GDP % GDP % GDP
5.7 1.2 4.5 2.1 2.1
• Proposal to cut electricity prices by 10
LC bn LC bn LC bn
percent for certain enterprises and households,
141,030 31,900 109,130 295,000 76,100 26,000 50,100
Additional spending: Planned cash transfers of VND36 tn a cash transfer package from April to June: (i) the poor and near poor households (VND 250 Affected firms and workers are and exempt payment for quarantine zones,
Additional spending: Additional spending on
thousand/person/month); (ii) recipients of social protection program (additional VND 500 thousand/person/month on top of the monthly allowance); (iii) allowed to defer their contribution (up with Vietnam Electricity (EVN) bearing costs of
General government
medical equipment and materials. Treatment
workers who temporarily stopped working (VND 1.8 million/person/month); (iv) unemployed workers without insurance, and self-employed workers (VND 1 to 12 months) to the pension fund and price adjustment (0.1 percent of GDP).
costs of Covid-19 positive patients are covered by Deferred revenue: Payments of VAT, CIT
million/person/month); (v) households with monthly taxable revenue below VND 100 million that temporarily suspended business (VND 1 survivor-ship fund with no interest Moreover, firms receive concessional loans
Vietnam
either Health Insurance Fund (under Vietnam and of land rental fees are deferred by 5
million/household/month). Nearly 10 million people are estimated to benefit from this support package. penalty for late payment (estimated to from the development bank (VSBP), financed
Social Security) or by the state budget. months, and payment of PIT tax obligations
be VND 9.5 tn). VSS measures in by the central bank through a refinancing
USD bn USD bn USD bn
is deferred to year-end (total value of VND
6.1 1.4 4.7 Forgone revenue: Raise the deductibles of personal income tax starting in July, including individual thresholds and dependent deduction. Fees reduction 12.7 3.3 1.1 2021 at 16.5 tn, of which 3.6tn are 2.2 window at zero interest rate, to make salary
Forgone revenue: Exemption of import tariff for 180 tn).
for supporting firms and workers, effectively from May and extended to June 2021, including construction and tourism-related fees are cut down by 50 exemptions of premium contributions, payments to their workers who are temporarily
medical material. Suspension of VAT for
percent. Water resource-related fees were also downward adjusted by 20 percent. Lower business registration fee; streamline tax and custom audit and 8.4tn are deferrals, and 4.5 tn are job laid off (0.2 percent of GDP). In 2021, cut
domestically produced medical material.
inspection at firms; continued exemption of agricultural land use tax; corporate income tax relief for SMEs. retention programs. electricity prices temporarily estimated at 4.1
tn, cut telephone prices at 10 tn, and
% GDP % GDP % GDP
1.8 0.4 1.4 3.7 1.0 0.3 0.6 concessional VBSP lending at 7.5 tn.
LC bn LC bn LC bn
7.1 1.0 Additional spending: 6.1 0.9 0.9
The government has announced an 8 billion
kwacha Covid-19 Mitigation Bond to finance Additional spending:
related spending, which includes 1 billion in health- • 3.1 billion to clear arrears to suppliers of goods and services, on VAT refunds, on pensions, as well as third-party arrears to micro-finance institutions.
USD bn USD bn USD bn
related spending: purchases of equipment and • 0.5 billion for youth empowerment programs;
Central Government
0.4 0.1 clearance of arrears to local drug suppliers. 0.3 • 1.7 billion for grain purchases; 0.0 0.0
• 0.8 billion for other purposes;
Zambia
Forgone revenues: · The 2021 Budget envisions tax breaks for tourism: a permanently lower CIT rate and suspended import duties and fees; Recapitalize NATSAVE (development
The government has suspended import duties and bank).
VAT on some medical supplies and devices, Forgone revenues: Import duties on mineral concentrate and export duties on precious metals
including testing equipment, protective garments, and crocodile skin were suspended. The government has waived tax penalties and interest on outstanding tax liabilities resulting from the impact of COVID-
thermometers, disinfectants, sterilization products, 19. It also removed provisions relating to claiming VAT on imported spare parts, lubricants, and stationery.
% GDP % GDP % GDP
2.0 0.3 ventilators and patient monitoring devices. 1.7 The 2021 Budget envisions zero rating under the VAT for equipment used for full body sanitization for a period of one year, as well as tax breaks for tourism: 0.3 0.3
The government has also suspended excise duty a permanently lower CIT rate and suspended import duties and fees.
on ethanol for use in alcohol-based sanitizers and
other medical commodities.
Sources: National authorities and IMF staff estimates.
Note: Total size of on-budget measures (A) does not include accelerated spending and deferred revenues (D). Although the latter incur a change in the timing of the cash flows, there are usually no net impact on reported accrued revenue and expenditure flows in cases where the obligation to pay is unchanged. All measures a re as of September, 2021, and quantified in gross terms, that is regardless of how they are financed or their net impact on the government budget. 'mn', 'bn', and 'tn' refer to million,
billion, and trillion respectively; 'LC bn' refers to local currency billion and 'n.a.' are not available. Numbers in U.S. dollar and percent of 2020 GDP are based on October 2021 World Economic Outlook database unless otherwise stated. Estimates for the liquidity support programs such as guarantees refer to the announcement rather than the actual implementation or applications approved, and do not consider whether the programs have expired or extended. G20 = Group of Twenty; AE = Advanced Economy;
EM = Emerging Market; LIDC = Low Income Developing Country.
1/ The country list includes European Union as well, but the total global fiscal support does not include measures announced by the European Union because those are financing the measures by member states, which are included individually.
2/ Norway fiscal support measures are expressed in percent of continental GDP.
Table 1. Summary of Country Fiscal Measures in Response to the COVID-19 Pandemic since January 2020
(USD billion and percent of 2020 GDP)
USD Billion Percent of GDP
Above the line measures Liquidity support Above the line measures Liquidity support
Additional spending or Accelerated Below the line Additional spending or Accelerated Below the line
foregone revenues spending / measures: equity Contingent liabilities foregone revenues spending / measures: equity Contingent liabilities
Non- deferred injections, loans, asset Quasi- Non- deferred injections, loans, asset
Health Health
Subtotal health revenue Subtotal purchase or debt Guarantees fiscal Subtotal health revenue Subtotal purchase or debt Guarantees Quasi-fiscal operations
sector sector
sector assumptions. operations sector assumptions.
G20: Advanced economies
Australia 250 14 236 24 10 14 18.4 1.0 17.4 1.8 0.8 1.0
Canada 262 46 216 68 65 4 61 15.9 2.8 13.1 3.9 4.0 0.2 3.7
European Union 488 0 488 873 799 74 3.8 0.0 3.8 6.7 6.1 0.6
France 253 39 214 79 399 18 381 9.6 1.5 8.2 3.0 15.2 0.7 14.5
Germany 589 70 519 1058 114 944 15.3 1.8 13.6 27.8 3.0 24.8
Italy 205 23 183 8 665 4 661 10.9 1.2 9.7 0.4 35.3 0.2 35.1
Japan 844 105 739 27 1429 147 1282 16.7 2.1 14.6 0.5 28.3 2.9 25.4
Korea 105 12 93 28 166 60 106 6.4 0.7 5.7 1.7 10.1 3.7 6.5
Spain 107 22 86 0 184 1 172 11 8.4 1.7 6.7 0.0 14.4 0.1 13.4 0.9
United Kingdom 522 131 391 16 453 1 452 19.3 4.8 14.4 0.6 16.7 0.0 16.7
United States 5328 687 4641 18 510 56 454 25.5 3.3 22.2 0.1 2.4 0.3 2.2
G20: Emerging markets
Argentina 21 5 16 0 10 1 9 5.3 1.3 4.1 0.0 2.6 0.3 2.3
Brazil 133 21 112 45 89 15 73 9.2 1.5 7.8 3.1 6.2 1.1 5.1
China 711 21 689 232 193 58 135 4.8 0.1 4.6 1.6 1.3 0.4 0.9
India 109 14 95 18 166 9 141 16 4.1 0.5 3.6 0.7 6.2 0.3 5.3 0.6
Indonesia 99 22 77 9 2 7 9.3 2.0 7.3 0.9 0.2 0.6
Mexico 7 5 2 4 13 1 0.3 12 0.7 0.4 0.2 0.4 1.2 0.1 0.0 1.1
Russia 74 11 63 6 22 8 7 7 5.0 0.7 4.3 0.4 1.5 0.5 0.5 0.5
Saudi Arabia 18 14 4 11 7 7 2.6 2.1 0.5 1.6 1.0 1.0
South Africa 18 2 15 3 12 12 0 5.3 0.7 4.6 0.9 4.1 4.0 0.1
Turkey 25 3 22 10 69 3 46 20 3.5 0.4 3.1 1.4 9.6 0.4 6.4 2.8
Other Selected Advanced Economies
Austria 65.7 7.6 58.1 12.2 12.2 15.2 1.8 13.4 2.8 2.8
Belgium 42.1 11.0 31.2 14.7 61.2 1.8 59.3 8.2 2.1 6.1 2.9 11.9 0.4 11.5
Cyprus 2.0 0.2 1.8 0.3 2.2 0.5 1.7 8.3 0.8 7.5 1.5 9.3 1.9 7.3
Czech republic 22.6 6.4 16.2 0.6 38.0 0.0 37.9 9.2 2.6 6.6 0.3 15.5 0.0 15.5
Denmark 12.2 12.2 48.7 55.7 43.1 12.6 3.4 3.4 13.7 15.6 12.1 3.5
Estonia 1.6 0.4 1.2 1.4 1.0 0.4 5.8 1.6 4.2 5.1 3.8 1.3
Finland 12.9 4.7 8.2 0.6 19.9 1.4 13.9 4.6 4.8 1.7 3.0 0.2 7.4 0.5 5.2 1.7
Greece 33.1 1.6 31.5 1.9 7.0 3.8 3.2 17.5 0.8 16.7 1.0 3.7 2.0 1.7
Hong Kong SAR 55.6 4.5 51.2 11.0 11.0 16.0 1.3 14.7 3.2 3.2
Iceland 2.2 0.1 2.1 0.1 0.2 0.2 10.1 0.6 9.6 0.3 1.1 1.1
Ireland 49.1 5.1 44.0 3.3 11.4 5.7 5.7 11.5 1.2 10.3 0.8 2.7 1.3 1.3
Israel 42.9 9.4 33.5 2.1 15.3 2.0 13.3 10.3 2.2 8.1 0.5 3.7 0.5 3.2
Latvia 3.5 0.7 2.9 0.7 0.3 0.4 0.0 10.6 2.0 8.6 0.0 2.0 0.8 1.2 0.0
Lithuania 4.4 1.1 3.3 1.6 1.6 0.4 1.1 7.9 2.0 5.9 2.9 2.8 0.8 2.0
Luxembourg 3.1 0.3 2.7 5.2 4.3 0.5 2.9 1.0 4.2 0.5 3.7 7.2 5.9 0.6 3.9 1.4
Macao SAR 11.1 0.1 10.9 45.4 0.4 45.0
Malta 1.8 0.2 1.6 0.2 0.9 0.9 10.7 1.0 9.7 1.5 6.0 6.0
The Netherlands 93.9 18.9 75.0 13.1 39.7 39.7 10.3 2.1 8.2 1.4 4.3 4.3
New Zealand 40.4 3.3 37.1 4.1 2.2 1.9 19.3 1.6 17.7 2.0 1.1 0.9
Norway 23.9 2.6 21.3 14.6 6.3 8.3 7.4 0.8 6.6 4.5 2.0 2.6
Portugal 13.8 2.5 11.3 1.3 13.1 13.1 6.0 1.1 4.9 0.5 5.7 5.7
Singapore 62.5 13.5 49.1 15.9 15.9 18.4 4.0 14.4 4.7 4.7
Slovak Republic 6.3 1.3 5.0 0.6 1.8 0.0 1.8 5.9 1.2 4.7 0.6 1.7 0.0 1.7
Slovenia 5.2 0.4 4.8 0.5 3.5 1.0 2.5 9.4 0.8 8.6 0.9 6.6 1.9 4.7
Sweden 22.5 4.1 18.3 36.4 28.4 1.3 27.1 4.2 0.8 3.4 6.7 5.3 0.2 5.0
Switzerland 59.5 7.7 51.8 46.7 1.2 45.6 7.9 1.0 6.9 6.2 0.2 6.1
Table 1. Summary of Country Fiscal Measures in Response to the COVID-19 Pandemic since January 2020
(USD billion and percent of 2020 GDP)
USD Billion Percent of GDP
Above the line measures Liquidity support Above the line measures Liquidity support
Additional spending or Accelerated Below the line Additional spending or Accelerated Below the line
foregone revenues spending / measures: equity Contingent liabilities foregone revenues spending / measures: equity Contingent liabilities
Non- deferred injections, loans, asset Quasi- Non- deferred injections, loans, asset
Health Health
Subtotal health revenue Subtotal purchase or debt Guarantees fiscal Subtotal health revenue Subtotal purchase or debt Guarantees Quasi-fiscal operations
sector sector
sector assumptions. operations sector assumptions.
Other Selected Emerging Markets
Albania 0.3 0.2 0.2 0.2 0.2 2.3 1.1 1.1 1.6 1.6
Algeria 2 1.8 0.9 0.9 1.3 0.7 0.6
Angola 0.3 0.5
Antigua and Barbuda 0.1 0.0 0.1 0.0 5.7 0.3 5.4 0.0
Armenia 0.2 0.1 0.1 0.1 0.0 0.0 0.0 1.4 0.5 0.8 1.1 0.2 0.2 0.0
Aruba 0.2 0.1 0.1 9.2 3.6 5.6
Azerbaijan 1.0 0.4 0.7 1.1 0.9 0.3 2.5 0.9 1.6 2.7 2.0 0.7
Bahamas, The 0.4 0.0 0.3 0.1 0.0 0.0 3.5 0.2 3.3 0.7 0.2 0.2
Bahrain 1.0 0.5 0.5 0.0 0.9 0.7 0.3 0.0 2.8 1.5 1.3 0.0 2.7 1.9 0.8 0.0
Barbados 0.2 0.1 0.2 0.1 0.2 0.1 0.1 5.0 1.4 3.6 1.5 5.5 3.3 2.3
Belarus 0.4 0.3 0.1 0.5 0.5 0.6 0.6 0.0 0.8 0.8
Belize 0.0 0.1 0.1 0.6 3.2 3.2
Bolivia 2.0 0.5 1.5 0.0 4.1 0.2 2.9 1.0 5.5 1.3 4.2 0.0 11.2 0.6 7.8 2.8
Bosnia and Herzegovina 0.9 0.2 0.7 4.3 0.9 3.4
Botswana 0.3 0.1 0.2 0.1 0.1 0.1 1.7 0.8 0.9 0.5 0.7 0.7
Brunei Darussalam 0.1 1.2
Bulgaria 3.7 1.0 2.7 0.4 2.7 0.9 1.8 5.3 1.4 3.9 0.5 3.9 1.4 2.5
Cabo Verde 0.0 0.0 0.0 0.0 0.0 0.0 2.9 1.2 1.7 1.8 0.0 1.8
Chile 32.1 1.5 30.5 4.0 6.3 3.3 3.0 12.7 0.6 12.1 1.6 2.5 1.3 1.2
Colombia 12.5 3.9 8.7 0.5 14.6 7.7 6.9 4.6 1.4 3.2 0.2 5.4 2.8 2.6
Costa Rica 1.0 0.2 0.8 0.0 1.6 0.3 1.3 0.0
Croatia 2.6 0.3 2.3 0.6 2.0 0.9 1.1 4.6 0.5 4.1 1.1 3.6 1.7 1.9
Dominica 0.0 0.0 0.0 0.0 0.0 1.8 0.3 1.5 0.7 0.7
Dominican Republic 2.6 0.2 2.4 3.3 0.3 3.0
Ecuador 0.7 0.3 0.4 0.7 0.3 0.4
Egypt 5.7 0.8 4.9 0.5 0.5 1.6 0.2 1.3 0.1 0.1
El Salvador 0.6 0.1 0.5 0.6 0.6 2.6 0.5 2.1 2.4 2.4
Equatorial Guinea 0.1 0.1 0.0 0.0 0.0 0.0 0.8 0.6 0.2 0.3 0.0 0.0
Eswatini 0.1 0.0 0.1 3.2 0.7 2.5
Fiji 0.2 0.0 0.2 0.0 5.3 0.4 4.9 0.3
Gabon 0.3 0.1 0.2 0.0 0.0 0.0 2.0 0.8 1.2 0.1 0.0 0.1
Georgia 1.1 0.4 0.7 0.0 0.0 0.0 7.1 2.6 4.5 0.0 0.0 0.0
Grenada 0.0 0.0 0.0 0.0 2.3 0.5 1.8 0.4
Guatemala 2.8 0.4 2.3 3.6 0.5 3.0
Guyana 1.5 1.1 0.4 0.2 27.7 19.8 7.9 3.6
Hungary 17.8 7.7 10.1 6.5 6.5 11.5 4.9 6.6 4.2 4.2
Iran 35.7 14.3 21.4 40.5 4.3 1.7 2.6 4.8
Iraq 0.3 0.0 0.3 0.0 0.0 0.0 0.0 0.2 0.0 0.1 0.0 0.0 0.0 0.0
Jamaica 0.2 0.1 0.1 1.3 0.6 0.7
Jordan 0.7 0.3 0.4 0.8 0.1 0.7 1.6 0.7 0.8 1.8 0.2 1.6
Kazakhstan 9.4 1.2 8.2 0.5 4.9 0.0 4.9 5.5 0.7 4.8 0.3 2.9 0.0 2.9
Kosovo 1.0 0.1 0.9 0.0 0.0 12.3 1.2 11.1 0.0 0.0
Kuwait 1.6 1.5
Lebanon
Libya 0.9 4.2
Malaysia 21.0 0.8 20.2 0.0 11.9 0.0 11.9 6.2 0.2 6.0 0.0 3.5 0.0 3.5
Maldives 0.3 0.1 0.2 8.0 2.8 5.2
Marshall Islands 0.1 0.0 0.0 24.6 8.2 16.4
Mauritius 1.0 0.0 1.0 4.0 0.4 3.7 9.2 0.3 8.9 37.3 3.3 33.9
Micronesia, Fed. States of 0.1 0.0 0.1 19.6 4.9 14.7
Mongolia 1.6 0.2 1.4 0.9 0.0 0.0 0.9 12.0 1.2 10.8 6.5 0.3 0.0 6.2
Montenegro, Rep. of 0.4 0.0 0.3 0.3 0.3 0.3 0.0 7.6 0.4 7.2 5.2 5.6 5.5 0.1
Morocco 2.9 0.3 2.6 4.7 4.7 2.4 0.3 2.1 3.9 3.9
Namibia 0.2 0.0 0.1 0.2 0.1 0.1 1.5 0.4 1.0 2.1 1.2 1.2
Table 1. Summary of Country Fiscal Measures in Response to the COVID-19 Pandemic since January 2020
(USD billion and percent of 2020 GDP)
USD Billion Percent of GDP
Above the line measures Liquidity support Above the line measures Liquidity support
Additional spending or Accelerated Below the line Additional spending or Accelerated Below the line
foregone revenues spending / measures: equity Contingent liabilities foregone revenues spending / measures: equity Contingent liabilities
Non- deferred injections, loans, asset Quasi- Non- deferred injections, loans, asset
Health Health
Subtotal health revenue Subtotal purchase or debt Guarantees fiscal Subtotal health revenue Subtotal purchase or debt Guarantees Quasi-fiscal operations
sector sector
sector assumptions. operations sector assumptions.
Nauru 0.0 0.0 0.0 8.0 8.0 0.0
North Macedonia 0.6 0.1 0.5 0.4 0.4 5.0 0.6 4.4 3.0 3.0
Oman 0.4 0.0 0.4 0.1 0.1 0.6 0.0 0.6 0.0
Pakistan 5.2 1.1 4.1 3.0 2.0 0.4 1.6 1.2
Palau 0.0 0.0 0.0 8.1 0.4 7.7
Panama 1.8 0.9 0.9 3.4 1.7 1.7
Paraguay 1.7 0.7 1.0 0.1 0.0 0.1 4.7 2.1 2.7 0.3 0.0 0.3
Peru 19.7 3.4 16.3 3.4 19.8 0.0 19.8 9.6 1.7 7.9 1.7 9.6 0.0 9.6
Philippines 16.1 3.3 12.8 2.1 0.1 2.0 4.5 0.9 3.5 0.6 0.0 0.6
Poland 38.5 3.8 34.7 28.7 9.7 19.0 6.5 0.6 5.8 4.8 1.6 3.2
Qatar 1.4 0.9 0.5 1.4 1.4 1.0 0.6 0.4 0.9 0.9
Romania 8.5 2.4 6.1 0.5 10.4 0.4 10.0 3.4 0.9 2.5 0.2 4.2 0.2 4.0
Samoa 0.1 0.0 0.0 0.0 0.0 6.9 1.1 5.8 2.3 2.7 0.0 2.7
Serbia 6.4 1.2 5.2 1.4 1.7 1.7 0.0 12.2 2.3 9.9 2.7 3.2 3.2 0.0
Seychelles 0.1 0.0 0.1 0.0 6.5 0.5 6.0 0.2
Sri Lanka 0.9 0.3 0.7 1.1 0.3 0.8
St. Kitts and Nevis 0.0 0.0 0.0 3.5 0.5 3.0
St. Lucia 0.1 0.0 0.1 3.9 0.5 3.4
St. Vincent and the Grenadines 0.0 0.0 0.0 3.7 0.5 3.2
Thailand 73.2 21.3 2.9 10.4 8.0 14.6 4.2 0.6 2.1 1.6
Tonga 0.0 0.0 0.0 5.8 2.1 3.7
Trinidad and Tobago 0.6 0.0 0.5 2.6 0.1 2.5
Tunisia 1.1 0.1 0.9 0.1 0.3 0.2 0.1 2.7 0.4 2.3 0.3 0.8 0.6 0.2
Turkmenistan 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Tuvalu 0.0 0.0 0.0 0.0 12.6 0.0 12.6 12.6
Ukraine 5.3 1.9 3.4 2.2 2.2 3.5 1.3 2.2 1.4 1.4
United Arab Emirates 8.7 2.4
Uruguay 1.6 0.5 1.1 0.6 0.2 0.4 2.7 0.8 1.9 1.0 0.3 0.7
Vanuatu 0.0 0.0 0.0 0.0 0.0 3.8 0.0 3.8 0.0 1.6 0.7 0.9
Selected Low-Income Developing Countries
Afghanistan 0.4 0.1 0.3 2.1 0.7 1.4
Bangladesh 7.4 3.0 4.5 0.2 0.2 2.3 0.9 1.4 0.1 0.1
Benin 0.4 0.2 0.2 0.0 0.3 0.1 0.2 2.6 1.4 1.2 0.2 1.6 0.7 0.9
Bhutan
Burkina Faso 0.6 0.3 0.3 3.8 1.7 2.1
Burundi 0.2 0.1 0.1 5.1 1.9 3.2
Cambodia 1.3 0.3 1.0 0.0 0.0 5.0 1.1 3.9 0.0 0.0
Cameroon 1.1 0.1 1.0 2.7 0.3 2.5
Central African Republic 0.0 0.0 0.0 1.2 0.7 0.4
Chad 0.6 0.1 0.5 0.0 0.0 5.3 0.7 4.6 0.0 0.0
Comoros 0.0 0.0 0.0 3.5 2.0 1.6
Congo, Republic of 0.2 0.1 0.1 0.0 0.0 2.3 1.3 1.0 0.4 0.4
Côte d'Ivoire 1.6 0.3 1.3 2.5 0.5 2.0
Democratic Republic of the Congo 2.0 0.1 1.9 4.0 0.2 3.9
Djibouti 0.1 0.0 0.1 3.0 0.8 2.2
Eritrea
Ethiopia 2.4 0.6 1.8 0.6 0.6 2.5 0.6 1.9 0.6 0.6
Gambia, The 0.1 0.0 0.1 0.0 4.4 1.2 3.1 1.4
Ghana 2.2 0.8 1.5 0.2 0.2 3.3 1.1 2.2 0.3 0.3
Guinea 0.2 0.1 0.1 0.0 0.0 1.5 0.9 0.6 0.1 0.1
Guinea-Bissau 0.1 0.1 0.0 0.0 0.0 6.7 5.9 0.8 1.8 1.8
Haiti 0.1 0.1 0.0 0.6 0.4 0.2
Honduras 0.8 0.5 0.3 0.3 0.3 0.0 3.4 2.2 1.3 1.2 1.2 0.0
Kenya 2.5 0.2 2.3 0.3 2.5 0.2 2.3 0.3
Kiribati 0.0 0.0 0.0 10.4 3.5 7.0
Table 1. Summary of Country Fiscal Measures in Response to the COVID-19 Pandemic since January 2020
(USD billion and percent of 2020 GDP)
USD Billion Percent of GDP
Above the line measures Liquidity support Above the line measures Liquidity support
Additional spending or Accelerated Below the line Additional spending or Accelerated Below the line
foregone revenues spending / measures: equity Contingent liabilities foregone revenues spending / measures: equity Contingent liabilities
Non- deferred injections, loans, asset Quasi- Non- deferred injections, loans, asset
Health Health
Subtotal health revenue Subtotal purchase or debt Guarantees fiscal Subtotal health revenue Subtotal purchase or debt Guarantees Quasi-fiscal operations
sector sector
sector assumptions. operations sector assumptions.
Kyrgyz Republic 0.5 0.0 0.4 6.1 0.3 5.8
Lao P.D.R. 0.0 0.0 0.0 0.1 0.1 0.0
Lesotho 0.1 0.0 0.1 0.0 0.0 0.0 3.7 0.3 3.4 0.0
Liberia 0.2 0.0 0.2 6.1 0.6 5.5
Madagascar 0.1 0.1 0.1 1.0 0.4 0.7
Malawi 0.1 0.0 0.0 0.5 0.4 0.1
Mali 0.6 0.1 0.4 0.0 0.0 0.0 3.2 0.7 2.5 0.0 0.2 0.2
Mauritania 0.4 0.1 0.3 5.0 0.7 4.2
Moldova 0.2 0.2 0.0 0.0 0.0 1.4 0.4 1.0 0.0 0.0
Mozambique 0.7 0.1 0.5 0.0 0.0 4.7 1.0 3.7 0.2 0.2
Myanmar 0.6 0.1 0.5 0.2 0.2 0.7 0.2 0.6 0.3 0.3
Nepal
Nicaragua 0.3 0.0 0.3 2.2 0.0 2.2
Niger 0.1 0.0 0.1 0.2 0.1 0.1 0.7 0.3 0.4 1.3 0.6 0.6
Nigeria 10.4 6.6 3.8 2.4 1.5 0.9
Papua New Guinea 0.5 0.2 0.3 0.1 0.1 2.3 0.9 1.3 0.2 0.2
Rwanda 1.1 0.0 10.1 0.0
São Tomé and Príncipe 0.0 0.0 0.0 2.6 1.3 1.4
Senegal 1.4 0.3 1.1 0.1 0.3 0.3 5.6 1.3 4.3 0.6 1.4 1.4
Sierra Leone 0.3 0.0 0.2 0.1 0.1 6.4 0.9 5.6 1.2 1.2
Solomon Islands 0.0 0.0 0.0 0.0 0.0 2.9 1.2 1.7 0.7 0.7
Somalia 0.1 0.0 0.1 2.4 0.2 2.2
South Sudan 0.1 0.0 0.1 1.3 0.1 1.1
Sudan 0.8 0.9
Tajikistan 0.2 0.2 0.1 0.0 0.0 3.0 1.9 1.1 0.5 0.5
Tanzania 0.0 0.0 0.0 0.0
Timor-Leste, Dem. Rep. of 0.5 30.7
Togo 0.3 0.1 0.2 4.3 1.7 2.6
Uganda 0.7 0.4 0.3 0.2 0.2 0.2 1.6 0.9 0.7 0.5 0.5 0.5
Uzbekistan 3.4 0.7 2.7 1.2 1.2 5.7 1.2 4.5 2.1 2.1
Vietnam 6.1 1.4 4.7 12.7 3.3 1.1 2.2 1.8 0.4 1.4 3.7 1.0 0.3 0.6
Yemen 0.2 0.0 0.2 1.2 0.1 1.1
Zambia 0.4 0.1 0.3 0.0 0.0 2.0 0.3 1.7 0.3 0.3
Zimbabwe 0.7 0.0 0.7 3.4 0.1 3.3
Global 10,793 1,451 9,255 775 6,117 376 4,046 1,695 10.2 1.4 8.6 0.9 6.2 0.4 4.1 1.6
Sources: National authorities and IMF staff estimates.
Note: Estimates as of Sep 27, 2021. Numbers in U.S. dollar and percent of GDP are based on October 2021 World Economic Outlook unless otherwise stated. The fiscal measures include resources allocated or planned in
response to the COVID-19 pandemic since January 2020, which will cover implementation in 2020, 2021, and beyond.
The country list includes European Union as well, but the total global fiscal support does not include measures announced by the European Union because those are financing the measures by member states, which are included individually.
The global estimate of fiscal support includes above-the-line measures of additional spending and foregone revenue, as well as below the line measures and contingent liabilities from guarantees and quasi-fiscal operations.
1
Norway fiscal support measures expressed in percent of continental GDP.
2
The numbers are based on official estimates covering cumulative spending in 2020 and the first four months of 2021.
File and source
- File
- fiscal-monitor-database-of-country-fiscal-measures-in-response-to-covi.pdf
- Size
- 402,709 bytes
- SHA-256
- e59c6cbe35cc83981c666e5c4e4904806c98f0520709281cb0f5506093c91f74
- Original
- www.imf.org