## fiscalmeasuresdatabasejanupdate-030221 - 4.8 tn) ## Source details **Canonical URL:** [fiscalmeasuresdatabasejanupdate-030221 - 4.8 tn)](https://www.imf.org/-/media/files/topics/covid/fm-database/fiscalmeasuresdatabasejanupdate-030221.pdf) ## Other formats - [Markdown version](/-/media/files/topics/covid/fm-database/fiscalmeasuresdatabasejanupdate-030221.pdf.md) - [Structured JSON version](/-/media/files/topics/covid/fm-database/fiscalmeasuresdatabasejanupdate-030221.pdf.json) --- ### Japan — Emergency Economics Package and subsequent measures - Additional spending (JPY 74 tn) in the Emergency Economics Package against COVID-19 includes: - 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) - Subsidies for financial institutions' lending (JPY 3.8 tn) - 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 include: - Transfers to local governments (JPY 2 tn) - Expansion of work subsidies (JPY 1.3 tn) - Subsidies for public/private financial institutions' lending (JPY 11.7 tn) - Replenishment of cash transfers for firms (JPY 1.9 tn) - Subsidies to affected firms for rent payment (JPY 2 tn) - Additional measures announced December 8 include: - Incentives for firms to invest in green technologies (JPY 2.0 tn) - Subsidies to accelerate business restructuring of SMEs (JPY 1.1 tn) - Extension of the Employment Adjustment Subsidy (JPY 1.5 tn) - Transfers to the local governments (JPY1.5 tn) - Subsidies for financial institutions' lending (JPY 3.2 tn) - Measures to enhance national resilience (primarily public investments) (JPY 4.4 tn) - From April 2020 onwards, part of the COVID-19 reserve fund was spent on health and non-health measures totaling JPY 4.7 tn (excluding the spending approved on December 11, which is a part of the December 2020 package): - Replenishment of the cash transfer program for affected firms (JPY 0.9 tn) - Replenishment of the emergency loan program for affected households (JPY 0.5 tn) - Enhancement of healthcare capacity (JPY1.7 tn) - Procurement of vaccines (JPY 0.8 tn) - Top up the Employment Adjustment Subsidy (JPY 0.4 tn) ### Japan — Revenue measures and guarantees/quasi-fiscal operations - Forgone revenue: 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 (no aggregate number specified in the excerpt). - Deferred revenue (JPY 26 tn): Deferral of payment of taxes and social security premiums by affected firms and households for one year. - Guarantees and large-scale credit measures: - Guarantees on bonds/borrowing by the Development Bank of Japan and the Japan Finance Corporation (JPY 7.6 tn) - Guarantees on external bonds issued by the Development Bank of Japan and Japan Bank for International Cooperation (JPY 1.1 tn) - Guarantees on bonds/borrowings by other public financial institutions for their equity injection programs. (JPY2.5 tn) - Expanded the guarantee cap on the capital injection scheme into banks (JPY 3 tn) - Expanded the insurance capacity of the Nippon Export and Investment Insurance (JPY1.5 tn) - Concessional loans and guarantees to affected firms through the public and private financial institutions. (JPY 112 tn) - Public financial institutions' provision of subordinated loans (quasi-equity) and equities (JPY 2.7 tn) - Public financial institutions' loans to affected hospitals and clinics (JPY 3.5 tn) - The university fund (JPY 4.0 tn) - Other quasi-fiscal operations using the Development Bank of Japan and other agencies (primarily for infrastructure projects) (JPY 15 tn) ### Korea — General government spending and health measures - Emergency spending and first supplementary budget (KRW 2.1 tn): Epidemic prevention and treatment, support for medical institutions and quarantined households. - Third supplementary budget (KRW 2.4 tn): Expanding diagnostic and treatment facilities and smart medical centers; promoting treatment and vaccine development; promoting test-trace-treatment to be a global standard and increasing official development aid of K COVID-19 response kits and tools. - Additional health spending (KRW 600 bn). - Additional spending (KRW 57.8 tn) breakdown: - Consumption coupons for the poor, emergency family care support, and support for business re-opening (KRW 5.6 tn) - The 1st supplementary budget: support for SMEs, additional consumption coupons, and grants to local governments (KRW 8.8 tn) - The 2nd supplementary budget: cash transfers to bottom 70% of households (KRW 14.3 tn) - The 3rd supplementary budget: support for companies, employment, and social safety nets; boost to consumption, investment, and local economies; and Korean new deal for digital and green investment (KRW 21.3 tn) - 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 and low income household, KRW 1.8 tn in daycare support and mobile bills) ### Korea — Deferred revenue, accelerated spending, and financing/support programs - Accelerated spending (KRW 3.3 tn): - Early purchases and prepayments for cash-strapped businesses (KRW 2.1 tn) - Frontload construction investment (KRW 1.2 tn), temporarily relaxing government procurement rules - Deferred revenue (KRW 29.7 tn): Tax deferral covering a broad range of taxes for small businesses and the self-employed in medical, tourism, performance, hospitality, and other affected sectors (VAT and corporation tax--KRW 4.9 tn); social security contribution payment and electricity charge deferral for households (KRW 10 tn); additional tax deferral for small shop owners and freelancers for 3 months (KRW 12.4 tn); transportation, energy, environment tax deferral for oil refinement companies and liquor tax deferral for brewing companies (KRW 2tn); deferral of customs duties (KRW 0.4 tn) - Major financing and guarantee programs: - First financial support program for small merchants (KRW 16.4 tn) - Second financial support program for small merchants (KRW 10.0 tn) - Full & special guarantees for SMEs and small merchants provided by state-backed financial institutions (policy banks) (KRW 16.8 tn) - Preferential guarantees for SMEs and export companies (KRW 7.9 tn) - P-CBO for companies affected by COVID-19 (KRW 11.7 tn) - Guarantees/loans related to trade financing and overseas projects (KRW 6 tn) - Guarantees/loans for venture capital and start-up (KRW 2.1 tn) - Credit recovery program by KAMCO (KRW 2.0tn) - Loan expansion to SMEs provided by state-backed financial institutions (KRW 21.2tn) - Support package to stabilize corporate bond and short-term funding market (except P-CBO) (KRW 11.1tn) - Low-rated corporate bond and CP purchase program (KRW 20.0tn) - Key Industry Stabilization Fund (KRW 40.0tn) - Stock Market Stabilization Fund (KRW 10.7tn) - Bond Market Stabilization Fund (KRW 20.0tn) ### Health-sector targeted measures and emergency disease prevention (selected highlights) - Emergency disease prevention funding highlighted as "0.2 tn for emergency disease prevention". - Country examples of health-specific measures and costs preserved exactly as presented in the content: - United Kingdom: Forgone revenue £2.2 bn (VAT and customs duty waivers on critical medical imports); Additional spending £110.8 bn to National Health Service to expand beds, medical staff, and equipment. - Spain: Additional spending €4.4 bn for Health Ministry and €2.9 bn advance transfer to regions within that total. - United States: Health spending components aggregated across legislative acts: - Coronavirus Preparedness and Response Supplemental Appropriations Act (March 6, 2020): $6.8 bn - Families First Coronavirus Response Act (March 18, 2020): estimated cost $178.9 bn - Coronavirus Aid, Relief, and Economic Security Act (March 27, 2020): $128.8 bn (includes $100 bn for hospitals, $4.3 bn for CDC, and vaccine development funding) - Paycheck Protection Program and Health Care Enhancement Act (April 23, 2020): includes $75 bn for hospitals and $25 bn for testing (estimated budget cost $99.6 bn) - Consolidated Appropriation Act (Dec.21, 2020): includes $20 bn for vaccine procurement and $9 bn for vaccine distribution (total health-related items included in a $69.5 bn total) ### Guarantees, quasi-fiscal operations, and large-scale credit facilities (selected country examples) - Japan: Concessional loans and guarantees to affected firms through the public and private financial institutions. (JPY 112 tn); other quasi-fiscal operations (JPY 15 tn). - Korea: Multiple large guarantee and stabilization funds including KRW 40.0tn Key Industry Stabilization Fund and KRW 20.0tn Bond Market Stabilization Fund. - Switzerland: Guarantees for Covid-19 bridge loans for firms with annual turnover up to CHF 500 mn (CHF 40 bn); guarantees for airlines (CHF 1.275 bn); COVID bridging loan losses (CHF 2 bn). - Brazil: Credit and support facilities including BRL 6.8 billion credit line to SMEs, BRL 48.1 billion support to funds which lend to microbusinesses, BRL 20 billion support to an investment guarantee fund. - China: Measures for guarantee/re-guarantee business increase by RMB 400 bn and special local government bond issuance (RMB 1.6 tn). ### Country aggregates and highlighted fiscal magnitudes (as presented) - Japan: Additional spending entries aggregated within the Emergency Economics Package amount to JPY 74 tn with numerous subsequent packages and reserve fund allocations totaling JPY 4.7 tn for health and non-health measures from April 2020 onwards. - Korea: Total additional spending listed as KRW 57.8 tn and extensive deferred revenue KRW 29.7 tn. - Switzerland: Guarantees envelope CHF 40 bn for bridge loans; targeted support and guarantees for airlines and startups with specific figures (CHF 1.275 bn, CHF 0.1 bn). - Global and tabulated aggregates preserved in the dataset (format and exact numeric strings as reported in source). *International Monetary Fund Fiscal Measures Database (January update) as presented in the supplied content.* ### 4.8 tn) ### fiscalmeasuresdatabasejanupdate-030221 - 4.8 tn) ### Japan — Emergency Economics Package and subsequent measures - Additional spending (JPY 74 tn) in the Emergency Economics Package against COVID-19 includes: - 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) - Subsidies for financial institutions' lending (JPY 3.8 tn) - 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 include: - Transfers to local governments (JPY 2 tn) - Expansion of work subsidies (JPY 1.3 tn) - Subsidies for public/private financial institutions' lending (JPY 11.7 tn) - Replenishment of cash transfers for firms (JPY 1.9 tn) - Subsidies to affected firms for rent payment (JPY 2 tn) - The government announced additional measures on December 8, including: - Incentives for firms to invest in green technologies (JPY 2.0 tn) - Subsidies to accelerate business restructuring of SMEs (JPY 1.1 tn) - Extension of the Employment Adjustment Subsidy (JPY 1.5 tn) - Transfers to the local governments (JPY1.5 tn) - Subsidies for financial institutions' lending (JPY 3.2 tn) - Measures to enhance national resilience (primarily public investments) (JPY 4.4 tn) - From April 2020 onwards, part of the COVID-19 reserve fund was spent on health and non-health measures totaling JPY 4.7 tn (excluding the spending approved on December 11, which is a part of the December 2020 package): - Replenishment of the cash transfer program for affected firms (JPY 0.9 tn) - Replenishment of the emergency loan program for affected households (JPY 0.5 tn) - Enhancement of healthcare capacity (JPY1.7 tn) - Procurement of vaccines (JPY 0.8 tn) - Top up the Employment Adjustment Subsidy (JPY 0.4 tn) ### Japan — Revenue measures and guarantees/quasi-fiscal operations - 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. - Deferred revenue (JPY 26 tn): Deferral of payment of taxes and social security premiums by affected firms and households for one year. - Guarantees and large-scale credit measures: - Guarantees on bonds/borrowing by the Development Bank of Japan and the Japan Finance Corporation (JPY 7.6 tn) - Guarantees on external bonds issued by the Development Bank of Japan and Japan Bank for International Cooperation (JPY 1.1 tn) - Guarantees on bonds/borrowings by other public financial institutions for their equity injection programs. (JPY2.5 tn) - Expanded the guarantee cap on the capital injection scheme into banks (JPY 3 tn) - Expanded the insurance capacity of the Nippon Export and Investment Insurance (JPY1.5 tn) - Concessional loans and guarantees to affected firms through the public and private financial institutions. (JPY 112 tn) - Public financial institutions' provision of subordinated loans (quasi-equity) and equities (JPY 2.7 tn) - Public financial institutions' loans to affected hospitals and clinics (JPY 3.5 tn) - The university fund (JPY 4.0 tn) - Other quasi-fiscal operations using the Development Bank of Japan and other agencies (primarily for infrastructure projects) (JPY 15 tn) ### Korea — General government spending and health measures - Emergency spending and first supplementary budget (KRW 2.1 tn): Epidemic prevention and treatment, support for medical institutions and quarantined households. - Third supplementary budget (KRW 2.4 tn): Expanding diagnostic and treatment facilities and smart medical centers; promoting treatment and vaccine development; promoting test-trace-treatment to be a global standard and increasing official development aid of K COVID-19 response kits and tools. - Additional health spending (KRW 600 bn). - Additional spending (KRW 57.8 tn) breakdown: - Consumption coupons for the poor, emergency family care support, and support for business re-opening (KRW 5.6 tn) - The 1st supplementary budget: support for SMEs, additional consumption coupons, and grants to local governments (KRW 8.8 tn) - The 2nd supplementary budget: cash transfers to bottom 70% of households (KRW 14.3 tn) - The 3rd supplementary budget: support for companies, employment, and social safety nets; boost to consumption, investment, and local economies; and Korean new deal for digital and green investment (KRW 21.3 tn) - 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 and low income household, KRW 1.8 tn in daycare support and mobile bills) ### Korea — Deferred revenue, accelerated spending, and financing/support programs - Accelerated spending (KRW 3.3 tn): - Early purchases and prepayments for cash-strapped businesses (KRW 2.1 tn) - Frontload construction investment (KRW 1.2 tn), temporarily relaxing government procurement rules - Deferred revenue (KRW 29.7 tn): Tax deferral covering a broad range of taxes for small businesses and the self-employed in medical, tourism, performance, hospitality, and other affected sectors (VAT and corporation tax--KRW 4.9 tn); social security contribution payment and electricity charge deferral for households (KRW 10 tn); additional tax deferral for small shop owners and freelancers for 3 months (KRW 12.4 tn); transportation, energy, environment tax deferral for oil refinement companies and liquor tax deferral for brewing companies (KRW 2tn); deferral of customs duties (KRW 0.4 tn) - Major financing and guarantee programs: - First financial support program for small merchants (KRW 16.4 tn) - Second financial support program for small merchants (KRW 10.0 tn) - Full & special guarantees for SMEs and small merchants provided by state-backed financial institutions (policy banks) (KRW 16.8 tn) - Preferential guarantees for SMEs and export companies (KRW 7.9 tn) - P-CBO for companies affected by COVID-19 (KRW 11.7 tn) - Guarantees/loans related to trade financing and overseas projects (KRW 6 tn) - Guarantees/loans for venture capital and start-up (KRW 2.1 tn) - Credit recovery program by KAMCO (KRW 2.0tn) - Loan expansion to SMEs provided by state-backed financial institutions (KRW 21.2tn) - Support package to stabilize corporate bond and short-term funding market (except P-CBO) (KRW 11.1tn) - Low-rated corporate bond and CP purchase program (KRW 20.0tn) - Key Industry Stabilization Fund (KRW 40.0tn) - Stock Market Stabilization Fund (KRW 10.7tn) - Bond Market Stabilization Fund (KRW 20.0tn) *Source: IMF Fiscal Measures Database, January update (fiscalmeasuresdatabasejanupdate-030221 - 4.8 tn)* ### 0.2 tn for emergency disease prevention). ### fiscalmeasuresdatabasejanupdate-030221 - 0.2 tn for emergency disease prevention) ### Overview - The content lists country-level fiscal measures in response to COVID-19, including additional spending, forgone revenue, accelerated spending, deferred revenue, equity injections/asset purchases/loans, guarantees, and quasi-fiscal operations. - Numeric aggregates appear in local currency (LC) and USD as reported for various entries (examples within the content include LC bn, USD bn, and % GDP figures such as "4.1", "0.4", "3.7", "14.4", "16.1", "16.35", "5.3", "10.9", "0.3", "2.4", "0.3", "3.8", "0.3", "3.5", "1.9", "8.31", "1.2", "7.1", "2.7", "6.2", "1.1", "5.1", "4.7", "0.1", "4.6", "1.5", "0.4"). (All numeric values preserved exactly as presented.) ### Health-sector targeted measures and emergency disease prevention - Emergency disease prevention funding highlighted as "0.2 tn for emergency disease prevention". - Examples of health-specific additional spending and forgone revenue items: - VAT and customs duty waivers on critical medical imports (United Kingdom: Forgone revenue £2.2 bn). - Budget support to Health Ministry and transfers to regions for health services (Spain: Additional spending €4.4 bn; including €1.4 bn to Ministry of Health and €2.9 bn advance transfer to regions). - Funding for National Health Service to expand beds, medical staff, and equipment (United Kingdom: Additional spending £110.8 bn). - Health spending components in U.S. measures: - Coronavirus Preparedness and Response Supplemental Appropriations Act (March 6, 2020): $6.8 bn for treatments, drugs, and public health measures. - Families First Coronavirus Response Act (March 18, 2020): estimated cost $178.9 bn for increased outlays in Medicare, Medicaid, and other programs. - Coronavirus Aid, Relief, and Economic Security Act (March 27, 2020): $128.8 bn for additional health spending (includes $100 bn for hospitals, $4.3 bn for the Centers for Disease Control, and vaccine development funding). - Paycheck Protection Program and Health Care Enhancement Act (April 23, 2020): includes $75 bn for hospitals and $25 bn for testing (estimated budget cost $99.6 bn). - Consolidated Appropriation Act (Dec.21, 2020): includes $20 bn for vaccine procurement and $9 bn for vaccine distribution (total health-related items included in a $69.5 bn total). ### Forgone revenue measures (selected country examples) - South Korea (listed measures totaling "Forgone revenue (KRW 3.4 tn)"): - Temporary corporate/income tax cuts for landlords who reduce commercial rents. - Rental fees reduction for tenants of public properties. - Rental fees reduction for tenants of commercial properties and reduction in airport facility fees, ports and terminal charges. - VAT reduction for the self-employed (KRW 0.7 tn). - Corporation tax cut for SMEs located in disaster areas (KRW 0.3 tn). - Consumption tax cut for auto purchases (KRW 0.8 tn). - Raising income tax deduction for credit/debit card and cash receipt expenditure (KRW 0.4 tn). - Raising ceiling of deductible entertainment expenses when calculating corporation tax (KRW 0.2 tn). - Social security (healthcare insurance) contribution cut for households (KRW 0.9 tn). - United Kingdom: - Forgone revenue £2.2 bn: Waiver of VAT and customs duties on critical medical import. - Forgone revenue £19.7 bn: Property tax (business rate) holiday for firms in affected sectors for 12 months; temporary cut on stamp duty land tax for 10 months; VAT rate reduction for hospitality, accommodation, and attractions for 8 months. - Spain: - Forgone revenue (€1.1 bn): Temporary waiver of VAT on certain medical material, COVID-19 tests and vaccines; filing/payment flexibility for SMEs and self-employed; tax incentives for landlords reducing rents for hotel/restaurant/tourism activities; 6-month moratorium on social security contributions for selected industries; reduction in contribution for Employed Agricultural Workers; reduction in VAT on digital publications and other revenue measures. - Argentina: - Forgone revenue (AR $29.1 bn): Exemption from import duties and statistical tax for medical supplies (April-August); tax aliquots on credits/debits for health service operations; 95 percent reduction in employer social security contributions for 90 days for health workers (April-June); special tax compensation scheme including VAT refund for milk sales. - Additional forgone revenue (AR $67.1 bn) for broader support: 95% reduction in employers’ pension contributions for most affected sectors; reduction in employers' contributions to Social Security; special benefits for police and security personnel. - United States: - Forgone revenue ($9 bn): CARES Act expansion of qualified medical expenses estimated to reduce revenue by $9 bn. - Forgone revenue ($382.5 bn total reported across measures): - CARES Act revenue cost estimated $288 bn (including tax rebates and higher limits on losses and credits). - Families First Coronavirus Response Act estimated to cost around $94 bn in revenue implications. ### Non-health additional spending and social/business support (selected country examples) - United Kingdom (Additional spending £211.3 bn): - Coronavirus Job Retention Scheme (furlough subsidies initially 3 months, extended to March 2021). - Income support for the self-employed (initially 3 months, extended to 6 months). - Paid sick leave for self-isolating individuals and compensation for small firms up to 2 weeks. - Direct grants for small firms in most-affected sectors; support for vulnerable by expanding Universal Credit and Working Tax Credit until April 2021. - Rent support via Local Housing Allowance increase. - International support: £150 million to IMF Catastrophe Containment and Relief Trust and £2.2 billion loan to IMF Poverty Reduction and Growth Trust. - Grants/loans for innovation (£1 bn program), £30 mn convertible loan to steel company Celsa. - Credit/loan schemes: CBILS (loans up to £5 mn, government guarantee 80%, government covers first 12 months of interest and fees), CLBILS (80% guarantee, up to 25% of turnover or up to £200 mn for large firms), CCFF purchases of short-term debt, Bounce Back Loan Scheme (SME loans £2K–£50K, government 100% guarantee). - Combined size of CBILS, CLBILS, and CCCF schemes: £330 bn. - Trade credit insurance guarantees up to £10 billion through Trade Credit Reinsurance scheme. - Accelerated spending £4 bn: Bring forward public infrastructure spending to FY2020/21. - Deferred revenue £3 bn: Deferral of VAT for Q2 2020 until end of financial year; deferral of income tax (self-assessment) of the self-employed until end-January 2021. - Spain (Additional spending €40.6 bn in non-health categories, plus extensive guarantees up to and including €100 bn lines): - Unemployment benefit for workers under ERTE (about €19 bn depending on duration); exemptions of social contributions for companies maintaining employment under ERTEs (about €6.8 bn). - Allowance for self-employed affected by suspension (about €5¾ bn depending on duration) and exemption of social contributions for self-employed receiving this benefit (about €2.9 bn or more). - Increased sick pay (€1.4 bn); introduction of means-tested "minimum income scheme"; rental assistance and State Housing Plan contributions. - Grants for businesses required to close (£5bn listed under UK measures elsewhere in content). - Large-scale guarantee and loan programs: up to €100 bn government guarantees for firms and self-employed; new ICO line of guarantees (€40 billion); guarantees for EIB operations (€2.8 billion); SURE endorsement (€2.3 billion); additional guarantees for exporters (€2 bn); guarantees for housing assistance (€1.2 billion); additional ICO funding (€10 bn); expansion of ICO credit lines for tourism (€200 million). - Argentina (Additional spending AR $892.4 bn for social and economic support): - One-off allowances for pensioners and beneficiaries; emergency family allowance for monotributistas/informal workers/unemployed; assistance to community kitchens and retiree centers; transfers to provinces; wage subsidies and complementary wages for affected SMEs; higher public works/infrastructure spending; increased unemployment insurance; financing for industrial parks; supports for tourism and entertainment; transfers to state-guaranteed funds for SME credit; forgone revenue measures as above. - United States (Additional spending $2,637.0 bn total reported across measures): - Families First Act estimated cost $38.8 bn (includes paid sick leave, emergency leave, food assistance, free testing, Medicaid transfers, expanded unemployment insurance). - CARES Act includes $437 bn unemployment insurance, $350 bn emergency appropriations, $349 bn forgivable small business loans and other items; estimated increase in spending from CARES Act $1,512 bn. - Paycheck Protection Program and Health Care Enhancement Act includes $62.1 bn for SBA loan programs and $321 bn for PPP and small business assistance (of $310 bn PPP only $176 bn was used). - Reallocation (August 8, 2020) of $44 bn from DHS Disaster Relief Fund to provide extra $300/week unemployment; of the $44 bn, $18 bn is pre-COVID appropriated funds and counted as additional COVID expenditure. - Consolidated Appropriation Act (Dec.21, 2020) includes $324 bn support to households, $395 bn support for businesses, $92 bn for education and childcare, and $7 bn other support. - Deferred revenue items: extension of IRS income tax filing deadline by 90 days; delay of employers' payroll taxes to 2021 and 2022; deferral of employee social security payroll tax ($1.7 bn); extended delay payment of federal student loans ($4.3 bn); loans for distressed businesses ($56 bn); $454 bn to backstop section 13(3) Federal Reserve facilities. ### Credit, guarantees, and quasi-fiscal operations (selected country examples) - Brazil: - Credit lines from public banks to SMEs, micro-firms, and individuals: BNDES BRL 55.4 bn, Caixa BRL 154 bn, Banco do Brasil BRL 100 bn (figures as reported). - BNDES measures: working capital loan line for tourism and service sectors; renegotiated loan terms; expanded credit to micro and small firms; BRL 2 bn credit line to expand emergency beds and purchase medical/hospital equipment. - Caixa expanded credit lines to SMEs, purchased payroll-backed and vehicle loan portfolios from small banks; extended real estate and agricultural credit; renegotiated credit to hospitals. - Banco do Brasil increased credit lines for businesses and individuals. - Authorization of new withdrawals from mandatory savings accounts for unemployment (FGTS) - BRL 36.2 bn. - Temporary cuts and deferrals of employer contributions to training funds and FGTS - BRL 32.2 bn. - Spain: - Loans through FOCIT to promote tourism competitiveness (€515 mn). - Loans to industrial sector to promote digital transformation (€124 mn). - ICO line of guarantees (€40 billion) and additional guarantees described above. - China: - Accelerated issuance of special local government bonds (RMB 1.6 tn). - Additional spending RMB 147 bn for epidemic prevention and RMB 3.1 tn for support to local governments, employment initiatives, social assistance expansion, and other measures. - Forgone revenue RMB 1.8 tn covering VAT exemptions and cuts, corporate income tax relief measures, social security contribution waivers, and other tax/fee exemptions. - Measures for guarantee/re-guarantee business increase by RMB 400 bn in 2020 and requirements to lower guarantee service costs below 1 percent for SMEs. - Policy bank coupon program starting May 21 to waive loan interest payments to qualified small/micro firms and individually-owned businesses (no estimate provided in content). - Electricity price cut by 5% extended to end-2020 (except high-energy-consuming industries); railway logistic fee lowered by 50% until end-June; port construction fee exemption until end-2020. ### Accelerated spending and deferred revenue (selected specifics) - United Kingdom: Accelerated spending £4 bn to bring forward public infrastructure spending to FY2020/21; Deferred revenue £3 bn through deferral of VAT and self-assessment income tax timing changes. - China: Accelerated issuance of special local government bonds (RMB 1.6 tn); deferred social security and housing provident fund contributions (6-month deferral; extension to end-June). - Argentina: Accelerated spending included advance tax reimbursements to exporters; deferred revenue included grace period extension for Social Security loan repayments and deferrals in employers’ contributions for 60 days. ### Country-specific headline numbers and aggregates (as presented) - United Kingdom: Additional spending (£110.8 bn) and additional spending (£211.3 bn) appear separately for health and wider measures in the content; aggregated program figures and scheme capacities such as combined size of CBILS, CLBILS, and CCCF schemes: £330 bn. - Spain: Additional spending (€4.4 bn health) and (€40.6 bn other); guarantees and credit lines up to €100 bn and ICO guarantees €40 billion. - United States: Additional spending ($475 bn health-specific line items aggregated) and total additional spending reported as ($2,637.0 bn) across measures; forgone revenue figures $9 bn (health-related provision) and $382.5 bn (total revenue cost across measures); Federal Reserve backstop $454 bn for section 13(3) facilities. - China: Additional spending (RMB 147 bn health; RMB 3.1 tn other); forgone revenue (RMB 1.8 tn); accelerated special local government bond issuance (RMB 1.6 tn). - Argentina: Additional spending (AR $48.9 bn health; AR $892.4 bn other); forgone revenue (AR $29.1 bn health; AR $67.1 bn other). - South Korea: Forgone revenue (KRW 3.4 tn) and specific tax measures listed with subcomponents (e.g., KRW 0.7 tn VAT reduction for self-employed; KRW 0.3 tn corporation tax cut for SMEs in disaster areas; KRW 0.8 tn consumption tax cut for auto purchases; KRW 0.4 tn raising income tax deduction; KRW 0.2 tn raising deductible entertainment expenses; KRW 0.9 tn social security contribution cut for households). *Attributed to the IMF Fiscal Measures Database (January update) as presented in the supplied content.* ### 69.3 bn) and transfers to Local ### 69.3 bn) and transfers to Local ### Brazil — Health and social support measures - Transfers to Local Governments (BRL 10 bn) to combat the health crisis and cover higher health spending. - Forgone revenue (BRL 7.1 bn): a temporary reduction in taxes (IPI, the Industrialized Products Tax, and zero import taxes) for listed imported and domestic goods necessary to combat Covid-19. IPI reduction expires in December 2020. - Additional spending (BRL 504.7 bn): - Expanding the cash transfer program 'Bolsa Família' to accommodate 1.2 million new beneficiaries. - “Covid-19” cash transfer ("Emergency Aid) for informal workers and low-income households, of BRL600 per month in April-August and BRL 300 per month in September-December. - A subsidized job retention scheme, allowing temporary suspension or reduction of private sector employees working contracts. - Temporary electricity consumption subsidies for poor families. - Extraordinary transfers to subnational governments to compensate for revenue losses and cover larger social assistance and health costs, and a stay on debt service payments. - Subnational governments allowed to renegotiate debts with public banks and multilateral financial institutions. - Forgone revenue (BRL 19.1 bn): Elimination of the financial transactions tax (during 9 months). - Accelerated spending (BRL 58.7 bn): Advance payment of 13th pension benefit, wage bonuses to low-income workers, and sickness/disability benefits. - Deferred revenue (BRL 143.1 bn): - 4-month deferral of social contributions paid by firms and employers. - 3-month deferral of small business taxes. - Delayed PIT filing. - Deferral of taxes paid by the telecommunications sector and of tax debt payment obligations. - Credit and support facilities: - BRL 6.8 billion credit line to SMEs (to finance payroll costs during 7 months). - BRL 48.1 billion support to funds which lend to microbusinesses. - BRL 20 billion support to an investment guarantee fund (to finance SMEs). - BRL 5 bn credit support to the tourism sector. ### India — Fiscal packages, social protection, guarantees, and liquidity - Additional spending (Rs 360 bn): health infrastructure for COVID-19 testing facilities, personal protective equipment, isolation beds, ICU beds, ventilators and medical screening. - Additional spending (Rs 5638.7 bn) — main components and timeline: - March 26 package: insurance coverage for healthcare workers; in-kind (food; cooking gas) and cash transfers; wage support to poor households (Rs 1.49 tn). - May 13–17 additions: additional Rs 400 bn for rural employment guarantee scheme; Rs 35 bn food support to migrants; misc. measures about Rs 93 bn. - June 30 extension: food rations to vulnerable households (Rs 829 bn). - August 20: extended and expanded unemployment benefits for ESIC-covered workers. - October 12 measures targeting consumption and public investment: - Cash payment for public sector employees to buy goods that attract GST of 12% or more (Rs 56.8 bn). - Special Festive Advance Scheme (interest-free advance) to central government employees (Rs 40 bn). - Additional central government spending (Rs 250 bn) and a 50-year interest free loan for state governments (Rs 120 bn). - November 12 package (Rs 2650.8 bn) including: - Production Linked Incentive scheme targeting 13 priority sectors (Rs 1459.8 bn) to be disbursed over 5 years (no impact on the current fiscal year). - Fertilizer subsidies (Rs 650 bn). - Urban housing projects (Rs 180 bn). - Additional capital expenditure and industrial infrastructure and incentives (Rs 102 bn). - Support for rural employment (Rs 100 bn) and employment support in the formal sector (Rs 60 bn). - Accelerated spending (Rs 660 bn): - March 26: accelerated first installment of PM KISAN (Rs 160 bn). - June 20 scheme: expedited public works projects across 12 ministries (Rs 500 bn). - Deferred revenue (Rs 680 bn): - Extension of income tax filing deadline (3 months). - Reduction of penalty for late payments. - Filing deadline for fiscal year 18/19 GST tax liability extended (3 months). - Miscellaneous relaxation of tax regulatory/administrative requirements. - Reduction in up-front tax deductions for workers (Rs 500 bn). - Equity and credit support: - Equity infusion for MSMEs (Rs 500 bn). - Viability-gap funding for private sector involvement in social infrastructure (Rs 81 bn). - Equity infusion in infrastructure financing funds and platforms (Rs 60 bn). - Full guarantees for a collateral-free lending program (Rs 3 tn). - Liquidity provision and partial credit-guarantee schemes for NBFCs (Rs 750 bn). - Subordinate debt provision for MSME sector (Rs 200 bn). - Credit provisions guaranteed by government to farmers on concessional terms (Rs 3 tn). - Support for street vendors and miscellaneous measures (Rs 160 bn). - Guarantee for credit under a new infrastructure fund for agriculture (Rs 1 tn) and for micro-food enterprises (Rs 100 bn). - Numerous miscellaneous guarantee items (Rs 321 bn). - Collateral-free lending program extended to March 31, 2021 and expanded to support 26 stressed sectors. ### Indonesia — Health spending, social assistance, tax relief, and guarantees - Additional spending (IDR 76 tn): - IDR 1 tn initially allocated for PPE, enhanced surveillance at entry gates, hospital treatment, and hospital infrastructure. - March 31, 2020 third fiscal package: IDR 75 tn to boost testing and treatment capability, including acquisition of PPE, test kits, ventilators, and upgrade of 132 referral hospitals to handle COVID-19 patients. - Additional spending (IDR 252.2 tn): - First fiscal package (IDR 10.3 tn): support to tourism sector (discounts on airplane tickets and jet-fuel) and to low-income households (social assistance and subsidy for home buyers). - Third fiscal package includes IDR 110 tn additional social assistance spending (later expanded to IDR 172 tn): increased benefits and coverage of existing social safety nets such as food aid and unemployment benefits, and electricity subsidies. - Fourth stimulus package announced on May 19 as part of a national economic recovery program. - Forgone revenue (IDR 96.3 tn): - First fiscal package includes tax cuts for the tourism sector. - Second fiscal package (IDR 33.2 tn) includes income tax exemptions to workers in the industrial sectors (with an income ceiling). - Third fiscal package includes various tax reliefs and incentives: exemption and reduction of income taxes (with an income ceiling) and a reduction of the corporate income tax from 25 percent to 22 percent. - Accelerated spending: second fiscal package includes acceleration in VAT refund from April to September. - Deferred revenue: second fiscal package includes delayed payments of income tax for businesses from April to September. - Off-budget support and guarantees: - Capital injection to SOEs. - Government guarantees for bank lending to micro, small, and medium enterprises (IDR 150 tn), expected to be financed by Bank of Indonesia's purchase of new government recovery bonds. ### Mexico — Health spending, loans, welfare expansion, and accelerated disbursements - Additional spending: increased public health spending and efforts to ensure sufficient supply of medical equipment and materials. - Additional spending measures: - Loans with optional repayment by the Ministry of Economy to SMEs that maintain employees on payroll, self-employed, and domestic workers (eligibility assessed using IMSS database). - Loans with optional repayment to be granted to family businesses previously registered in the Welfare Census. - Unemployment subsidy for 3 months to workers that hold a mortgage with the Housing Institute. - Expansion of Welfare Programs and improvement program. - Accelerated spending: - Frontloaded social pension payments for the elderly and disabled people. - Acceleration of procurement processes and VAT refunds. - ISSSTE loans to state workers with low interest rates (MXN 34.3 bn). - Personal loans by Fonacot (MXN 3 bn). - Special Program to Reactivate the Economy against COVID by Fovissste (MXN 2 bn). - Development banks to provide loans, particularly to small- and medium-scale enterprises. ### Russia — Health spending, wage support, tax relief, and sectoral assistance - Additional spending: - RUB 140 bn – new infection hospitals, additional beds and re-equipment of existing beds, special ambulances and equipment. - RUB 10 bn – bonus fund for medical staff, R&D in diagnostics and prevention. - RUB 50 bn – federal government top-ups to medical staff wages. - Medical staff directly engaged in coronavirus efforts receive additional federal compensation. - Forgone revenue: - RUB 32 bn - zero import duties for pharmaceuticals, medical supplies and equipment. - Additional spending (RUB 1.9 tn): - Sick leave benefits for 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. - Support for large companies (construction, car-makers, air transportation, light industry). - Credit to affected sectors to protect employment with partial/full asset write-offs if employment is kept above 80%. - Grants for SMEs in affected industries to cover salaries and disinfection/COVID-19 prevention measures. - Support to airlines (RUB 23 bn), airports (RUB 11 bn) and car-makers (RUB 25 bn) via subsidies, state procurement and interest rate subsidies. - Federal transfers to regions. - Construction sector support, including subsidized rates for a new mortgage program (costed at RUB 6 bn). - Forgone revenue (RUB 460 bn and RUB 474 bn references in consolidated listings): - Social contributions by SMEs on wages in excess of the minimum wage reduced from 30 to 15 percent, permanently. - 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 to get a tax credit of one minimum salary toward their social insurance payments. - For SMEs in affected sectors: zero rent to the federal government for three months. - Tourism firms not to contribute to the tourist reserve fund. - Social contribution and CIT rates for IT firms cut permanently: from 14 percent to 7.6 percent for social contributions and from 20 percent to 3 percent for CIT. *International Monetary Fund Fiscal Measures Database (January update)* ### 1.5 mn enterprises). ### fiscalmeasuresdatabasejanupdate-030221 - 1.5 mn enterprises) ### Russia — fiscal and financial measures - Direct support to self-employed and sole proprietors: - 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. - Support for SMEs and affected sectors: - For SMEs in the affected sectors: zero rent to the federal government for three months. - Tourism firms not to contribute to the tourist reserve fund. - Social contribution and CIT rates for IT firms will be cut permanently: from 14 percent to 7.6 percent for social contributions and from 20 percent to 3 percent for CIT. - Deferred revenue and tax relief: - Tax deferrals for SMEs and most affected companies on most taxes (excluding VAT, PIT, MET, and social contributions). - Deferrals on social contributions for SMEs in affected sectors for 6 months. - For SMEs in the affected sectors: deferrals on rent payments to all levels of government until the end of the year. - Debt restructuring and sectoral recapitalization: - RUB 70 billion for restructuring regional debt to the federal government. - Recapitalization of leasing firms due to potential problems of their clients in the transportation sector. - Guarantees and central bank facilities: - Federal government announced guarantees of up to RUB 500 bn on bank lending to firms, including: - RUB 220 bn in guarantees to VEB to guarantee bank credit to systematically-important enterprises; - RUB 160 in supporting domestic aircraft makers by issuing guarantees on domestic leasing companies 2020-21 borrowings for purchasing domestically produced passenger aircrafts and helicopters. - The CBR has introduced a new RUB 500 bn facility for SME lending and reduced the interest rate on the existing RUB 175 bn facility. - As part of the new RUB 500 bn facility, CBR has introduced a RUB 150 bn credit line to finance 6-month zero-interest loans to SMEs and individual entrepreneurs to cover payroll. ### Saudi Arabia — on-budget, off-budget, and deferred revenue measures - Additional on-budget emergency spending: - Additional spending (SAR 47 bn): Budget reallocation within the Ministry of Health budget or a reallocation from other parts of the budget for emergency spending to fight COVID-19. - Additional spending (SAR 10.6 bn): - Wage benefits to employers who keep their workers to be provided through the unemployment insurance scheme, SANED (SAR 9 bn). This wage benefits have been extended. - Ministry of Energy announced temporary electricity subsidies to commercial, industrial, and agricultural sectors (SAR 0.9 bn). - The Ministry of Finance program to help businesses defer loan payment due this year (SAR 0.67 bn). - Deferred revenue and fee waivers (SAR 56 bn): - Deferred declaration & payment of taxes for 3 months, waiver of customs duties (30 days to 3 months), waiver of expat fees for 3 months; and waiver of municipal fees on companies for 3 months. - Off-budget support by National Development Funds (NDF) (SAR 22 bn distributed): - (i) loan rescheduling/restructuring and different loan programs to SMEs: SAR13 bn. - (ii) support to employment programs in the private sector: SAR 5 bn. - (iii) social loans to families with low incomes: SAR4 bn. ### South Africa — health spending, social relief, and guarantees - Health and immediate measures: - Additional spending: for medical equipment and staff for health facilities, and policing the lockdown. - Forgone revenue: VAT and customs duty exemptions for essential sanitary products during the pandemic (immune boosters, hand sanitizers, patient monitoring devices, etc.). - Large additional spending package (R 220 bn): - Measures to support workers’ unemployment insurance benefits (with R 80 bn funding from Unemployment Insurance Fund). - Create a New Covid-19 Social Relief of distress grant for the unemployed who do not receive grant or UI payment (extended to Jan 2021). - Increase transfers to households: grants and food distribution and public work program expansions. - Increase child support and all other grants from May till Oct. - Distribute food parcels and provide transfers to SMEs. - Municipalities to use higher central transfers to fund emergency water supply, sanitation of public transport and facilities, and food and shelter for the homeless (R 20 bn). - Contribute R 150 mn Rand to a solidarity fund to combat virus spread, track spread, ill care, support for disrupted lives. - Additional allocations by the Department of Industry and Trade, Department of Tourism, and Department of small enterprises to assist SMEs in distress (R 2.7 bn). - Forgone revenue and tax relief (R 26 bn): - Tax subsidy of up to R 750 to employees with an income below R 6,500 per month. - Skills development levy holiday for four months. - Deferred revenue and tax deferrals: - Deferral of 35 percent of PAYE liability for four months for businesses with expected gross income of less than R 100 mn. - Deferral of 35 percent of provisional tax payments for the next six months for businesses and the self-employed with expected gross income of less than R 100 mn. - A 90-day deferral for alcohol and tobacco excise duty due to be paid in May and June. - Three-month deferral for filing and payment date of carbon tax. - Loan guarantees and industrial programs: - The Treasury will guarantee up to R 200 bn in loans where also the banks are taking part of the risk to help businesses (with a cap of R100 million per loan) pay operating expenses including salaries, suppliers etc. - Programs from the industrial development corporation to support businesses. ### Turkey — health spending, tax relief, and public bank measures - Additional health and capital spending: - Additional spending: including on Covid-19 treatment (TL1.4 bn), new hospitals (TL5 bn), and performance pay for medics (TL6 bn). - Social protection and labor measures: - Raised the minimum pension and cash assistance to families in need. - Increased employment protection by loosening short-term work allowance rules. - On July 24, a new bill mandated the state to cover the employee and employer shares of social security contributions for three months after a business exits the short-term work allowance system. - Subsidies to firms for workers placed on unpaid leave and for workers' salaries in firms affected by COVID-19. - Tax relief and sector-specific VAT/withholding reductions: - Hotel accommodation tax suspended until November. - VAT rate on internal travel reduced from 18% to 1%. - On July 31, VAT rate on several affected services sectors, including business rental services, were reduced temporarily till the end of 2020. - Personal income tax on rental income and corporate withholding tax for certain lease payments reduced to 10% from 20% previously till end-2020. - Deferred revenue measures and postponements: - Tax deferrals for the self-employed, farmers, tailors, grocers, lawyers, financial advisers, architects, engineers, doctors, and dentists. - Tax deferrals for those aged over 65 or those with chronic illnesses. - Postponed payments regarding withholding tax returns and VAT declarations, as well as Social Security Contribution premiums. - Land occupation and revenue sharing payments in leasing of hotels postponed for 6 months. - Accommodation tax deferred. - Retail, shopping malls, iron-steel, automobiles, logistics-transportation, etc. are offered to postpone VAT and Social contributions. - Public bank and balance-sheet support: - Turkey Wealth Fund (TWF) granted new rights to take equity in firms affected by Covid-19, and was assigned to inject a core capital of 0.4 percent of GDP into three state banks, funded by issuance of Treasury bonds. - Treasury guaranteed loans. - Credit guarantee fund doubled in size from TL25 to 50 billion as part of the fiscal package. - All public banks: Principal and interest payments by those firms whose cash flows are affected adversely by Covid-19 will be postponed by minimum 3 months and provided with refinancing. - Various state bank lending schemes and new retail loan campaigns launched by Ziraat Bank, Halkbank and Vakifbank. ### Belgium — health spending, social protection, deferrals, and guarantees - Health sector spending and staff support: - Additional spending (€8.1 bn): on medical equipment, tests, administration etc. Measures include advance payments to hospitals as well as a structural increase in the budget for mental health care and the federal health sector. An additional one-off payment will also be allocated to federal health workers in 2020. - Broad social and business support (Additional spending €19.6 bn): - Federal government eased access to temporary unemployment, raised benefit replacement rate, introduced a daily premium, eased access to replacement income for the self-employed, introduced Covid-19 parental leave, increased unemployment benefits, social assistance benefits, and support to local social services. - Key temporary measures extended to support through second lockdown with different end dates (end-August, end-December 2020, or end-March 2021) and eligibility widened for some. - Regional governments provided transfers for companies and self-employed affected by closures or significantly reduced turnover; additional regional support to specific sectors, utility bill support for affected households, and other measures. - Forgone revenue (€4.4 bn) and deferred revenue (€13.8 bn): - Forgone revenue includes suspension of penalties for delays or non-performance of suppliers to the public sector; loss carry backward for CIT and PIT; tax exemption for regional support measures; social security contribution exemption for self-employed; temporary reduction in VAT in hospitality sector; increase in investment allowance for SMEs and natural persons; increase in the CIT allowance. - Deferred payment of tax and social security contributions for affected firms, self-employed, and households, without application of interest charges and penalties, estimated at about 10 billion euros, and deferral of advance VAT payment in December 2020. Additional deferral of SSC payments due in Q4 for firms affected by the second lockdown. - Government loans, equity injections, and guarantees: - Government loans (0.8bn): Federal loan to Brussels Airlines; various (subordinated) loans provided by regional governments for companies and self-employed affected by Covid-19. - Equity injections (0.3bn): Capital increase in Flemish and Brussels regional investment companies that will use the funds to provide capital support to firms in need. - Federal government launched a guarantee mechanism for all new credits and credit lines with modified terms applying to 10bn out of a total envelope of 50bn; take-up is about 1.5bn. - Regional governments also provide guarantees for affected companies and self-employed in need of bridge loans; take-up is about 0.4bn. - Federal government signed a memorandum of understanding with Credendo ECA, Assuralia and private credit-insurance firms, committing to provide reinsurance for short-term (< 2yrs) trade credit insurance. ### Denmark — compensation schemes, liquidity support, and tax deferrals - Human resources and health-related spending: - Additional spending: Resources to hire social and health workers nationwide. - Compensation and wage support programs (announced and uptake where specified): - Compensation scheme for cancellation and postponement of major events (Announced: DKK 2.4 billion). - Temporary salary compensation between 75% and 90% of workers salary (Announced: DKK 6.2 billion, Uptake: DKK 12.7 billion). - Temporary compensation scheme for self-employed and freelancers (Announced: DKK 14.1 billion, Uptake: DKK 5.9 bn). - Sickness benefit reimbursement (Announced: DKK 1.7 billion) and increased access to unemployment benefits and sickness benefits (Announced: DKK 0.3 billion). - Temporary compensation scheme for companies’ fixed costs (Announced: DKK 65.3 billion, Uptake: DKK 7.1 bn). - Boosting liquidity and facilitating municipal construction projects (Announced: DKK 2.5 billion). - Other initiatives (about DKK 2 bn). - UI benefits expanded eligibility (Announced: DKK 0.4 bn). - Extension of cultural aid packages to 8/8 (Announced: DKK 0.1 bn). - One-time grants to low-income families (Announced: DKK 1.8 bn). - Increase in corporate deductions for R&D (Announced DKK 1.3 bn). - Support for tourism sector (Announced DKK 0.8 bn). - Export package (Announced DKK 0.5 bn). - Accelerated spending and deferred revenue: - Accelerated spending: Advance payment of tax credits (DKK 1 bn). - Deferred revenue: - Temporary postponement of payment deadlines for A-taxes (withholding tax) and labor market contributions (DKK 90 billion). - Postponement of VAT payment for monthly-pay VAT businesses (DKK 35 billion). - Small enterprises’ VAT period extended from 6 months to 12 months in 2020; medium-sized enterprises’ VAT periods extended from 3 months to 6 months for the first half of 2020 (DKK 35 billion). - Temporary postponement of payment deadlines for B-taxes (provisional tax paid by self-employed businessmen) (DKK 5 billion). - Temporary postponement of payment deadlines for payroll tax for certain businesses (DKK 0.4 billion). - Further extension of payment deadlines for a-tax and VAT (DKK 9 billion). - Increase the Danish Students’ Loan Scheme (DKK 1.5 billion). - Interest free loans based on VAT payments and payroll tax payments (DKK 35 billion). - Loans and equity to start-ups and high growth enterprises (Announced: less than DKK 3.4 billion, Uptake: DKK). *International Monetary Fund* ### 1.6 bn) State capital injection into ### fiscalmeasuresdatabasejanupdate-030221 - 1.6 bn) State capital injection into ### Denmark - State capital injection into Recapitalization Fund (DKK 10 bn). - State capital injection into Restart Fund (administered by the Growth Fund) (DKK 3 bn). - Plan to recapitalize Scandinavian Airlines (up to DKK 6 bn). - Government guarantee of 70% of the value of new loans to: 1) large companies that can demonstrate a fall in turnover over more than 30 percent and 2) SMEs that have seen operating profits fall by more than 30 percent (Announced: DKK 60.7 bn Uptake 7.4 bn). - Credit guarantee for Scandinavian Airlines (SAS). (Announced DKK 1 bn). - Increased access to export credit for SMEs. (Announced DKK 1.3 bn Uptake: DKK 30 bn). - Strengthening the Travel Guarantee Fund. (Announced DKK 1.5 bn). ### Czech Republic — General Government Additional spending (health and other): - Purchases of medical equipment, vaccine etc. (CZK 19.4bn). - Higher premium payments on state-covered health insurance—increase by CZK 500 per person as of June (CZK 21.1bn). - Debt relief of hospitals (CZK 6.6bn). - Bonus for workers in social services, hospitals, emergency responders, hygienic stations (CZK 17.2 bn). - Other health measures (mobile collection teams, Smart Quarantine establishment, anti-covid programmes for firms) (CZK 2.3bn). - Payments for employment support: government covered 80 percent up to CZK 39,000/month (since October government 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 per employee (up to CZK 29,000/month) (CZK 25.6bn). - 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 (calculated based on a progressive table) for sick leave. During the second wave of COVID, care allowance to parents with children up to 10 years, 70% of eligible income (CZK 10.2bn). - Care Allowance to self-employed persons (CZK 434 per day in March, CZK 500 per day since April), who cannot work because they need to care for children up to 13 years. During the second wave of COVID for parents with children up to 10 years, CZK 400 per day (CZK 2.6bn). - State covers half of business property rents in Q2-Q4 (CZK 8.8bn). - Programs in support of sports, culture, tourism, transport, restaurants, agriculture and other closed sectors (CZK 28.4bn). - Other expenditure (CZK 3bn). - One-off cash benefit for pensioners in amount of CZK 5000 (CZK 15.2bn). Forgone revenue: - Waived social security contributions paid by employers (24.8%) with a maximum of 50 employees for the period between June and August; conditional on minimum employment level of 90% and wages paid in March 2020 at least 90% (CZK 13.3bn). - Loss carryback measure: taxpayers who report tax losses in 2020 due to the state of emergency can reduce their tax bases for tax years 2019 and 2018 by this loss (maximum CZK 30 million) (CZK 20bn). - Reduced VAT rate to 10% for accommodation, sports and culture services (CZK 1.2bn). - Reduced road tax rate for vehicles above 3.5t (CZK 1bn). - Abolition of the real property transfer tax (CZK 13.8bn). - Lower dividends from Airport Prague (CZK 1.5bn). - 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 micro businesses during Mar 12 and Jun 8. Eligible businesses limited to limited liability companies with up to two partners and turnover of at least CZK 180,000 in 2019 (CZK 1.8bn). - Additional lump-sum assistance grant (CZK 350 per day) to contract workers (not employees) (CZK 1bn). - Selected lump-sum for self-employed persons, small business (Ltd) and contractors (CZK 500 per day) during 5 Oct and 23 Jan (CZK 13.7bn). Deferred revenue and guarantees: - Postponement of (i) advance payments on personal and corporate income taxes (CZK 22bn); (ii) advance payments on social security and health insurance contributions for self-employed by 6 months (CZK 14.3bn); (iii) advance payments on road tax. - Deferral of the VAT. - CMZRB provided CZK 1bn through interest-free loans; the rest handled through state guarantees on loans of commercial banks (COVID I Programme). - COVID III Program: guarantees will cover up to 30% of loan principal. The state will issue 80-90% of the guarantees (total amount of CZK 150bn). Estimates allow SMEs to access loans amounting to CZK 500bn. - COVID II Program: state guarantees total CZK 20bn (loans up to CZK 15 million, state contribution on interest costs up to CZK 1 million, state guarantee up to 80% of loan, 3-year maturity). - COVID Plus Program: state guarantees provided by Export Guarantee and Insurance Corporation in the amount of CZK 330bn. - COVID Prague Program (1.6bn). - Other guarantees (National guarantee, Expansion guarantee) (CZK 12bn). ### Finland — General Government Additional spending (health and pandemic response): - Supplementary budget includes €265 million for healthcare and testing, PPE and medical equipment. - Another supplemental budget announced, not yet passed, adds €600 million for health equipment and medicine. - Third supplementary budget includes €16 million for vaccine and drug development research, and development and maintenance of a contact tracing app. - Fourth supplementary budget includes €310 million for coronavirus vaccine and testing (€110 million) and transfers to hospital district authorities (€200 million). - Sixth supplementary budget proposal for 2020 included €200 million to support rapid increase in cross-border testing capacity and analysis. - Seventh supplementary budget (submitted October 23) included EUR 200 million to hospital districts for pandemic-related costs and $355 million to municipalities for implementing hybrid testing and tracing strategy. Additional spending (other): - Grants to SMEs through Business Finland and the Employment Centers (€450 million). - Increased parental allowance (€94 million). - Additional social assistance and unemployment benefits (€1.547 billion). - Measures to support restaurants to employ workers EUR 40 million. - Measures to support businesses for imposed restrictions EUR 83 million. - Share acquisitions in state ownership steering EUR 700 mn. - Fourth supplementary budget: additional support for households and employment (€652 million); support for businesses (€520 million); increased public investment (€963 million). - Seventh supplementary budget: EUR 400 million support to municipalities for basic public services. Forgone revenue: - Reduced pension contributions for the period May 1 - 31 December 2020 (€1.05 billion). Deferred revenue and equity/guarantees: - Deferrals of tax and pension payment obligations for 3 months estimated to provide additional €3.5 billion (1.6 percent of GDP) in relief. - Adjusted VAT tax payments provide an additional €750 million in relief. - SME capital injections of €150 million. - Share acquisitions in state ownership steering €700 million. - Recapitalization of Finnair of €500 million. Finnair is 56% publicly owned. - Increased capitalization of €300 million into national climate fund. - Increased capital funding for state-owned enterprises of €770 million. - Finland’s Export Credit Agency expands lending and guarantee capacity to SMEs by €10 bn and government increases coverage of the agency’s credit and guarantee losses from 50 to 80 percent. - State guarantee for Finnair (€ 0.6 bn) and shipping companies (€ 0.6 bn). - As of the Supplementary Budget on May 8, added guarantees totaling € 1.7 billion: Guarantees for Employment Fund, € 880 million; for SURE, € 432 million; for the EIB, € 372 million. - The State Pension Fund will invest in commercial paper (€1 bn). ### New Zealand — Central Government Additional spending: - Doubling resources for public health units; expanding intensive care capacity and equipment at hospitals; expanding health line capacity; support for primary care; purchasing of vaccines; cost of managed isolation. - Additional spending (NZ$ 52.3 bn): including wage subsidies for all employers significantly affected by COVID-19 (NZ $14.8 bn); income relief payment to support people who have lost their job (NZ$ 570 mn); financial support for workers not paid normally during self-isolation (NZ$126 mn); temporary increase in winter energy payment (NZ $480 mn); permanent increase in benefits (NZ$ 2.4 bn in the next four years); infrastructure investment (NZ$ 3.8 bn); support package for the aviation sector (NZ$ 600 mn); tourism recovery package (NZ$ 400 mn); government housing program (NZ$ 670 mn); school infrastructure upgrade (NZ$ 214 mn); and transport projects (NZ$ 600 mn). Forgone revenue: - Forgone revenue (NZ$ 5.9 bn): including reinstatement of depreciation deductions for commercial and industrial buildings at a 2% diminishing value applying from the 2020-21 tax year (permanent); increasing threshold for provisional tax from NZ $2.5K to NZ $5K applying from the FY2020-21 tax year (permanent); increasing threshold for writing off low value assets to NZ $5K for the next tax year, before reverting to NZ$1K; time-limited discretion of Inland Revenue to remit use of money interest if taxpayer unable to pay on time due to COVID-19; tax loss carry-back mechanism for firms. Loans and guarantees: - NZ$ 900 mn loan granted to Air New Zealand (government owns 52 percent of shares). - Maximum NZ$100 thousand loan granted to small businesses that employ 50 or fewer full time equivalent employees (NZ$ 1.6 bn). - Loan guarantee scheme for firms with turnover between NZ$ 250 thousand and NZ$ 200 mn per annum, Government carrying 80% of credit risk. Loans limited to NZ$ 5 mn for a maximum of five years. ### The Netherlands — General Government Additional spending (health): - Purchase, distribution, and sale of medical devices; vaccine research; healthcare costs in the Caribbean Netherlands; training additional healthcare personnel. Additional spending (other): - Compensation of up to 90 percent of labor costs for companies expecting a reduction in revenues of 20 percent or more; compensation for affected sectors. - Income support for entrepreneurs and self-employed (administered at municipal and regional level) for a period of three months through expedited procedures. - Support for start-ups and small innovation companies through loans provided by government regional agencies. - Scaling up of the short-time working scheme (unemployment benefit compensation for companies reducing staff by at least 20 percent). - Allowances for SMEs to help finance fixed costs. - On August 28, third support package includes additional expenditure of 12.5 billion (or 1.7 percent of GDP), of which 1.5 billion of public investment. Forgone revenue: - Reduction of tourist taxes and taxes in the culture sector. - Interest rate on tax deferrals reduced from 4% to just above 0%. Deferred revenue and guarantees: - Tax deferrals for companies in financial distress due to the covid-19 crisis; temporary suspension of penalties for late tax payments. - Entrepreneurs can request deferral of tax payment without need to provide evidence; businesses can calculate provisional tax payments on expected (reduced) basis. - Loan guarantee program expanded to cover up to 90 percent of total loan for SMEs (maturity of 1 year or less) and 80 percent for large firms. - Guarantee scheme for supplier credit established. ### Singapore — Central Government Additional spending: - Containment measures provided mainly to the Ministry of Health. Additional spending (other): - Support to households including a cash payout to all Singaporeans, and additional payments for lower-income individuals and the unemployed. - Support to businesses and workers including wage subsidies, job creation, support to cover rental costs, enhancement of financing schemes, and additional support for industries directly affected and the self-employed. - Other measures: Economic resilience package. Forgone revenue: - Corporate income tax rebate and property tax rebates; carry-back provisions for qualifying deductions and faster write-downs for qualifying investments. - S$22 bn in loan capital set aside to help businesses facing cash flow challenges with loan obligations and insurance premium payments. ### Norway — Central Government Additional spending: - Strengthening financial situation in the hospital trust through increased appropriations. - Increased appropriations to cover expenses for necessary medicines, medical equipment and laboratory analyzes (NOK 4.8 bn). Forgone revenue and tax measures: - Strengthening financial situation in the hospital trust by NOK 6 bn through temporary reduced employer tax. - Reduced VAT rate temporarily lowered from 12 to 6 percent. - Suspension of aviation charges. - Corporate income tax amendments allowing re-allocation of current losses towards previous years’ taxed profits. - Temporary amendments to the petroleum tax system to improve liquidity in the sector. - Temporary cut of employers’ social insurance contributions. - Deferral of various tax payments. Equity injections, guarantees, and liquidity measures: - Government fund to buy bonds issued by Norwegian companies to increase liquidity and access to capital in the Norwegian bond market, with a ceiling of NOK 50 bn. - Increased funding for Innovation Norway’s innovation loan scheme (NOK 1.6 bn). - Government guarantee scheme for bank loans to SMEs (NOK 50 bn). - Scheme for re-insurance of private credit insurance providers (NOK 20 bn). - Guarantee scheme for the aviation industry (NOK 6 bn). - Loan scheme for package tour operators for trips cancelled due to the pandemic (NOK 2 bn). ### Sweden — Central Government Additional spending (health and social): - Increased testing and tracing for Covid-19 (SEK 7 bn). - Funding of extraordinary costs associated with Covid-19 for municipalities and regions (SEK 5 bn). - Elderly care boost (SEK 2.2 bn). - Extra funding to train up to 10,000 people in health and social care during 2020Q4. - Increased funding to enable the National Board of Health and Welfare's credit framework to purchase personal protective equipment and intensive care equipment. - Removing income ceiling for health and medical care students so their aid is not reduced. Additional spending (other): - Additional spending (SEK 136 bn): expenditures on wage subsidies for short-term leave, temporary payment of sick leave, more funding to media, cultural and sports sectors and for education and training, rent subsidies to certain sectors, more generous unemployment benefits, expanded active labor market policies, temporary grants to businesses based on their loss of turnover to cover fixed costs; supplementary housing allowances to families with children, infrastructure investment, extra support to public transport, measures to prevent Covid-19 fraud, general grants to municipalities and regions. Forgone revenue and deferred revenues: - Forgone revenue (SEK 33 bn): temporary reduction in employers' social security contributions. - Deferred revenues: Deferral of a maximum of three month worth of payments of companies’ social contributions, VAT and payroll taxes for a period of up to 12 months (SEK 27 bn if uptake similar to GFC, and SEK 315 bn if fully used by all firms), deferral of annual VAT for 2019 (SEK 7 bn) and deferral of SME taxes (SEK 13 bn). Equity injections, guarantees: - SEK 8.3 bn capital injection to the Scandinavian carrier SAS and the state-owned airport operator Swedavia Lernia. - SEK 3.4 bn capital injection to ALMI (the Swedish SME and Entrepreneur Agency). - Credit guarantees for Swedish airlines (SEK 5 bn). - Expansion of the Swedish Export Credit Agency’s credit guarantee framework and programs under the Swedish Export Credit Corporation (SEK 125 bn). - Central government guarantees for loans to companies (SEK 100 bn). - Guarantees to the EU for loans to member states, SURE, and to the European Investment Bank for a guarantee fund for support to companies (SEK 20 bn). ### Switzerland — Central Government Additional spending (health and response): - Army pharmacy (CHF 2.264 bn). - Corona tests (CHF 578 mn). - Information campaign, mobilization, and contact tracing (CHF 51 mn). - Medication (CHF 34 mn). - Vaccination (CHF 29 mn). - Health protection (CHF 13 mn). Additional spending (income replacement and labor): - Benefits COVID income replacement directly and indirectly affected (CHF 7.5 bn). - Financing for short term work program and the unemployment fund (CHF ... [content truncated in source]). *International Monetary Fund Fiscal Measures Database (January update).* ### 20.2 bn), COVID bridging loan losses (CHF 2 bn); support for ### fiscalmeasuresdatabasejanupdate-030221 ### Switzerland: direct support and guarantees - Support items and amounts: - COVID bridging loan losses (CHF 2 bn) - Support for transport sector (CHF 1.335 bn) - Support for sports and cultural sectors (CHF 610 mn) - International support and development aid incl. contribution to IMF (CHF 343 mn) - Support to cantonal hardship programs (CHF 1930 mn) - Loan support to sports clubs (CHF 400 mn) - Financial support to air traffic control company Skyguide (CHF 400 mn) - Guarantees for Covid-19 bridge loans for firms with annual turnover up to CHF 500 mn (CHF 40 bn) - Guarantees for startups (CHF 0.1 bn) - Guarantees for airlines (CHF 1.275 bn) ### Switzerland: accelerated spending - Annual indexation of pensions to CPI moved forward: - Pensions were increased by 2.3% effective April 1. ### Deferred revenue measures (general) - Corporate tax deferrals: - All large companies (except banks, telecommunication, SOE-s and companies in the chain of supply of essential goods) can defer the corporate income tax installments for Q2 and Q3 2020 to Q2 - Q3 2021. - For tourism, active processing and call centers – and small businesses with turnover of Lk14 mn or less – the payment of Q2, Q3 and Q4 of 2020 profit tax is deferred to Q2-Q4 2021. ### Sri Lanka: guarantees and unfunded lines (LC / LK currency) - Sovereign guarantees and lines: - Lk11 bn sovereign guarantee for large businesses to tap overdraft or credit lines in the banking sector to pay worker salaries. Government guarantees 100% of the principal and directly covers interest costs. Interest rate is capped at 2.85% and maturity is up to 2 years with a 3 months grace period on principal. - LK15 bn additional unfunded sovereign guarantee line (0.9% of GDP) approved on April 15 to enable loans for working capital and investments. Eligibility: all private companies that have been tax compliant and credit-worthy before the pandemic. Government guarantees only 60% of the principal with loan maturity up to 5 years, caps on interest rate (5%), individual loan limit (Lk300 mn), and 6-month grace period on repayment of principal. ### Albania: additional spending and support measures - Health-sector additional spending: - Additional health equipment (ventilators) - Personal Protective Equipment - Bonuses for front line health-workers dealing with Covid-19 - Setting up a new quarantine center - Other additional spending and transfers: - Unemployment benefits and social assistance layout are doubled. Support of small businesses/self-employed forced to close activities due to the 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 two minimum wages). These measures lasted April to June. - One-off transfer of Lk40,000 to affected people (in tourism, active processing and employees of small businesses not included in the first package, including employees of large businesses that have been laid off due to the pandemic). - 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 economy (Lk135m). - Foregone revenue: - Small businesses (those below an annual turnover threshold of Lk14 million) will not pay profit tax in 2020 (normative act April 23). Estimated amount Lk81 mn. ### Bulgaria: health spending, household and firm support (BGN) - Additional spending and foregone revenue (BGN 0.49 bn in 2020 and 1.07 bn in 2021) — health sector specifics: - Purchase of protection equipment, disinfectants, disinfection of work premises, thermometers for remote measurement, PCR tests etc. (86.6 mn in 2020 and 116.7 mn in 2021) - Support for first-line staff directly involved in activities to prevent the spread of COVID-19 (34.2 mn in 2020 and 157.4 mn in 2021) - Funding providers of medical care, dental care and medical diagnostic activities for work in unfavorable conditions in connection with the declared epidemic situation and the treatment of COVID-19 (320.6 mn in 2020 and 427.5 mn in 2021) - Subsidies, capital transfers and expenses to medical institutions (35.1 mn in 2020 and 35.3 mn in 2021) - Supplement to the remuneration of hospital care providers (237 mn in 2021) - Provision of medicinal products to individuals in the fight against the pandemic / 2021 provision vaccine (BGN 12 mn in 2020 and 94.4 mn in 2021) - Foregone revenue: - Exemption from VAT and customs duties on imports of certain medical supplies needed to combat the effects of the COVID-19 pandemic (2.8 mn in 2021) - Additional spending (BGN 1.43 bn in 2020 and 1.63 bn in 2021) — non-health specifics: - Support to households: - Payment of additional amounts to the pensions in the amount of BGN 50 per month from August 2020 to March 2021 (530 mn in 2020 and 318 mn in 2021) - Increase in minimum pension starting January 2021 (BGN 474 mn in 2021) - Support for children and families (BGN 65 mn in 2020 and BGN 114.7 mn in 2021) - Increase in the cost of short-term benefits and allowances linked to the expected increase in unemployed (BGN 297.5 mn in 2021) - One-time financial support for food products to pensioners receiving a low pension (BGN 47 mn in 2021) - Assistance for the use of tourist services for domestic tourism (BGN 10 mn in 2021) - Support to firms: - Support to Bulgarian artists and artists directly affected by the cessation of mass events (BGN 2.5 mn in both 2020 and 2021) - Subsidy for tour operators who use air carriers with a valid operating license to operate charter flights to the Republic of Bulgaria for tourism in the amount of 35 euros for each seat of the maximum passenger capacity of the aircraft for each flight (BGN7.2 mn in 2020 and BGN 40 mn in 2021) - Support to farmers affected by the pandemic (BGN 84.6 mn in 2020) - Support to employment: - Job retention scheme ("60/40 scheme) under which the state covers 60 percent (80 percent in the tourism sector) of the wages and employer's insurance payments of employees of private companies affected by the pandemic (BGN 719 mn in 2020 and BGN 300 mn in 2021) - Employment programs and training measures to support the unemployed and employers (BGN 0.004 mn in 2020) ### Fiscal aggregates and table excerpts (as reported) - Selected numeric entries preserved as reported (units as in source): - LC bn: 5.11.6; 3.5; 0.6 - LC bn: 4.6; 1.6 - LC bn: 2.9 - USD bn: 3.00.92.10.4 - USD bn: 2.70.9 - USD bn: 1.7 - % GDP: 4.41.33.00.5 - % GDP: 3.91.4 - % GDP: 2.5 - LC bn: 16,426 1,755 14,671 2,408 - LC bn: 3,565 - LC bn: 3565 - USD bn: 20.72.218.53.0 - USD bn: 4.5 - USD bn: 4.5 - % GDP: 8.20.97.4 1.2 - % GDP: 1.8 - % GDP: 1.8 - LC bn: 41,130 ###### 30,295 400 - LC bn: 57,312 31,745 - LC bn: 25,567 - USD bn: 11.12.98.10.1 - USD bn: 15.4 8.5 - USD bn: 6.9 - % GDP: 4.11.13.00.0 - % GDP: 5.73.2 - % GDP: 2.5 *Source: IMF Fiscal Measures Database (January update).* ### 0.010 in 2021) ### fiscalmeasuresdatabasejanupdate-030221 - 0.010 in 2021) ### Bulgaria — fiscal and quasi-fiscal measures - Other spending: - Providing opportunities for distance learning in the education system: 17 mn in 2020 and 11.9 mn in 2021. - Support for remote form of work in case of declared emergency epidemic situation: 0.2 mn in 2020 and 2021. - Forgone revenue (BGN 0.11 bn in 2020 and 0.38 bn in 2021): - Reduction of the VAT rate to 9% for the period July 2020 - December 2021, for supplies of certain goods and services (BGN 108.3 mn in 2020 and BGN 234.4 in 2021). - Tax relief for children and for children with disabilities starting in 2021 (BGN 143.4 mn in 2021). - Deferred revenue: - Deferral of corporate tax payments till June 30. - Equity injections and off-budget financing: - Capital increase in the state-owned bank (BGN 700 Mn) for the provision of financial instruments to support individuals and companies affected by the pandemic. - Financial supports through other state-owned entities and other EU-affiliated institutions, including: - BGN 344 Mn secured through the Fund of Funds. - BGN 160 Mn through JEREMIE (EIF). - BGN 418 Mn through the Urban Development Funds. - Specific instruments and contingent liabilities: 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 loans of up to BGN 300,000. Total amount is projected at BGN 2 bn (estimated contingent liability is BGN1.5 billion). 2. The Fund of Funds: - Loans up to BGN 50 thousand for micro enterprises, self-employed, entrepreneurs from vulnerable groups. - Interest rate subsidy for loans to SMEs up to BGN 3.6 Mn (estimated contingent liability is BGN 680 Mn). - Equity investment with an average investment of about BGN 800,000 for companies. 3. JEREMIE (EIF): - Maximum guarantee / credit amount for SMEs and medium-sized enterprises up to BGN 3.6 Mn revolving financing (estimated contingent liability is BGN 720 Mn). 4. Urban Development Funds: - Long-term investment and working capital loans up to BGN 40 mn, targeting municipalities, PPPs and businesses hit by the crisis. ### Chile — central government fiscal measures - Additional spending (health and other): - Financing of additional healthcare equipment, instruments, laboratories, contracting of emergency personnel and extension of working hours. - Accelerated pay to government's suppliers, cash transfers for the most vulnerable, enhanced unemployment insurance, loan guarantees. - Forgone revenue: - Suspension of monthly provisional payments of corporate income tax for the next 3 months (allow liquidity of up to US $ 2.4 bn). - Reduction of the Stamp and Seals tax. - Accelerated spending: - Early tax refunds of SMEs. - Accelerated pay of public procurement obligations. - Deferred revenue: - Tax deferrals (corporate income tax, VAT, property). - Financial sector support: - Loans to unemployment insurance fund and capitalization of state-owned financial institutions to provide loan guarantees. ### Colombia — General Government package and guarantees - Additional spending (10,150 bn pesos): - Additional resources for health sector budgetary support from central government. - Additional payment to first line respondent health workers for 450 thousand million pesos and transfer of 243 thousand million pesos to cover hospital payrolls. - Resources for vaccines and testing capacity. - Forgone revenue (685 bl pesos): - Reduction of tariffs for strategic health imports; VAT exemption on over 100 medical goods. - Additional social and labor measures: - Expanded transfers for vulnerable groups including expanded social programs and support to workers in the informal sector. - Support for recently unemployed workers. - Payroll subsidy for three months equivalent to 40 percent of the minimum wage per worker for businesses with a revenue fall above 20 percent. - Subsidy worth 50% of June's bonuses for employees earning minimum wage for businesses with a revenue fall above 20 percent. - Increased infrastructure spending to support the recovery. - Forgone revenue and concessions: - No road tolls during the quarantine period. - Elimination of withholding tax for companies in bankruptcy protection. - Tariff reduction for soy beans and corn, no VAT for internet connection and new trucks. - No interest costs on delayed payment of electricity and gas for most strata 1-4 households. Lowered interest rate on tax arrears. - 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 earning above 15 mn will contribute 15%. - Accelerated spending and deferred revenue: - Accelerated CIT and VAT refunds for corporates. - Delayed VAT and CIT payments until December. - Financial-sector capitalization and guarantees: - Equity injection for capitalization of Findeter and Bancoldex for credit lines. - Equity injection for credit lines for payroll, working capital and loan payments, for SMEs and independent workers and for larger companies in the most affected sectors through the National Guarantee Fund (government capitalization of 0.3 percent of GDP to guarantee around 2.2 percent of GDP of loans). - A new National Emergency Mitigation Fund (FOME) announced, where the central government partially finances response measures with resources from regional stabilization funds (FAE, FONPET). - Support to SMEs through the National Guarantee Fund, with the government providing a capital injection of 0.2 percent of GDP to guarantee loans up to 2.5 percent of GDP. ### Egypt — central government and central bank measures - Additional spending (12.941 bn): - Support to the public healthcare sector: urgent and necessary medical supplies, additional funding for higher wages for public health staff, purchase of medical and preventive supplies and equipment, and purchase of meals. - Other additional spending: - Lower energy costs for factories (EGP 6 billion). - Subsidy pay-out for exporters (EGP 1 billion). - Increase in support to pensioners and irregular workers: EGP 27.6 billion disbursed to 2.4 million families, totaling some 10 million citizens. - Consumer spending initiative: two-year low-interest installments for a 3-month program including discounts on selected consumer goods. - New government holding fund to guarantee mortgages and consumer loans for up to EGP 2 billion. - Forgone revenue: - Temporary real estate tax relief for industrial and tourism sectors; moratorium on tax law on agricultural land extended for 2 years+K114. - Stamp duty on transactions and tax on dividends reduced for equity investors; capital gains tax postponed until January 2022 and foreign investors permanently exempt. Withholding tax on dividend payouts from listed companies set at 5 percent, down from 10 percent previously. - Accelerated and deferred measures: - Deferred revenue: 6-month grace period for MSMEs to pay insurance premiums. - Finance Ministry to guarantee EGP 3 billion of low-interest Central Bank of Egypt loans for Tourism Sector: ministry will guarantee loans for three years, including a one-year grace period. Loans subsidized by the CBE carry a 5 percent interest rate (reduced from 8 percent) and can be used to cover wages, commitments to suppliers, and maintenance expenses; beneficiaries allowed to use up to 15 percent of the loan to cover basic operations costs. - Monetary and quasi-fiscal: - Stock-purchase by the central bank of EGP 20 billion. - The central bank approved an EGP 100 billion guarantee to cover lending. - Preferential interest rate reduced to 8 percent from 10 percent for tourism, industry, agriculture and construction sectors, and for housing loans for middle-class families. ### Georgia — general government measures - Health-sector additional spending: - Support to public clinics, provision of lab tests; treatment of patients; medical supply and equipment acquisition. - Forgone revenue: - VAT waiver on the supply of pharmaceutical goods produced nationally. - Other additional spending and social measures: - State Program for Maintaining Prices of Primary Consumption Food Products with subsidies on food supplies from March to May 2020. - Subsidy on utility costs (electricity and natural gas) for low-level consumers from March to May 2020 and from November 2020 to February 2021. - Cash transfers: 1,200 GEL over 6 months to individuals who lost their jobs or were put on unpaid leave; one-time assistance of 300 GEL to self-employed or informal sector; support to extremely poor families; children in poor families; invalids and invalid children. - Support to businesses: credit guarantee scheme for SMEs, microgrants, support to agriculture and construction sectors including acquisition of houses for refugees. - Cash transfer of 300 GEL and assistance with loan postponement for persons employed at malls, markets, shops and retail trade forced to shut during the second lockdown. - Forgone revenue and tax relief: - Income tax relief to businesses who retain workers: Over 6 months in 2020: (1) salaries up to 750 GEL fully exempt from income tax; (2) for salaries up to 1,500 GEL, 750 GEL exempt from income tax. - Property and income tax waiver to the tourism sector. - Accelerated and deferred measures: - Accelerated VAT refunds. - Deferred revenue: Suspension of property and income taxes for the tourism sector until November 2020. - Extension of customs clearance term for vehicles imported before April (until September). - Core enterprises to receive preferential treatment, including loan guarantees and liquidity support conditional on preserving employment and governance requirements. ### Kazakhstan — central government measures and programs - Health and social additional spending: - One-month salary bonus for medical staff, wage increase for health sector employees, and access to medical care to uninsured citizens. - Cash payments to the unemployed, self-employed, and to vulnerable population; cash transfer program to individuals who lost their jobs due to quarantine. - Distribution of food and household products. - Measures under "Employment Roadmap" initiative including large-scale projects to modernize transportation infrastructure. - Credit subsidies to farmers. - Forgone revenue: - Tax breaks for large trade centers and cinemas closed due to COVID-19. - Tax exemptions for individual entrepreneurs and SMEs. - VAT exemptions on food and socially important goods and services. - Additional support to hard-hit industries (VAT exemptions for civil aviation; land tax and VAT exemptions for tourism; land tax exemption for agricultural producers; property tax exemptions for SMEs in vulnerable sectors). - Deferred revenue and financing: - Postponement of tax reporting from Q2 to Q3. - Subsidized lending under state program (“Economy of Simple Things”, KZT 1 tn), along with policy to help SMEs finance working capital. - The SME working capital financing (KZT 800 bn) program financed by Kazakhstan stability fund, a subsidiary of the National Bank of Kazakhstan. ### Mauritius — fiscal, quasi-fiscal and institutional measures - Additional spending: - Increase in general public health spending. - Wage Support Scheme and Self-Employed Assistance Scheme for employees who become unemployed during lockdown/curfew and those in informal sectors or self-employed; schemes extended until borders open for tourism sector employees. - Rs 9 billion support to Air Mauritius from the National Resilience Fund. - October 2020 reallocation of Rs 9 billion (November 2020 until June 2021) to: - Increase National Training and Reskilling Intake by around 9,000 unemployed beneficiaries paid monthly stipends. - Employment Support Scheme for SMEs to support 11,000 employees with monthly payment of Rs 10,200. - Recruitment of around 2,000 unemployed people for the National Clean-Up Campaign. - Air Freight Scheme components: supervision of the national airline under voluntary administration and support for the export sector. - Forgone revenue: - Small tax reductions, e.g., cutting a 1% levy on the tourism sector to 0.5% and reducing port taxes. - Institutional and quasi-fiscal measures: - Parliament amended central bank law to allow unconventional financing measures, including: - One-off exceptional transfer (grant, not advance) from the central bank to the government of the amount R60 bn (12 percent of GDP). - Setting up an SPV The Mauritius Investment Corporation with objectives to invest in local companies and transfer US$2 bill from FX reserves to the SPV. - Bank of Mauritius made 2.5 percent two-year savings bonds available to retail investors, worth Rs 5 bn (1 percent of GDP). - State Investment Corporation will raise Rs 4 bn (0.7 percent of GDP) to make equity investments in troubled firms, including SMEs. (Note: this is listed alongside other Mauritius measures.) ### North Macedonia — targeted fiscal relief and tax measures - Non-spending measures: - Abolished the import duty on medical supplies. - Lowering the late interest rate for public taxes and duties from 0.03% to 0.015%. - Lowering the penalty rate by 50%: to 5% for corporates and to 4% for households. - Spending measures: - Targeted subsidies on private sector wages and social security contributions (for April, May, and June). - Subsidy for those part of the informal economy. - Cash vouchers for minimum wage earners, the unemployed, recipients of social assistance and young people. - Partial reimbursement of university tuition fees and IT courses. - Loans at favorable terms and loan guarantee schemes for MSMEs subsidized by the government. - Targeted support for agricultural, textile, and other sectors. - Targeted support to preserve employment and provide liquidity through development bank interventions. *Source: Fiscal Measures Database January update.* ### 0.2 bn (0.04 percent of GDP) in credit ### fiscalmeasuresdatabasejanupdate-030221 - 0.2 bn (0.04 percent of GDP) in credit ### Pakistan (Central Government) - Credit: 0.2 bn (0.04 percent of GDP) in credit for firms short on cash. - Additional health spending and emergency funds: - Increase general public health spending for NDMA to procure healthcare equipment and kits (PKR 75 billion). - Budget allocation for an emergency fund to combat Covid-19 (PKR 100 billion). - Established COVID-19 Solidarity Fund; around Rs145 min raised by early May. - Accelerated spending: - Accelerated tax refunds (PKR 100 billion). - Duty drawbacks for exporters. - Accelerated procurement of wheat (PKR 280 billion). - Deferred revenue: - Deferral of tax filing by 3 months. - Power and gas bill deferral (PKR 100 billion). - Targeted credit, refinance, and risk-sharing facilities: - Risk sharing facility under the refinance scheme for the payment of wages and salaries to prevent layoffs, whereby the Government of Pakistan bears 60 percent first loss on disbursed portfolio for eligible SMEs. - Temporary Economic Refinance Facility to stimulate new investment in manufacturing at maximum interest rate of 7 percent fixed for 10 years. - Refinance Facility for Combating COVID-19 to support hospitals and medical centers at maximum interest rate of 3 percent fixed. - Other on-budget/off-budget measures: - Additional spending (PKR 600 billion): Cash transfers to daily wage workers (PKR 200 billion); cash transfers to low-income families (PKR 150 billion); funding to utility stores (PKR 50 billion); financial support to exporters, SMEs, and agricultural sector (PKR 200 billion). - Forgone revenue: Relief on fuel prices (PKR 50 billion); special tax regime for the construction sector until the end of December 2021 (no cost estimate). - Guarantees to new financial sector loans for working capital, primarily targeted to SMEs; program tied to a central bank liquidity provision program and includes an Enterprise Support Fund for SMEs and micro enterprises. ### Peru (General Government) - Health sector measures: - Additional spending: purchase of medical equipment, cleaning kits for schools, new hiring, enhanced monitoring and information campaigns. - Forgone revenue: Elimination of import taxes for medical health supplies. - Other fiscal measures: - Additional spending: Cash transfers for poor families, independent workers, and other families in need; electricity subsidy; tablets for students; public works and other public investment projects. - Deferred revenue: Income tax deferrals for individuals and businesses; extension in declaration deadline of tax payments for households and SMEs. ### Philippines (Central Government) - Health and medical spending: Spending on medical buildings, equipment, staff, and medical supplies. - Forgone revenue: Expedite imports of PPEs and medical goods. - Additional spending (331bn): Cash aid to low-income households and social protection for vulnerable workers; subsidies to rice farmers and wages for small businesses; retraining of displaced workers. - Forgone revenue (42bn): Planned corporate income tax rate reduction from 30 to 20 percent starting in July 2020. - Credit and liquidity support: - Loans to the agriculture sector under the Survival and Recovery Aid Program. - Equity injection to support loan programs for SMEs. - Credit guarantees for small businesses and support to the agriculture sector. - Microfinancing special loan package for affected micro entrepreneurs and MSMEs. ### Romania (Central Government) - Health sector additional spending: - RON3.8 billion for health sector (o/w RON0.5 billion for increase in healthcare workers' wages and RON1 billion for sick leaves). - RON2.25 billion under World Bank disaster and risk management facility. - RON0.4 billion additional resources for health budget. - Financial support to quarantine centers (0.7 billion RON). - Purchase of medical and protective equipment via reallocation of EU Funds (1.75 billion RON); second budget revision increased health programs and sick leaves (2.9 billion RON). - Forgone revenue: Capping the fee on medicine sales; suspending VAT for medical imports. - Non-health additional spending: - Wage support: paying 75 percent of gross wage to employees of companies facing difficulties (RON4 billion); to affected self-employed and individual enterprises (RON2 billion). - Covering partially wages of parents staying home (RON1.5 billion); Reserve Fund (3 billion RON); technical unemployment benefits up to 41% of base wage (3.3 billion RON). - State finances 75% of gross salary for professional athletes (160 million RON). - Deferred revenue and expedited measures: - Deferral by 3 months of property tax payments; expediting VAT refunds; temporary suspension of tax controls and enforcement; deferral of rent and utility payments for affected SMEs. - Loans, guarantees, and state support: - RON1.1 billion loan to pharmaceutical SOE; RON0.6 billion loan to airlines. - Loan guarantees up to 80% for SMEs (max values: 5 million lei working capital, 10 million lei investment). - Guarantees up to 90% for micro/small enterprises (max values: RON 500,000 micro; RON 1 million small); interest subsidized. - State guarantees for leasing of work equipment (up to 80% for IT equipment, 60% for other tech; max financing 5,000,000 RON; leasing period 72 months). - State guarantee scheme for large companies via Eximbank up to 80% of loan. - State guarantees for factoring and trade credit insurance (SMEs). ### Poland (General Government) - Health additional spending (8.5 bn or 0.4 percent of GDP): support for patient care, co-financing healthcare infrastructure improvements, telemedicine and digitalization. - Non-health additional spending (PLN 151 bn): Wage subsidies up to 40 percent of average wages for employees of affected businesses; care allowance for children due to school closures; monthly benefit for self-employed; includes nonreturnable portion of PFR liquidity loans treated as above-the-line expenditure. Some measures extended with eligibility limited to most impacted sectors. - Forgone revenue (PLN 15.7 bn or 0.7 percent of GDP): Social insurance contributions covered for micro firms up to 9 employees for 3 months; 50% coverage for firms with 10–49 employees; extension for affected industries to November. - Deferred revenue: Postponement of social insurance contributions; possible deferral and installment payments of taxes. - Below-the-line and contingent liabilities: - PFR liquidity loans and state bank measures represent below-the-line activity. - Credit guarantees and micro-loans estimated to be 74 bn (3.2 percent of GDP). - EUR 200mn (0.4 percent of GDP) subsidized loans (1 percent interest rate) to SMEs from the Development Fund. ### Serbia (General Government) - Health sector: 10 percent wage increase for public healthcare sector (RSD 13bn); increased healthcare spending (about RSD 26bn, reported up to RSD 60bn). - Non-health additional spending and social support: - Wage subsidies (RSD 93bn): (i) Payment of 3 minimum wages for all employees in SMEs and entrepreneurs (about 900,000 employees); (ii) Payment of 50 percent of minimum wages to large companies for employees not working. - One-off payment to all pensioners (RSD 7bn). - New loans to SMEs from the Development Fund (RSD 24bn). - Universal cash transfer of EUR 100 to each citizen over 18 years old (about RSD 70bn). - Support to 14,000 most vulnerable women in 50 municipalities (RSD 12bn) in hygiene packages and essential foods. - Deferred revenue and tax measures: - Tax and SSC deferments (RSD 121bn or 2.2 percent of GDP), to be repaid in 24 installments starting from 2021: deferment of labor taxes and SS contributions for all private companies for three months with no interest; deferment of Q2 CIT payments; grants and donations exempt from VAT. - Extension: Deferment of labor taxes and social security contributions extended for an additional month (RSD 30 billion). - Contingent liabilities: - State guarantee scheme for bank loans to SMEs approved (exposure of RSD 56.5bn). ### Thailand (Non-financial Public Sector) - Health and prevention: Preventive and remedial measures; extra-hazard compensation for healthcare workers; exempted import duties for products related to combatting Covid-19 until September 2020. - Income and household support: - THB 5,000 per person per month for 3 months for 14 million qualifying workers not enrolled in social security and 10 million farmers. - Transfers to elderly, children up to 6 years, and holders of state-welfare cards covering about 6.8 million people (approximate cost THB 20 billion). - New shopping subsidy package passed on September 22: THB 51 billion covering 24 million mainly low-income people via two schemes (14 million welfare cardholders get an extra monthly discount of Bt500 from October to December; 10 million get daily discounts up to B100). - Stimulus package to the tourism sector amounting to THB 22.4 billion including subsidies for 5 million domestic trips (40 percent of certain costs). - Forgone revenue and tax reliefs: - 41 billion baht in discounts and refunds of water and electricity bills; reduced social security fund contributions; waived rental fees for residential/agricultural leases for one year. - SMEs that keep employees can claim tax deduction for 3 times wage expenses (April–July 2020); SMEs with soft loans can deduct 1.5 times interest (April–December 2020). - 400,000 baht limit (from 200,000) for tax deduction of investments in the Super Saving Fund. - Income tax deductions (to rebate VAT) on products worth THB 30,000 per person from October 23 to December 31, 2020. - Deferred revenue and credit lines: - Corporate income tax deadline extended to August and September; one month extension for filing and payment of VAT, Special Business Tax, and other taxes; excise tax filing/payment extensions. - Expedited VAT refund for exporters; delay in government fees and charges collection. - Soft loans by Social Security Office (30 billion baht at 3 percent) to businesses registered under Social Security System. - Soft loans for individuals: THB 40 billion at 0.1 percent without collateral; THB 20 billion for THB 50 thousand per person with collateral. - Bank of Thailand authorized to lend THB500 billion to financial institutions for on-lending to SMEs; financial institutions compensated up to 60 or 70 percent of additional loans if nonperforming. - THB 150 billion in soft loans (2 percent interest) sourced from Government Saving Bank to commercial banks at 0.01 interest per year; THB10 billion earmarked for SMEs in tourism. - THB 100 billion announced but not yet approved in soft loans from Government Saving Bank for SMEs in tourism. ### United Arab Emirates (General Government) - Health measures: Additional disinfection procedures in health, education and other public facilities; active screening, testing, surveillance, and rapid response teams. - Private sector support and fiscal stimulus: - Federal government reduced various government fees and accelerated existing infrastructure projects. - Abu Dhabi: AED 9 bn ($2.5 bn) announced as part of “Ghadan-21” fiscal stimulus; additional water and electricity subsidies; provision of loans to SMEs; credit guarantees and liquidity support to SMEs. - Dubai: additional water and electricity subsidies; reduction or suspension of government fees and penalties; rebate on commercial lease payments in tourism and hospitality sectors; simplification of business procedures. - Banking and SOE measures: State-owned enterprises and banks to support private sector through loan restructuring, lowering lease payments, halting evictions. ### Tunisia (General Government) - Health spending and funds: - Additional health spending including creation of a fund for acquisition of equipment for public hospitals. - Creation of a fund for public donation to the health sector: TND 186 mn. - Creation of an investment fund of TND 500 mn (with initial 100 mn) by Caisse des Dépôts et des Consignations (CDC) to finance strategic private companies. - Creation of a “bridging fund” of TND 100 mn by CDC for repurchase of shares in investment funds for companies in strategic sectors. - CDC investment mechanism of TD 100 mn for acquisition of equipment for hospitals and public health establishments. - Social support and other spending: - Monthly cash transfers for low income households, disabled, and homeless people for up to three months; temporary support for unemployed and self-employed; strategic stock of basic food items; continued ALMP payments; special program for social work institutions and job creation for vulnerable groups. - Forgone revenue and tax relief: - Waiver of VAT for businesses selling medicines. - Suspension of penalties for delayed tax returns for three months starting April 1. - Amnesty on customs offenses for certain industrial establishments (with payment due plus 10% fine). - Allow companies to revalue assets based on real value while exempting goodwill. - Accelerated spending: Accelerated VAT refunds. - Deferred revenue and credit guarantees: - Postponement of CIT payments, other taxes, and social contributions until June; rescheduling tax arrears for up to 7 years; deferral of car road tax payments. - State guarantees for new credits amounting to TND 1.5 bn for management, operation and maintenance provided by the banking system until December 31, 2020, reimbursable over seven years including a two-year grace period in sectors such as tourism, transport, culture, etc. ### Ethiopia (Central Government) - Health measures: Increasing healthcare capacity, diagnostic and medical equipment, boosting human resources. - Forgone revenue: Import tax exemptions for medical supplies. - Additional non-health spending: Emergency food distribution to vulnerable individuals; emergency shelter and non-food items; additional protection for vulnerable groups; additional education outlays; logistics; agricultural sector support. - Other revenue measures: - Forgiveness of tax debt prior to 2014/15 and amnesty on interest and penalties for tax debt pertaining to 2015/16-2018/19. - Exemption from personal income tax withholding for 4 months for firms who keep paying employee salaries despite not operating. - Capital injection: Capital injection into the Development Bank of Ethiopia by the Ministry of Finance to facilitate lending by DBE to private enterprises (noted as not strictly related to Covid but aimed at facilitating lending). ### Bangladesh (Central Government) - Health measures: Additional spending on healthcare equipment, testing; compensation for COVID-19 related health risks of officials, doctors and field staff; hiring of additional healthcare workers. - Forgone revenue: National Board of Revenue temporarily suspended duties and taxes on imports of medical supplies, including protective equipment and test kits. - Non-health additional spending and support: - Expansion of existing social transfer programs for vulnerable households, including allowance programs and food aid distribution; Cash assistance to the jobless poor (Corona-Cash). - Wage support (50bn loan) for export-oriented industries; working capital loan interest subsidies (30bn) for affected large industries and service sector, and Cottage, Micro, Small and Medium Enterprises (CMSMEs). - Interest waiver subsidies (20bn); housing scheme support. - Subsidies to agriculture (purchase of fertilizer and agriculture machinery; government procurement). - Forgone revenue: Income tax relief including increase in tax-free limit (from 2.5 to [text truncated in source]). *Facts and figures are from the IMF Fiscal Measures Database (January update) — fiscalmeasuresdatabasejanupdate-030221.* ### 3.0 lakh for males, from 3.0 to 3.5 for females), reduction in ### fiscalmeasuresdatabasejanupdate-030221 - 3.0 lakh for males, from 3.0 to 3.5 for females), reduction in ### Tax measures and revenue relief - Personal income tax: - Increase in tax-free thresholds (example phrasing present: "3.0 lakh for males, from 3.0 to 3.5 for females"). - Reduction in minimum tax rate from 10% to 5%. - Reduction in maximum tax rate from 30% to 25%. - Introduction of a tax rebate for taxpayers who file income tax returns online for the first time. - Corporate tax: - Reduction in tax rate for non-publicly traded companies from 35% to 32.5%. - Reduction of tax rate at source of local supply of essential commodities. - Withholding tax rate on export proceeds reduced from 1% to 0.5%. - VAT and import duties: - VAT rate reductions (example: Advance Tax on imported raw materials for manufacturing industries). - VAT exemptions (example: penalty and interest in case of failure to submit the VAT return and pay income tax on time). - Preferential treatment on import duties for various essential raw materials for targeted industries. ### Deferred revenue and liquidity-support measures - Tax filing dates were extended by six months. - Deferred payments: - Deferrals to the second half of 2020 and early 2021 for payments of income taxes and social contributions (favoring SMEs). - VAT payments deferred for SMEs in non-essential sectors not operating during the curfew. - Credit and loan support: - Soft loan scheme to support MSMEs including a one-year postponement of interest payments for non-marketable debt and a two-year repayment period. - Public development bank Banhprovi will provide $275 mn in guarantees to cover potential losses on new loans to SMEs and other companies. - Banhprovi will deploy additional $225 mn to finance loans to SME and other sectors affected by the pandemic. - Establish funds to on-lend to support SME, MFI, small farmers, trade financing. - Additional 100 billion kyat from re-appropriation of ministries’ budget allocated to COVID-19 Fund for providing soft loans to COVID-19 affected businesses. ### Health-sector and direct fiscal spending (country examples) - Guinea-Bissau (Central Government): - Additional spending: Emergency measures to upgrade the main national hospital, pharmaceuticals, food provision and medical equipment to the country’s hospitals. - Additional spending: Transfers to vulnerable families (0.1 percent of GDP), citizen security to enforce COVID-19 measures (0.2 percent of GDP) and investments to strengthen the agricultural sector (0.5 percent of GDP). - Loans to banks for on-lending to the cashew sector. - Ghana (Central Government): - Additional spending: Address availability of test kits, pharmaceuticals, equipment, and bed capacity. - Investment in healthcare infrastructure, including construction or upgrade of 100 district and regional hospitals. - Forgone revenue: Tax waiver for health personnel. - Additional spending: The government committed US$100 million to support preparedness and response, and about US$160 million under its Coronavirus Alleviation Programme to the promotion of selected industries, the support of SMEs, and employment. - Additional spending: Food packages and National Buffer Stock Company and subsidies for water and sanitation bills. - Honduras (Central Government): - Additional spending: Medical supplies, personnel, adaptation of facilities. - Additional spending: Temporary unemployment benefits to formal workers (0.6 percent of GDP), delivery of food supplies to poor families (0.2 percent of GDP), and cash transfers to informal workers (0.4 percent of GDP). - Foregone revenue: Measures on medical supplies and free economic zones (0.1 percent of GDP). - Kenya (Central Government): - Additional spending: Recruitment of additional health workers, expansion of hospital bed capacity, enhanced surveillance, laboratory services, isolation units, equipment, supplies, and communication. - Additional spending (56 bn): Social protection and cash transfers; food relief; funds for expediting payments of existing obligations to maintain cash flow for businesses during the crisis; rehabilitate road and school infrastructure; hiring of teachers; supply of farm inputs; improve market access for farmers; renovation of tourist facilities. - 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 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 percent; reduction of the standard VAT rate from 16 to 14 percent. - Accelerated spending measures: Expedite payment of all verified VAT refunds (or allow offsetting of withholding VAT); payment of verified pending bills to improve liquidity. - Nepal (General Government): - Estimated health cost related to COVID control and prevention: 1.3 percent of GDP, consisting of: - Establishment of necessary facilities: 0.7 percent of GDP. - Additional medical supplies: 0.2 percent of GDP. - Basic health service COVID at local level: 0.1 percent of GDP. - Additional health insurance: 0.2 percent of GDP. - Other COVID related health spending: 0.1 percent of GDP. ### On-budget and off-budget aggregates (selected numeric entries preserved) - LC bn 2507.6; 24233 - USD bn 2.40.12.30.3 - USD bn 0.60.10.5; 0.20.2 - % GDP 2.40.12.30.3; 0.90.20.7; 0.30.3 - LC bn 992185807; 300300 - USD bn 0.60.10.5; 0.20.2 - % GDP 0.90.20.7; 0.30.3 - LC bn 685018; 5151 - USD bn 0.60.40.2; 0.40.4 - % GDP 1.81.30.5; 1.41.4 - LC bn 582633; 10050; 50 - USD bn 0.10.00.1; 0.20.1 - % GDP 0.80.30.4; 1.30.6; 0.6 - LC bn 2,300 500 1,800 - USD bn 6.4; 1.4; 5.0 - % GDP 1.50.31.1 *Source: Fiscal Measures Database (January update) — International Monetary Fund.* ### 0.5 percent of GDP is the estimated cost of additional social ### fiscalmeasuresdatabasejanupdate-030221 - 0.5 percent of GDP is the estimated cost of additional social ### Overview: scope and aggregate framing - The dataset summarizes country fiscal measures in response to the COVID-19 pandemic, quantified in gross terms and based on January 2021 World Economic Outlook Update 2020 estimates unless otherwise stated. - Estimates are as of end-December, 2020; implementation could span across 2020, 2021, or beyond. - The global estimate of fiscal support includes above-the-line measures (additional spending and foregone revenue), below-the-line measures (equity injections, loans, asset purchases, debt assumptions), and contingent liabilities (guarantees and quasi-fiscal operations). - Global totals provided: - Global aggregate values: "Global 7,833 1,034 6,738 939 6,026 349 3,997 1,680 7.41.06.41.06.10.44.01.6" (as listed). - Notes on definitions: - '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 GDP are based on the specified IMF WEO Update or local exchange rates as indicated. ### Targeted social spending and employment programs - 0.5 percent of GDP is the estimated cost of additional social spending, including: - food for work program: 0.3 percent of GDP - training for work in manufacturing and services sectors and subsidy for hiring: 0.2 percent of GDP - Example program type: expanding employment program in labor-intensive construction sector. ### Liquidity, credit support, and guarantees - Lending and credit support examples: - Lending program to provide support for small and medium-sized enterprises and firms in tourism sector: 1.4 percent of GDP (country context indicated). - Credit support in the form of loan guarantees placed in dedicated bank deposits. - Bank guarantees to the government for unpaid taxes beyond the suspension period announced. - Credit support in the form of loan guarantees worth 50 bn supporting a total of 150 bn in new loans to private sector (country context indicated). ### Selected country measures (additional spending, forgone revenue, and liquidity support) - Myanmar (Non-financial Public Sector): - Additional social spending measures: cash transfers, food, cash-for-work, pension support, health benefit extension. - Health and facility measures: Extend and Improve Quarantine Centres/Facilities; Importation of Key Medical Products; upgrade Existing Health Facilities; ensure regular, stable electricity supply (including provision/purchase of generators and fuel) for specialized medical facilities in low-electrification States and Regions; ensure refrigeration for cold chain maintenance for vaccinations and special drugs. - Tax/tariff measures: Waive the 2% Withholding Tax on exports. - Presidential order on June 12: further tax relief on additional salary and wage expenses and additional expenditures for capital equipment during Income Year 2019-2020. - Forgone revenue: Exempt electricity tariffs for all households (excluding embassies and international organizations) up to 150 units per month for April, May and June, and 75 units for July. - Nigeria (General Government): - Additional spending: N500 bn allocated for health sector, including contingency funds released to Nigeria’s Center for Disease Control for testing kits, opening more centers, and training medical personnel. - FEC-approved stimulus: N2.3 trillion stimulus package. - Measures included: mass agriculture program, extensive public work and road construction, mass housing program, strengthening social safety net, support micro, small and medium enterprise. - Conditional cash transfers: coverage expanded from 2.6m to 3.6m households. - School feeding programs continue during closures; Special Public Works program set up. - Forgone revenue and tax relief: income tax relief and import duty waivers for medicine and medical goods; electricity tariff increases postponed. - Niger (Central Government): - Health measures: reinforced protection for medical staff; increased quarantine capacity; recruitment of 1,500 health workers; set up isolation sites; exemption of VAT and duties on medical goods. - Additional spending: compensation for job losses and to businesses for loss of value added; support to vulnerable households via food and cash transfers; 2 month-suspension of utility bills for vulnerable households; increase social assistance packages; support to informal enterprises and formal sector for lost values and for job loss over next 6 months; support to local industries, agriculture and food production. - Forgone revenues and tax measures: higher depreciation cost allowed in tax declaration for businesses; provide new import credits; delay vehicle taxes; suspension of the uniform informal tax and transport VAT in urban centers; reduction of VAT on the hotel sector to 10 percent; exemption of the minimum flat tax (IMF) from 2019 tax declarations; suspension of tax collection from travel agents, restaurants and the sports sector. - Deferred revenue specific: Deadline for payment of suspended VAT extended from 12 to 24 months (CFAF 15 billion); accelerated refund of VAT credits; deferral of CIT for SMEs and companies in hardest hit sectors. - Guarantee fund: CFAF 70 billion credit guarantees through the budget, with European Investment Bank support leveraging another FCFA 130 billion from the banking sector; government portion to be called first; unused resources flow back to government. - Uzbekistan (General Government): - Health spending: additional spending on medicines, quarantines, and treatment; salary supplement for medical employees: 6 percent of wage for time engaged in anti-COVID-19 measures. - Additional spending quantified: 12,950 billion: - Expanded number of recipients of social benefits by about 35 percent. - Raised spending to cover average salary for workers taking care of their children during quarantine. - Increased spending to cover leave payments of employees age 60+ with chronic illnesses (stay at home during quarantine). - Assistance to affected businesses via revolving facilities, debt service deferrals at subsidized interest. - Increased spending for public works to support regional infrastructure and employment. - Forgone revenue quantified: 4,750 billion: - Reduction of minimum payment of social tax for individual entrepreneurs from UZS 223,000 to UZS 111,500 per month during Apr-Oct 2020 (Central government). - Reduced tax rate for usage of water resources for farmland by 50 percent (Central government). - Suspension of tourism tax during Apr-Jul 2020 (Central government). - Postponing property tax and land tax during Apr-Oct 2020 - 6 months interest free deferrals (Central government). - Extending moratorium on tax audits until 2021; delaying tax declarations for 2019 income taxes from April to August. - Tourism and hotel activities: exempt from paying property and land tax until end of 2020; social tax rate reduced from 12 to 1 percent (Central government). - SMEs with revenue drops of 50% (m-o-m) can defer payments of turnover tax, land tax, property tax, social and water use tax until October 2020. - Exemption of income tax for self employees. - Other support: Government equity injections and new loans to SOEs to repay debt and finance additional investment; rollover loans under government program for individual entrepreneurs. - Senegal (Central Government): - Additional spending: procurement of medical supplies to enhance treatment and testing capacity; improve prevention and intensify communication. - Additional spending quantified: 324 bn composed of: - social safety net programs: urgent food aid, subsidies to help vulnerable pay utility bills (water, electricity) and support to diaspora: CFAF 103 bn - 0.72% of GDP. - direct support to heavily hit sectors: CFAF 100 bn - 0.70% of GDP. - settling some arrears to private sector suppliers faster than anticipated: CFAF 87 billion - 0.61% of GDP. - securing key food and energy supplies: CFAF 34 billion - 0.24% of GDP. - Forgone revenue quantified: 40 bn: tax rebates for companies that keep workers on payroll or pay 70% of salary (FCFA 40 billion - 0.28% of GDP). - Recapitalization: Recapitalize NATSAVE (development bank). - Vietnam (General government): - Accelerated spending: target 100 percent disbursement of public investment capital valued VND 686 trillion or nearly 9 percent of GDP (of which VND 225 trillion is carried-over from previous years). - Deferred revenue: payments of VAT, CIT and land rental fees deferred by 5 months; payment of PIT tax obligations deferred to year-end; total value of VND 180 tn. - Pension fund deferrals: affected firms and workers allowed to defer contributions up to 12 months with no interest penalty; estimated to be VND 9.5 tn. - Electricity proposal: cut prices by 10 percent for certain enterprises and households, exempt payment for quarantine zones; Vietnam Electricity (EVN) to bear cost of price adjustment: 0.1 percent of GDP. - Concessional loans: firms receive concessional loans from VSBP financed by central bank refinancing window at zero interest to make salary payments to temporarily laid-off workers: 0.2 percent of GDP. - Additional spending and cash transfer package planned: VND36 tn from April to June covering: - poor and near poor households: VND 250 thousand/person/month; - recipients of social protection program: additional VND 500 thousand/person/month; - workers temporarily stopped working: VND 1.8 million/person/month; - unemployed without insurance and self-employed: VND 1 million/person/month; - households with monthly taxable revenue below VND 100 million that temporarily suspended business: VND 1 million/household/month. - Forgone revenue and tax/fee relief: raise deductibles of personal income tax starting in July; fees reduction for supporting firms and workers from May through December 2020 (including construction and tourism-related fees cut by 50 percent); water resource-related fees down by 20 percent; lower business registration fee; streamline tax and custom audit and inspection; continued exemption of agricultural land use tax; corporate income tax relief for SMEs. - Zambia (Central Government): - Announced an 8 billion kwacha Covid-19 Mitigation Bond to finance related spending, including 1 billion in health-related spending for equipment and clearance of arrears to local drug suppliers. - Additional spending: - 3.1 billion to clear arrears to suppliers of goods and services, VAT refunds, pensions, and third-party arrears to micro-finance institutions. - 0.5 billion for youth empowerment programs. - 1.7 billion for grain purchases. - 0.8 billion for other purposes. - Forgone revenues: suspension of import duties on mineral concentrate and export duties on precious metals and crocodile skin; waiver of tax penalties and interest on outstanding tax liabilities resulting from COVID-19 impact. ### Tabulated country-level fiscal measures (selected lines and exact figures) - Examples from tabular summary (USD billion and percent of GDP, exact entries preserved): - Australia: "2181120724101416.20.815.31.80.81.0" - Canada: "24039201636646214.62.412.33.94.00.23.8" - France: "1982017863405243817.70.86.92.415.80.914.8" - Germany: "41846372105411494111.01.29.827.83.024.8" - Japan: "782906922431428147128115.61.813.84.828.42.925.5" - United States: "35034843020185105645416.72.314.40.12.40.32.2" - China: "71121689232193581354.70.14.61.51.30.40.9" - India: "81576181349114123.10.22.90.75.10.34.30.5" - Nigeria (selected aggregate): "6.41.45.01.50.31.1" - Vietnam (selected aggregate): "1.80.31.57.71.60.41.20.50.10.52.30.50.10.4" - Uzbekistan (selected aggregate): "2.20.41.81.51.53.70.83.02.42.4" - Global totals line preserved as shown: "Global7,833 1,034 6,738 939 6,026 349 3,997 1,680 7.41.06.41.06.10.44.01.6" ### Implementation and accounting notes - Total size of on-budget measures (A) does not include accelerated spending and deferred revenues (D); accelerated spending and deferred revenues change cash timing but often have no net impact on reported accrued revenue and expenditure when obligations are unchanged. - Measures are quantified in gross terms regardless of financing or net budget impact. - For Argentina, U.S. dollar values use end-December 2020 exchange rate. - The country list includes the European Union, but the total global fiscal support does not include measures announced by the European Union because those finance measures by member states, which are included individually. --- _Source: https://www.imf.org/-/media/files/topics/covid/fm-database/fiscalmeasuresdatabasejanupdate-030221.pdf_