## oct-2021-country-fiscal-measures-database-publication

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### Overview — scope and reporting framework
- Publication classifies fiscal responses using:
  - A. Above-the-line measures (additional spending and forgone revenue)
  - B. Below-the-line measures (equity injections, asset purchases, loans, debt assumptions)
  - C. Contingent liabilities (guarantees, quasi-fiscal operations)
  - D. Accelerated spending and deferred revenue in areas other than health
- Table 1 summarizes country fiscal measures since January 2020 in USD billion and percent of 2020 GDP, and includes above-the-line, below-the-line, and contingent liabilities; estimates as of Sep 27, 2021, using October 2021 World Economic Outlook where stated.

### Aggregate global and headline US figures
- United States — Major package totals and budgetary effects:
  - Total estimated cost of American Rescue Plan (Mar.12, 2021): $151.5bn.
    - $95.8bn for vaccine distributions, testing, treating, and other COVID-19 related activities.
    - $14.3bn for preserving private health coverage of workers during the pandemic.
    - $24.4bn for subsidizing health insurance through the government exchange/marketplaces.
    - $23.1bn for expanding and supporting Medicaid, CHIPs and Medicare.
  - Forgone revenue attributed to American Rescue Plan and other measures:
    - Forgone revenue (listed headline): ($65 bn).
    - CARES Act expansion of qualified medical expenses estimated revenue reduction: $9 bn.
    - American Rescue Plan estimated revenue loss from health coverage and subsidy provisions: $56.2bn.
  - Additional spending across multiple US Acts (headline): Additional spending ($4263 bn) (aggregated across multiple Acts and programs as listed).
  - Forgone revenue (headline): ($378 bn) (CARES Act, Families First, Consolidated Appropriation Act, American Rescue Plan components listed).
  - Deferred revenue and contingent measures include CARES Act loan/bailout and Federal Reserve backstops (e.g., CARES Act backstop for section 13(3) Federal Reserve facilities: $454 bn).
- Global aggregate examples preserved verbatim in source:
  - Global total line excerpt: 10,793    1,451  9,255      775             6,117      376                                4,046        1,695       10.21.48.60.96.20.44.11.6

### Major country-level fiscal measures — selected country snapshots
- Korea / Japan (selected KRW, JPY entries):
  - Loan expansion to SMEs provided by state-backed financial institutions (KRW 21.2 tn).
  - Support package to stabilize corporate bond and short-term funding market, except P-CBO (KRW 11.1 tn).
  - Low-rated corporate bond and CP purchase program (KRW 20.0 tn).
  - Key Industry Stabilization Fund (KRW 40.0 tn).
  - Stock Market Stabilization Fund (KRW 10.7 tn).
  - Bond Market Stabilization Fund (KRW 20.0 tn).
  - Deferred revenue (JPY 3 tn): Deferral of payment of taxes and social security premiums by affected firms and households for one year.
- France — General Government measures:
  - Additional spending (€33.9 bn) and additional spending (€155.4 bn) across health, wage support, transfers to low-income families, subsidies for green investment, and other recovery-plan items.
  - Forgone revenue (€32.6 bn) including exoneration of social security contributions and carry back for corporate income taxes; reported amount includes equivalent cuts in production taxes for 2 years.
  - Accelerated spending (€17.5 bn): Accelerated refund of tax credits (e.g. CIT and VAT).
  - Deferred revenue (€52 bn): Postponement of social security contributions and tax payment for companies.
  - Contingent/balance-sheet: State guarantees for bank loans and credit reinsurance schemes (€315 bn); other guarantees (€12.5 bn); envelope for direct equity support; recovery plan includes creation of up to €20 bn fund leveraged by public guarantees (€7 bn).
- Germany (selected measures and fiscal categories):
  - Accelerated spending (KRW 3.3 tn) including KRW 2.1 tn early purchases and KRW 1.2 tn frontloading construction investment.
  - Deferred revenue (KRW 29.7 tn; other entries show KRW 42.9 tn in tax payment deferrals and KRW 0.5 tn social security and electricity charge deferral).
  - Financial support and guarantees listed with multiple KRW amounts (e.g., KRW 16.4 tn, KRW 10.0 tn, KRW 16.8 tn, KRW 7.9 tn, KRW 11.7 tn, KRW 6 tn, KRW 2.1 tn).
- Spain — Central Government measures:
  - Additional spending (17.88 bn) and larger additional spending (74.14 bn) across health, ERTE unemployment benefits (~€21.7 bn), exemptions of social contributions (~€7.7 bn), allowance for self-employed (~€6.5 bn), corporate solvency support (€10 bn), regional measures (~€5.5 bn), new minimum income scheme (~€3 bn annually).
  - Forgone revenue examples: 1.33 bn (VAT reduction for surgical masks and medical material), 0.8 bn (filing/payment flexibility and tax incentives).
  - Loans and guarantees: Loans through FOCIT (€515 mn), ICO line (€40 billion), up to €100 bn government guarantees for firms and self-employed, guarantees for EIF financing (€2.8 billion), endorsement to SURE (€2.3 billion).
- United Kingdom — General Government measures:
  - Additional spending (£100 bn) for NHS; Additional spending (£271 bn) including Coronavirus Job Retention Scheme, income support for self-employed, grants, rent support, Universal Credit increase, international IMF contributions (£150 million and £2.2 billion loans), youth employment programs, green initiatives, traineeships and work coaches.
  - Forgone revenue (£34 bn) including business rate holiday, temporary Stamp Duty cut, and VAT reductions (5% then 12.5% as scheduled).
  - Accelerated spending (£5 bn) for public infrastructure; Deferred revenue (£7.5 bn) including VAT and income tax deferrals and freezes on Fuel Duty and Alcohol Duty.
  - Loan and guarantee schemes: CBILS, CLBILS, CCFF, BBLS (combined cost £112bn as of end-March 2021), Recovery Loan Scheme estimated cost £12bn, other targeted loans and guarantees.
- Brazil — Federal and subnational package:
  - Additional health spending BRL101.7 bn (Federal BRL91.7 bn; transfers BRL10 bn), BRL 24.5 bn for vaccination.
  - Additional social/support spending headline BRL 560 bn including Emergency Aid cash transfers with specified monthly amounts (BRL600, BRL300, BRL250) across periods.
  - Forgone revenue headline BRL 19.1 bn; accelerated spending BRL 58.7 bn; deferred revenue BRL 170.9 bn.
- China — On- and off-budget support and tax relief:
  - Additional spending RMB 147 bn for epidemic prevention/control.
  - Broader additional spending RMB 3 tn for local government employment initiatives, social assistance, NEV subsidies to end-2022, extension of unemployment benefits, and increased ceiling on special local government bond issuance.
  - Forgone revenue RMB 1.8 tn via VAT exemptions, VAT rate cuts, social security waivers, corporate income tax relief (e.g., longer tax loss carryover to 8 years or one-off 100 percent investment expensing deduction), and other exemptions.
  - SME support: expand re-guarantee by RMB 400 bn and lower guarantee service costs to below 1 percent; policy bank loan measures and state bank incentives.
- India — Central government measures and packages:
  - Accelerated spending (headline): Rs 660 bn examples (e.g., PM KISAN first installment 160 billion rupees; public works expedited 500 billion rupees).
  - Deferred revenue (headline): Rs 680 bn including tax filing extensions and reduced penalty measures.
  - Additional health and vaccination spending (headline): Rs 1041 bn (budgeted FY2020/21 vaccination provision 350 billion Rs; central support to states 100 billion Rs; India COVID-19 Emergency Response and Health Systems Preparedness Package about 230 billion Rs).
  - Broader fiscal packages: Additional spending Rs 7043.2 bn and Rs 1.49 tn specifics (March 26 central package: Rs 1.49 tn), November 12 package Rs 2650.8 bn including Production Linked Incentive scheme 1459.8 billion Rs, fertilizer subsidies 650 billion Rs, and other components.
- Indonesia — Fiscal packages and guarantees:
  - Additional spending (headline): IDR 276 tn and multiple fiscal packages amounting to IDR 314.5 tn for 2020 and 2021.
  - Broader additional spending headline: IDR 942.1 tn (approved budgets 2020 IDR 475.1 tn; 2021 IDR 467.0 tn).
  - Forgone revenue headline: IDR 183.4 tn (2020 tax incentives IDR 120 tn; 2021 IDR 63.4 tn).
  - Guarantees: government guarantees for bank lending to MSMEs (IDR 150 tn) financed by Bank of Indonesia purchase of new government recovery bonds; collateral-free lending, equity infusions, viability-gap funding listed.
- Saudi Arabia — Reallocations, support funds, deferred revenue:
  - General Government additional spending (headline): SAR 54 bn via budget reallocations.
  - Off-budget NDF support SAR 22 bn distributed; SIDF support SAR 3.7 billion to 536 private sector enterprises.
  - Deferred revenue SAR 38.5 bn; forgone revenue SAR 4 bn (expat levy exemption); accelerated spending SAR 4 bn.
- South Africa — Health, social relief and grants:
  - Additional spending (headline): R 227 bn including R 80 bn Unemployment Insurance Fund support; Covid-19 Social Relief of Distress grant; transfers to households and municipalities (R 20 bn) and other social measures.
  - Forgone revenue: VAT and customs duty exemptions for essential sanitary products.
  - Additional items: R 150 mn contribution to a solidarity fund for tracking, care, and support.
- Russia — Fiscal measures (detailed health and enterprise support):
  - Health additional spending R U B 224 billion, RUB 346 billion, RUB 32 billion; RUB 141 billion expected in 2021 for various health investments and bonuses.
  - Additional spending RUB 3.64 tn for sick leave benefits, support for large companies, sectoral support, and regional transfers.
  - Forgone revenue (RUB 939 bn) including permanent reduction in social contributions by SMEs and various targeted tax reliefs.
  - Deferred revenue and guarantees: tax and social contribution deferrals for SMEs, RUB 500 bn recapitalization of leasing firms, government guarantees up to RUB 500 bn, CBR facilities including a new RUB 500 bn SME lending facility and RUB 150 bn zero-interest credit line for SMEs.
- Selected other countries with notable figures preserved verbatim:
  - New Zealand additional spending NZ$48.4 bn; forgone revenue NZ$8.6 bn; loans/guarantees NZ$900 mn loan to Air New Zealand, NZ$1.7 bn small-business loans, NZ$150 million R&D scheme.
  - Finland additional spending €6.1 billion; forgone revenue (€1.1 billion); increases in Finnvera and other capital authorizations (e.g., increase from EUR 4.2 to EUR 12 billion).
  - Netherlands additional spending (61.1 bn) with coverage 60.4 billion in 2020-2022.
  - Bulgaria additional spending and health items totaling BGN 3.778 bn and health-related entries summing key items (e.g., BGN 748 mn additional financing of medical activities).
  - Thailand stimulus and social programs with THB amounts: THB500 monthly discount schemes, THB 150 billion in soft loans (2 percent interest) via Government Saving Bank, and specific program covering 6.8 million people with approximate cost of THB 20 billion.

### Common policy instruments and design features across countries
- Health sector priority:
  - Widespread additional spending for medical supplies, equipment, testing, vaccine procurement and rollout, and bonuses for health workers (examples: AR $264.3 bn health spending in Argentina; RMB 147 bn in China; BRL101.7 bn in Brazil; RUB totals for Russia).
  - Forgone revenue frequently includes elimination or reduction of import duties and VAT exemptions for medical goods (e.g., Peru elimination of import taxes on medicines; Bulgaria exemption BGN 3 mn).
- Direct support to households and workers:
  - Cash transfers, emergency allowances, unemployment benefit expansions, wage subsidies and furlough schemes are pervasive (examples: Colombia 30,037 bn pesos; Pakistan PKR 600 billion; US Paycheck Protection Program and related supports; UK Coronavirus Job Retention Scheme).
- Firm support, SMEs and financial stability:
  - Loan guarantee schemes, subsidized lending, equity injections, and recapitalizations used broadly (examples: Kazakhstan KZT 2500 billion subsidized lending; Colombia capitalization of Findeter/Bancoldex; Egypt government capital injection 0.2 percent of GDP to National Guarantee Fund).
  - Central bank and government-backed facilities to support corporate debt markets and provide liquidity (e.g., UK CCFF, US Federal Reserve facilities backstopped by CARES Act).
- Tax and liquidity measures:
  - Deferred tax filings/payments, accelerated refunds, temporary tax rate cuts, and credits to support cash flow (examples: India deferred filings, Poland accelerated VAT refunds, Czech postponed advance social security payments CZK 14.3bn).
- Contingent liabilities and quasi-fiscal operations:
  - Large guarantee programs and contingent liabilities were authorized in many countries (examples: France state guarantees €315 bn, Spain up to €100 bn government guarantees, Switzerland CHF 40 bn guarantees for bridge loans).
  - SPVs and off-budget funds used for equity support and purchase programs (examples: Mauritius SPV with US$2 billion FX transfer proposed; France recovery plan leveraged fund up to €20 bn).

### Selected numeric entries and illustrative table excerpts (preserved verbatim)
- Example numeric entries preserved exactly as in source:
  - LC bn 79.580319; LC bn 364282; LC bn 82; USD bn 121249; USD bn 56; 43.1; USD bn 13
  - % GDP 3.43.413.7; % GDP 15.612.1; % GDP 3.5
  - LC bn 11.34.1 7.2 0.5; LC bn 17 1.2; LC bn 12 4.0
  - USD bn 12.94.78.2 0.6; USD bn 20 1.4; USD bn 14 4.6
  - % GDP 4.81.73.0 0.2; % GDP 7.40.5; % GDP 5.2 1.7
  - Global table excerpts: LC bn 46,304   14,312      31,992 1780; USD bn 12.5 3.9 8.7 0.5; % GDP 4.6 1.4 3.2 0.2 (examples retained exactly as provided).

### Policy implications and recurring trade-offs (synthesized from reported measures)
- Immediate pandemic containment and health-system resilience drove large above-the-line health spending and targeted transfers.
- Liquidity and solvency support for firms used a mix of subsidized loans, loan guarantees, equity injections, and asset purchase facilities — creating sizeable contingent liabilities.
- Deferred revenue and tax relief measures were widely used to ease cash-flow pressures but shift near-term revenue timing.
- Recovery and green-transition objectives appear in multiple recovery plans via investment incentives, subsidies for green investment, and targeted industrial support (examples include France recovery plan and India Production Linked Incentive scheme entries).

*Source: IMF country fiscal measures database (October 2021) as cited in "oct-2021-country-fiscal-measures-database-publication".*

### 2.0 tn).

### oct-2021-country-fiscal-measures-database-publication - 2.0 tn).

### Selected fiscal support items (KRW, JPY entries)
- Loan expansion to SMEs provided by state-backed financial institutions (KRW 21.2 tn).
- Support package to stabilize corporate bond and short-term funding market, except P-CBO (KRW 11.1 tn).
- Low-rated corporate bond and CP purchase program (KRW 20.0 tn).
- Key Industry Stabilization Fund (KRW 40.0 tn).
- Stock Market Stabilization Fund (KRW 10.7 tn).
- Bond Market Stabilization Fund (KRW 20.0 tn).
- Deferred revenue (JPY 3 tn): Deferral of payment of taxes and social security premiums by affected firms and households for one year.

### France — General Government measures
- Additional spending (€33.9 bn):
  - Support for streamlining and boosting health insurance (paid sick leave) for the sick or their caregivers, higher spending on health supplies; bonuses for health workers.
  - Additional investment and equipment in the health sector announced in the recovery plan for 2021 and beyond.
- Additional spending (€155.4 bn):
  - Support for wages of workers under the subsidized short-time work scheme; direct financial support for affected small and very small enterprises (and regardless of size for heavily affected firms in December 2020), liberal professions, and independent workers; direct transfers for low-income families; extension of expiring unemployment and other benefits; additional transfers for self-employed; additional spending in social programs; incentives to purchase greener vehicles; subsidies for green investment for the auto and aerospace sectors.
- Forgone revenue (€32.6 bn): Exoneration of social security contributions for affected firms in selected sectors; carry back for corporate income taxes; permanent cuts in production taxes (recovery plan) for 2021 onward. (The amount reported for forgone revenue includes the equivalent cuts in production taxes for 2 years)
- Accelerated spending (€17.5 bn): Accelerated refund of tax credits (e.g. CIT and VAT).
- Deferred revenue (€52 bn): Postponement of social security contributions and tax payment for companies.
- Below-the-line and contingent measures:
  - Envelope for direct equity support (mostly for strategic companies, e.g., Air France-KLM, SNCF).
  - State guarantees for bank loans to companies and credit reinsurance schemes (€315 bn); other guarantees (€12.5 bn).
  - Recovery plan includes creation of up to €20 bn fund leveraged by public guarantees (€7 bn), to provide quasi-equity support or equity loans to firms.

### Germany (selected measures and fiscal categories)
- Accelerated spending (KRW 3.3 tn): Early purchases and prepayments for cash-strapped businesses (KRW 2.1 tn) and frontload construction investment (KRW 1.2 tn), temporarily relaxing government procurement rules.
- Deferred revenue (KRW 29.7 tn): Tax payment deferral including Corporate Income Tax and VAT, deferment in tax investigation, early tax refund have been conducted (KRW 42.9 tn); social security contribution payment deferral for households & electricity charge deferral (KRW 0.5 tn).
- Financial support and guarantees (selected):
  - 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).

### Spain — Central Government measures
- Additional spending (17.88 bn):
  - Budget support from the contingency fund to the Ministry of Health (€1.4 bn); transfer to the regions for health services (€12.4 bn); additional healthcare related spending including research related to COVID-19 (€270 mn).
- Forgone revenue (1.33 bn):
  - Reduction in VAT for surgical disposable masks; Temporary zero VAT on purchases of certain medical material, as well COVID-19 tests and vaccines.
- Additional spending (74.14 bn):
  - Unemployment benefit for workers temporarily laid off under the ERTE due to COVID-19 (about €21.7 bn); exemptions of social contributions for companies that maintain employment under the ERTEs (about €7.7 bn).
  - Allowance for self-employed workers affected by economic activity suspension (about €6.5 bn), and exemption of social contributions for self-employed that receive this benefit (about €3.3 bn).
  - Corporate solvency support (€10 bn).
  - Measures by regional governments on social services, education and support to firms (about €5.5 bn).
  - Introduction of a new means-tested "minimum income scheme" (about €3 bn annually); new rental assistance programs and additional state contribution to the State Housing Plan 2018-21.
  - Various measures to expand existing benefits for workers and other support for households and firms.
- Forgone revenue (0.8 bn):
  - Flexibility in filing income tax and VAT installment payment for SMEs and self-employed; tax incentives for landlords that reduce rents for tourism-related activities; reduction in contribution for Employed Agricultural Workers; other revenue measures.
- Loans and guarantees:
  - Loans through the State Financial Fund for Tourism Competitiveness (FOCIT) (€515 mn).
  - Loans for industrial sector digital transformation (€124 mn).
  - Up to €100 bn government guarantees for firms and self-employed (covering loans and commercial paper of medium-sized companies that participate in MARF).
  - New ICO line of guarantees to promote investment particularly in environmental sustainability and digitization (€40 billion).
  - Guarantees for financing operations by the European Investment Bank (€2.8 billion) and endorsement to the European SURE instrument (€2.3 billion).
  - Additional guarantees up to €2 bn for exporters through the Spanish Export Insurance Credit Company; guarantees for housing assistance (€1.2 billion); expansion of ICO credit lines for tourism (€200 million).
- Deferred revenue:
  - Deferral of social security contribution and debts for companies and the self-employed; deferral of tax debts and customs debts; tax payment deferrals for SMEs and self-employed, with the first three/four months exempt from interest.

### United Kingdom — General Government measures
- Additional spending (£100 bn):
  - Funding for the National Health Service, including to expand the number of hospital beds, medical staff and equipment.
- Forgone revenue (£2.0 bn):
  - Waiver of VAT and customs duties on critical medical import.
- Additional spending (£271 bn):
  - Coronavirus Job Retention Scheme to subsidise furloughed employees' wages (initially for 3 months and extended several times until September 2021) and firms' social security contributions (until 1 August 2020).
  - Income support for the self-employed (initially for 3 months, extended until September 2021).
  - Paid sick leave for self-isolating individuals and compensation for small firms needing to close for over 2 weeks, and support for low-income people in need to self-isolate.
  - Grant support for sectors impacted by local and national restrictions.
  - Support for low-income households by temporarily increasing Universal Credit and Working Tax Credit by £20 per week in 2020-21; extension and one-off payments as described.
  - Rent support by increasing the Local Housing Allowance.
  - International support: £150 million to the IMF’s Catastrophe Containment and Relief Trust and £2.2 billion loan to the IMF Poverty Reduction and Growth Trust.
  - Government support for charities.
  - Cover the cost of 25 hours' work a week at the National Minimum Wage for six months for hired unemployed up to 24 years old.
  - Boost of Active Labour Market Policies, including 250,000 subsidized jobs for young people.
  - Entitle every diner to a 50% discount of up to £10 in August.
  - Public sector and social housing decarbonization and Green Homes Grant.
  - Funding of 40,000 traineeships and doubling the number of work coaches to 27,000.
  - Additional transfers to devolved administrations.
- Forgone revenue (£34 bn):
  - Property tax (business rate) holiday for firms in affected sectors.
  - Temporary cut on stamp duty land tax until June 2021.
  - VAT reduced at 5% for hospitality, accommodation, and attractions until the end of September 2021, at 12.5% until March 2022.
- Accelerated spending (£5 bn): Bring forward public infrastructure spending to FY2020/21.
- Deferred revenue (£7.5 bn):
  - Deferral of VAT for Q2 2020 until June 21; deferral of income tax (self-assessment) of the self-employed until end-January 2021.
  - Extension to reduced VAT rate for hospitality, accommodation and attractions (5% to 30 September 2021 then 12.5% to 31 March 2022).
  - Extension of window for starting deferred payments through the VAT New Payment Scheme by up to three months.
  - Stamp Duty Land Tax: maintain nil-rate band at £500k until 30 June 2021, £250k until 30 September 2021.
  - Fuel Duty: one year freeze in 2021-22.
  - Alcohol Duty: one year freeze in 2021-22.
- Loans, guarantees and schemes:
  - £1 bn program to support firms driving innovation and development through grants and loans.
  - £30 mn convertible loan to the steel company, Celsa.
  - Coronavirus Business Interruption Loan Scheme (CBILS): supports SMEs with loans up to £5 mn for up to 6 years; government provides 80% guarantee and covers first 12 months of interest and fees.
  - Coronavirus Large Business Interruption Loan Scheme (CLBILS): 80% government guarantee for loans up to 25% of companies' turnover, or up to £200 mn to firms with annual turnover above £45 mn.
  - Covid-19 Corporate Financing Facility (CCFF): Bank of England buys short term debt from larger companies.
  - Bounce Back Loan Scheme (BBLS): SMEs borrow between £2K and £50K for up to 6 years, government guarantees 100% and SMEs pay no fees or interest in first 12 months.
  - Combined cost of CBILS, CLBILS, CCFF, and BBLS was £112bn as of their expiration in end-March 2021.
  - Recovery Loan Scheme (RLS) announced March 2021: up to £10 million per business, government guarantees 80 percent, scheme open until 31 December 2021, and is estimated to cost £12bn.
  - Trade credit insurance support: up to £10 billion of government guarantees through the Trade Credit Reinsurance scheme (9 months).

### United States — Central Government measures (selected)
- Additional spending ($622.3 bn):
  - Coronavirus Preparedness and Response Supplemental Appropriations Act (March 6, 2020) approved with $6.8 bn for treatments, drugs, and public health measures.
  - Families First Coronavirus Response Act (March 18, 2020) includes health provisions with federal matching estimated at $178.9 bn.
  - Coronavirus Aid, Relief, and Economic Security Act (March 27, 2020) approved $128.8 bn for additional health spending, including funding for hospitals ($100 bn), the Center for Disease Control ($4.3bn) and vaccine development and expanding Medicare payments and providing tax advantage for certain medical expense.
  - Paycheck Protection Program and Health Care Enhancement Act (April 23, 2020) includes $75 bn for hospitals and $25 bn for testing, with estimated budget cost of $99.6 bn.
  - Consolidated Appropriation Act (Dec.21, 2020) includes $23bn for vaccine procurement, $9bn for vaccine distribution, $22bn for testing/tracing/covid mitigation programs, with a total estimated cost of...

*Source: oct-2021-country-fiscal-measures-database-publication*

### 65.4 bn.

### oct-2021-country-fiscal-measures-database-publication - 65.4 bn.

### United States — Overview of major fiscal packages and budgetary effects
- Total estimated cost of American Rescue Plan (Mar.12, 2021): $151.5bn.
  - Includes $95.8bn for vaccine distributions, testing, treating, and other COVID-19 related activities.
  - $14.3bn for preserving private health coverage of workers during the pandemic.
  - $24.4bn for subsidizing health insurance through the government exchange/marketplaces.
  - $23.1bn for expanding and supporting Medicaid, CHIPs and Medicare.
- Forgone revenue attributed to American Rescue Plan and other measures:
  - Forgone revenue (listed headline): ($65 bn).
  - CARES Act expansion of qualified medical expenses estimated revenue reduction: $9 bn.
  - American Rescue Plan estimated revenue loss from health coverage and subsidy provisions: $56.2bn.
- Additional spending across multiple US Acts (headline): Additional spending ($4263 bn):
  - Coronavirus Preparedness and Response Supplemental Appropriation (March 6, 2020): $1.2 bn.
  - Families First Coronavirus Response Act (March 16, 2020) estimated increase in spending: $38.8 bn.
  - Coronavirus Aid, Relief, and Economic Security Act (March 27, 2020) estimated increase in spending: $1512bn.
  - Paycheck Protection Program and Health Care Enhancement Act (April 23, 2020): $62.1 bn and $321 bn for Paycheck Protection Program and small business assistance (of the $310 for the Paycheck Protection Program only $176bn was used).
  - Executive reallocation (Aug. 8, 2020) from DHS Disaster Relief Fund to provide extra unemployment benefits: $44 billion reallocated (estimated $18 billion pre-COVID-19 appropriated funds counted as additional COVID-19 expenditure).
  - Consolidated Appropriation Act (Dec.21, 2020) total estimated cost: $796.9bn (includes $329bn households, $347bn businesses, $92bn education and childcare).
  - American Rescue Plan (Mar.12, 2021) total estimated cost: $1646.4bn (includes $794.2bn households, $86.4bn business, $362.1bn state/local/tribal governments, $171bn education, $38.9bn childcare, and other areas).
- Forgone revenue (headline): ($378 bn):
  - CARES Act tax provisions estimated revenue cost: $288 bn.
  - Families First Coronavirus Response Act estimated revenue impact: $94 bn.
  - Consolidated Appropriation Act (Dec.21, 2021) estimated revenue loss: $5bn.
  - American Rescue Plan estimated revenue change: $10bn (noting support of pension plans is estimated to introduce revenue gains that outweigh losses).
- Deferred revenue and contingent/balance-sheet measures:
  - CARES Act: extension of IRS income tax filing deadline by 90 days and delay of employers' payroll taxes to 2021 and 2022.
  - Executive Orders (Aug. 8, 2020): deferral of employee social security payroll tax ($1.7 bn) and extended delay payment of federal student loans ($4.3 bn).
  - CARES Act loans for distressed businesses: $56 bn.
  - CARES Act backstop for section 13(3) Federal Reserve facilities: $454 bn.

### Argentina — Central government fiscal measures
- Additional spending in health sector (headline): AR $264.3 bn.
  - Budget increase for Health Ministry for diagnostics, vaccine purchase/distribution, hospital equipment, temporary emergency treatment centers.
  - Monthly bonuses of AR $5K for healthcare workers (most recent April-June 2021).
  - Budget transfers to specific hospitals; Health Strategy for Families and Communities; Financial Assistance for Health Insurance Agents.
  - Other discretionary transfers to provinces (non-costed).
- Forgone revenue in health sector: AR $84.3 bn.
  - Exemption from import duties and statistical tax for medical supplies (April-August 2020).
  - Tax aliquots on credits and debits in bank accounts and other operations of 2.5 and 5 percent for health service operations (April 2020 - December 2021).
  - 95 percent reduction in aliquot of employer social security contributions for 90 days for health workers (April 2020 - December 2021).
  - Special tax compensation scheme including VAT refund for milk sales.
- Additional spending outside health (headline): AR $994.3 bn.
  - One-off additional allowances in 2020 for pensioners and beneficiaries of child, pregnancy, and other social allowances and food stamps; additional allowances in April 2021 for child allowances and single taxpayers.
  - Emergency family allowance for monotributistas, informal workers, and unemployed — three payments in 2020.
  - Transfers to provincial governments, wage subsidies, complementary wages for affected SMEs, higher spending on public works/infrastructure.
  - Unemployment insurance increased by AR $4K to AR $10K; financing for industrial parks; supports for tourism, entertainment, science, education, external and security sectors; transfers to state-guaranteed funds (FOGAR/FONDEP).
  - Extension of employment support program (REPRO II) in April 21; supplementary salaries.
- Forgone revenue outside health: AR $127.3 bn.
  - Reduction in employers' contributions to Social Security: 95% reduction for most affected sectors (April - May 2020); extended for employers in REPRO II program (2021).
  - Special tax breaks for police and security personnel.
- Deferred revenue and lending support:
  - Extension of grace period for repayment of Social Security loans to retirees and non-contributory pension beneficiaries.
  - Deferrals in employers’ contributions to Social Security for 60 days.
  - Loans to provinces via Provincial Development Trust Fund (FFDP).
  - State guaranteed/subsidized bank and provincial lending, Banco Nación and ANSES loans/subsidies/transfers for housing, subsidized housing loans, SME financing for remote working, suspension of public service cuts for 180 days due to non-payment of up to 3 consecutive invoices.

### India — Central government measures, accelerated spending, and deferred revenue
- Accelerated spending (headline): Rs 660 bn examples:
  - On March 26, 2020, government accelerated first installment under PM KISAN: 160 billion rupees.
  - Public works projects across 12 ministries expedited: 500 billion rupees (announced June 20, 2020).
- Deferred revenue (headline): Rs 680 bn measures:
  - Extension of income tax filing deadline (3 months); reduction of penalty for late payments; GST fiscal year 18/19 filing extended (3 months); other regulatory relaxations.
  - Reduction in up-front tax deductions for workers (Rs 500bn).
  - GST council halved interest rate charged on overdue filings of small businesses (June 12).
- Additional spending (headline): Rs 1041 bn health and vaccination measures:
  - Additional health infrastructure spending for testing, PPE, isolation beds, ICU beds, ventilators, medical screening.
  - Budget for FY2020/21 provisioned 350 billion Rs for vaccination program (possibility to expand).
  - Central government support to states for vaccine purchase: 100 billion Rs (June 2021).
  - India COVID 19 Emergency Response and Health Systems Preparedness Package (July 2021): about 230 billion Rs.
- Broader fiscal package and measures (headline): Additional spending Rs 7043.2 bn and Rs 1.49 tn specifics:
  - March 26 central package: insurance coverage for healthcare workers, in-kind and cash transfers, wage support to poor households (Rs 1.49 tn).
  - Subsequent additions: rural employment guarantee extension Rs 400 bn; food support to migrants Rs 35 bn; other measures about Rs 93 bn.
  - Extended food rations to vulnerable households (Rs 829 bn on June 30) and other targeted consumption and public investment measures (e.g., Rs 56.8 bn discretionary cash for public sector employees, Rs 40 bn Special Festive Advance Scheme, Rs 250 bn additional central government spending, Rs 120 bn 50-year interest-free loans to states).
  - November 12 package (Rs 2650.8 bn) including Production Linked Incentive scheme 1459.8 billion Rs, fertilizer subsidies 650 billion Rs., urban housing 180 billion Rs., capital expenditure and industrial infrastructure incentives 102 billion Rs., rural employment support 100 billion Rs., formal sector employment support 60 billion Rs.
  - April 2021 free food grains in May and June: 260 billion Rs; extension of interest-free loans to states for capital expenditure to FY2021/22 (150 billion Rs); expedited Disaster Response Fund release.
  - June 2021: extension of additional food grains to end-November and additional fertilizer subsidies.
- Other measures:
  - Accelerated issuance of special local government bonds (RMB 1.6 tn) noted in a cross-country context elsewhere in the document.
  - Deferral of various tax and regulatory obligations to assist firms and households.

### Brazil — Federal and subnational package components
- Additional spending in health (headline): BRL101.7 bn total (Federal Government BRL91.7 bn; transfers to Local Governments BRL10 bn).
  - BRL 24.5 bn allocated for vaccination purposes.
- Forgone revenue in health: BRL 7.1 bn (temporary reduction in taxes IPI and zero import taxes for necessary goods).
- Additional spending across social assistance and support (headline): BRL 560 bn:
  - Expanding 'Bolsa Família' to 1.2 million new beneficiaries.
  - “Emergency Aid” cash transfers: BRL600 per month (April-August), BRL 300 per month (September-December 2020), BRL 250 per month (April - July 2021).
  - Subsidized job retention scheme, temporary electricity subsidies for poor families.
  - Extraordinary transfers to subnational governments, debt-service stay, renegotiation of subnational debts with public banks.
- Forgone revenue (headline): BRL 19.1 bn includes:
  - Elimination of the financial transactions tax (9 months).
  - BRL 6.8 billion credit line to SMEs; BRL 48.1 billion support to funds lending to microbusinesses; BRL 20 billion support to an investment guarantee fund; BRL 5bn credit support to tourism sector.
- Accelerated spending (BRL 58.7 bn): advance 13th pension benefit, wage bonuses to low-income workers, sickness/disability benefits.
- Deferred revenue (BRL 170.9 bn): deferrals of social contributions, small business taxes, PIT filing, and telecom taxes; 2021: 3 month deferral of small business taxes.

### China — Large-scale on- and off-budget support and tax relief
- Additional spending (headline): RMB 147 bn for epidemic prevention/control and public health emergency management.
- Broader additional spending (headline): RMB 3 tn to help local governments finance employment initiatives, extend social assistance (Dibao), refunds of 2019 insurance premiums for firms that do not lay off employees, two-year extension of NEV subsidies to end-2022, extend unemployment benefits/minimum living guarantees to migrant workers, increase ceiling on special local government bond issuance.
- Forgone revenue (headline): RMB 1.8 tn comprising:
  - VAT exemptions for goods/services related to epidemic control and small taxpayers in Hubei; VAT rate cut from 3% to 1% in other regions until year end; extension of VAT cuts for SMEs to end-2021.
  - Temporary reductions/waivers of unemployment insurance and work-related injury insurance extended to April 30, 2022.
  - VAT exemptions for public transportation, catering, accommodation, tourism, entertainment, cultural, sports extended to December 31, 2021.
  - Waived VAT on interest payments to financial institutions for loans of RMB 1 million or less to SMEs and sole proprietors; 0.5 percentage point VAT reduction on secondhand vehicles sold by dealers until end-2023.
  - Corporate income tax relief via longer tax loss carryover to 8 years or one-off 100 percent investment expensing deduction.
  - Social security contribution waivers in Hubei and for SMEs; deferral allowances for companies suffering difficulties; other fee exemptions and tariff exemptions for medicines and medical supplies.
- Additional measures to support SMEs and employment:
  - National guarantee fund and local guarantee/re-guarantee agencies to expand re-guarantee by RMB 400 bn in 2020 and lower guarantee service costs to below 1 percent for SMEs.
  - State-owned banks and policy banks measures including loan interest waivers/coupons, exemptions of road tolls, electricity price cuts of 5%, railway logistic fee reductions, port fee exemptions, rent exemptions for SMEs on state-owned properties with tax/loan incentives for landlords offering reductions.

### Indonesia — Fiscal packages, spending, and revenue measures
- Additional spending (headline): IDR 276 tn noted; several fiscal packages amounting to IDR 314.5 tn for 2020 and 2021.
  - 2020 Economic recovery program (PEN) health budget ~ IDR 100 tn.
  - 2021 PEN budget as of September 14, 2021: IDR 215 tn.
- Additional spending (headline): IDR 942.1 tn:
  - Approved budget for 2020: IDR 475.1 tn (social protection, cash transfers).
  - Approved budget for 2021: IDR 467.0 tn (with revisions pending more detail).
- Forgone revenue (headline): IDR 183.4 tn:
  - For 2020, approved tax incentives amounted to IDR 120 tn.
  - For 2021, approved budget incentives: IDR 63.4 tn.
  - Measures include tax reliefs and incentives: exemption/reduction of income taxes (with income ceiling) and reduction of corporate income tax from 25 percent to 22 percent.
- Guarantees and credit support:
  - Government guarantees for bank lending to micro, small, and medium enterprises (IDR 150 tn) financed by Bank of Indonesia purchase of new government recovery bonds.
  - Collateral-free lending program and extensions, loan guarantee schemes, equity infusions for MSMEs (500 billion Rs), viability-gap funding (81 billion Rs), equity infusion in infrastructure financing funds (60 billion Rs).

### Saudi Arabia — Reallocations, support funds, and deferred revenue
- General Government additional spending (headline): SAR 54 bn via budget reallocation within Ministry of Health or from other budget parts for emergency COVID-19 spending.
- Additional spending (headline): SAR 9.6 bn including:
  - Wage benefits to employers via SANED (SAR 8 bn, extended).
  - Temporary electricity subsidies to commercial/industrial/agricultural sectors: SAR 0.9 bn.
  - Ministry of Finance loan payment deferral program: SAR 0.67 bn.
- Forgone revenue (headline): SAR 4 bn (expat levy exemption).
- Accelerated spending (SAR 4 bn) and deferred revenue (SAR 38.5 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, waiver of municipal fees on companies for 3 months.
- Off-budget support by National Development Funds (NDF): SAR 22 bn distributed as:
  - SAR 13 bn loan rescheduling/restructuring and programs to SMEs.
  - SAR 5 bn support to employment programs in private sector.
  - SAR 4 bn social loans to low-income families.
- Saudi Industrial Development Fund (SIDF) support: SAR 3.7 billion to 536 private sector industrial enterprises impacted by the pandemic.

### South Africa — Health spending, social relief, and grants
- General Government additional spending directed to medical equipment, health facility staffing, policing lockdowns, vaccine program and rollout, and second wave management.
- Forgone revenue: VAT and customs duty exemptions for essential sanitary products (immune boosters, hand sanitizers, patient monitoring devices, etc.).
- Additional spending (headline): R 227 bn measures include:
  - Support for workers’ unemployment insurance benefits with R 80 bn funding from Unemployment Insurance Fund.
  - New Covid-19 Social Relief of Distress grant for unemployed not receiving grant or UI payment (extended to April 2021).
  - Increased transfers to households (grants and food distribution) and public work program expansions; increase child support and other grants from May to Oct 2020.
  - Food parcel distribution and transfers to SMEs; municipalities using higher central transfers for emergency water supply, sanitation, public transport sanitation, and support for homeless (R 20 bn).
  - Contribution of R 150 mn Rand to a solidarity fund for tracking, care, and support.

*Source: oct-2021-country-fiscal-measures-database-publication*

### 2.7 bn).

### oct-2021-country-fiscal-measures-database-publication - 2.7 bn)

### South Africa — Fiscal measures
- Forgone revenue (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:
  - 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 2020.
  - Three-month deferral for filing and payment date of carbon tax.
- Guarantees and lending:
  - 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 and restart, suppliers etc (extended to June 11 2021).
  - Programs from the industrial development corporation to support businesses.

### Russia — Fiscal measures
- Additional spending (RUB 224 billion, RUB 346 billion, RUB 32 billion; RUB 141 billion expected in 2021) on health:
  - RUB 224 billion – new infection hospitals, additional beds and re-equipment of existing beds, special ambulances and equipment, medicine.
  - RUB 346 billion – bonus fund for medical staff, R&D in diagnostics and prevention.
  - RUB 32 billion – other.
  - Medical staff directly engaged in coronavirus efforts will receive additional federal compensation.
- Forgone revenue:
  - RUB 32 bn - zero import duties for pharmaceuticals, medical supplies and equipment.
- Additional spending (RUB 3.64 tn) and measures:
  - Quarantined or self-isolating individuals to receive sick leave benefits from the Social Insurance Fund.
  - Sick leave benefits for the quarantined or self-isolating individuals and increases in unemployment and child benefits.
  - Interest rate subsidies for affected companies to finance minimum wages.
  - Interest rate subsidies for systemically important companies, conditional on employment keeping above 90 percent, to support working capital.
  - 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) (subsidies), airports (RUR 11 billion) (subsidies) and car-K60makers (RUB 25 bn) (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).
  - Expected expenditure measures in 2021: 1721 billion: 851 billion to the corporate sector (employment retention programs- 477 billion, and industry specific support and development programs-373 billion) and 100 billion to local governments; 270 billion of extra social spending announced in the President State of Nation Address (another RUB10 thousand one-off benefit to all schoolchildren, 170 billion; 500 billion of RUB10 thousand one-off benefit to all pensioners and RUB15 thousand one-off benefit to all military and law-enforcement personnel).
- Forgone revenue (RUB 939 bn):
  - 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 will get a tax credit of one minimum salary toward their social insurance payments.
  - For SMEs in the affected sectors: zero rent to the federal government for three months.
  - Tourism firms not to contribute to the tourist reserve fund.
- Deferred revenue:
  - 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.
  - RUB 67 billion for restructuring regional debt to the federal government.
  - RUB 500 billion for recapitalization of leasing firms due to potential problems of their clients in the transportation sector; VEB recapitalization to support new investment projects; Sberbank recapitalization.
- Guarantees and facilities:
  - The federal government announced guarantees of up to RUB 500 bn on bank lending to firms, including (1) RUB 220 bn in guarantees to VEB to guarantee bank credit to systematically-important enterprises; (2) 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.

### Mexico — Fiscal measures
- Additional spending (health and other support):
  - The authorities have increased public health spending to ensure sufficient supply of medical equipment and materials.
  - Loans with optional repayment to be granted by the Ministry of Economy to SMEs that maintain employees on payroll, self-employed, and domestic workers. Eligibility is assessed using IMSS database.
  - Loans with optional repayment to be granted by the Ministry of Economy to family businesses, previously registered in the Welfare Census.
  - Unemployment subsidy for 3 months to workers that hold a mortgage with the Housing Institute.
  - Housing program.
  - Institute for Social Security and Services (ISSSTE) loans to state workers with low interest rates.
  - Personal loans granted by the Institute of the National Fund for the Consumption of Workers (Fonacot).
  - Special Program to Reactivate the Economy against COVID by Housing Fund of the Institute for Social Security and Services (Fovissste).
- Accelerated spending:
  - Frontloaded social pension payments for the elderly and people with special needs.
  - Procurement processes and VAT refunds are to be accelerated.
  - Development banks to provide loans, particularly to small- and medium-scale enterprises.

### Belgium — Fiscal measures
- Additional spending (€9.6 bn):
  - Medical equipment, tests, contact tracing, administration, etc.
  - Advance payments to hospitals (2bn allocated based on Covid-related cost pressures and revenue losses).
  - Structural increase in the budget for mental health care (200mn annually; for 2020 prorated from Sept) and the federal health sector (wage increases and improvement in working conditions; 350mn in 2021, 600mn thereafter).
  - An additional, one-off 200mn was allocated to federal health workers in 2020.
  - Additional spending on vaccine rollout.
- Accelerated spending:
  - Early annual bonus payment to pensioners.
- Deferred revenue:
  - 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 (e.g., for retail/shopping malls, iron-steel, automobiles, logistics-transportation sectors).
  - 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 Security Contribution.
- Guarantees, credit and equity:
  - Turkey Wealth Fund (TWF) has been 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-backed credit guarantee system.
  - 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 by public deposit banks launched on June 1.
  - Farmers’ loans that will become due in May and June have been postponed by six months.
- Government loans (1.3bn):
  - Federal loan to Brussels Airlines; and 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 to provide capital support to firms in need.

### Czech Republic — Fiscal measures
- Additional spending:
  - Purchases of medical equipment, vaccine, tests, etc. (CZK 29.9bn).
  - Higher premium payments on state-covered health insurance—increase by CZK500 per person as of June 2020 (CZK 20.9bn) and by CZK200 per person since January 2021 (CZK50.9bn).
  - Debt relief of hospitals (CZK 6.6bn).
  - Bonus for workers in social services, hospitals, emergency responders, hygienically stations (CZK 35.8 bn).
  - Other health measures (mobile collection teams, Smart Quarantine establishment, anti-covid programmes for technological firms) (CZK 1.7bn).
- Additional spending on employment and social support:
  - Payments for employment support: government covered 80 percent up to CZK 39,000/month (since October government has covered 100% up to CZK 50,000/month in case of business shutdown due to government measures). Staff in businesses affected receive 60-100% of gross wages with a state contribution of 60% of total labor costs per employee (up to CZK 29,000/month) (CZK 49.2bn).
  - Care Allowance to parents who cannot work because they need to care for children up to 13 years, of 80% of eligible income until end of June 2020 (calculated based on a progressive table) for sick leave; during other waves of COVID, care allowance to parents with children up to 10 years, 70% of eligible income - since March 2021 80% of eligible income (in total CZK 13.2bn).
  - Care Allowance to self-employed persons (CZK 434 per day in March 2020, CZK 500 per day since April), with other wave adjustments (CZK 3.1bn).
  - State covers half of business property rents in Q2-Q4 2020 (CZK 9.9bn).
  - Programs in support of sports, culture, tourism, transport, restaurants, agriculture and other closed sectors (CZK 45.7bn).
  - One-off cash benefit for pensioners in amount of CZK 5000 (CZK 15.0bn).
  - Loss carryback measure: reduce tax bases for 2019 and 2018 by 2020 losses (maximum CZK 30 million) (CZK 4.3bn).
  - Lump sums for self-employed and affected businesses across specified periods (multiple entries totalling CZK figures listed).
  - Other expenditure (CZK 9.6bn).
- Forgone revenue:
  - Effective reduction in personal income taxation and increase in the basic rebate for taxpayers (in total CZK 99.1bn).
  - 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 and wage criteria (CZK 13.3bn).
  - Introduction of extraordinary allowance at CZK 370 per day for employees ordered to quarantine (CZK 1.1bn).
  - Reduced VAT rate to 10% for accommodation, sports and culture services (CZK 2.6bn).
  - Reduced road tax rate for vehicles above 3.5t (CZK 2bn) and decrease in excise tax on diesel oil (CZK 5.6bn).
  - Abolition of the real property acquisition tax (CZK 27.6bn).
  - Lower dividends from Airport Prague (CZK 1.5bn).
  - Introduction of extraordinary accelerated depreciation on assets (in the 1st and 2nd depreciation classes), acquired in 2020 and 2021 (CZK 25bn); increase in the limit for the depreciation of tangible fixed assets and other measures (CZK 3.7bn).
- Deferred revenue:
  - Postponement of advance payments on social security and health insurance contributions for self-employed by 6 months (CZK 14.3bn).
- Government loans and guarantees:
  - The CMZRB provided CZK 0.9bn through interest-free loans; 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; state will issue 80-90% of the guarantees (total amount of CZK 150bn). Estimates allow SMEs to access loans amounting to CZK500bn.
  - COVID II Program of state guarantees total amount of 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 of state guarantees provided by Export Guarantee and Insurance Corporation in the amount of CZK 330bn.
  - COVID Prague Program (CZK 1.6bn).
  - COVID Sport Guarantee Program (CZK 4bn).
  - COVID Travel Agency Guarantee Program (CZK 0.3bn).
  - Other guarantees (National guarantee, Expansion guarantee) (CZK 24.5bn).

### Turkey — Fiscal measures
- Additional spending:
  - Including medicine, vaccine and medical equipment spending, protective equipment and other needs of University Hospitals and Institutions, SUT expenditure, performance pay for medics.
  - Cash aid and raised minimum pension (TL 29.8 bn).
  - Unemployment benefits (TL 7.3 bn).
  - Short-time work allowance (TL 36.7 bn).
  - Cash aid to employees (TL 14 bn).
  - Normalization support (TL 4.8 bn).
  - Social Support Program (TL 9.9 bn).
- Forgone revenue (TL 44.6 bn): 40,6 bn TL forgone tax revenue and 4 bn TL Financing cost of Tax and SSP Deferrals.
  - VAT rate on food and beverage, cinema, theatre, museum and accommodation services was reduced from 8% to 1% until 31 December, 2020. It is prolonged for five months for 2021. It was again prolonged to end of September 2021.
  - VAT rate on workplace rental services, passenger transportation, maintenance and repair of small home appliances, wedding and marriage organizations, residential maintenance, repair, painting, and cleaning services was reduced from 18% to 8% until 31 December, 2020. It is prolonged for five months for 2021.

*Source: IMF country fiscal measures database (October 2021) as cited in the content unit.*

### 2021. It was again prolonged to end of September 2021.

### oct-2021-country-fiscal-measures-database-publication - 2021. It was again prolonged to end of September 2021.

### Tax measures and temporary reductions (selected)
- Withholding tax on workplace rent: reduced from 20% to 10% until 31 December, 2020; prolonged for five months for 2021; again prolonged to end of September.
- VAT on passenger transportation by air: reduced to 1% from 1 April, 2020 to 30 June, 2020.
- VAT on education and training services: reduced from 8% to 1% temporarily between 1 September, 2020 and 30 June, 2021; again prolonged to end of September 2021.
- Support packages (one-off transfers, sectoral supports): Support to tradespeople (TL 9 bn); Supports for Artists (TL 0,2 bn); Additional Payments for Treasury Interest Supported Loans Given to Agricultural Producers and Tradesmen (1,2 bn).

### Aggregate fiscal reporting format shown
- The publication uses classifications:
  - A. Above-the-line measures (additional spending and forgone revenue)
  - B. Below-the-line measures (equity injections, asset purchases, loans, debt assumptions)
  - C. Contingent liabilities (guarantees, quasi-fiscal operations)
  - D. Accelerated spending and deferred revenue in areas other than health
- Example numeric entries preserved verbatim where shown:
  - LC bn 79.580319; LC bn 364282; LC bn 82; USD bn 121249; USD bn 56; 43.1; USD bn 13
  - % GDP 3.43.413.7; % GDP 15.612.1; % GDP 3.5
  - LC bn 11.34.1 7.2 0.5; LC bn 17 1.2; LC bn 12 4.0
  - USD bn 12.94.78.2 0.6; USD bn 20 1.4; USD bn 14 4.6
  - % GDP 4.81.73.0 0.2; % GDP 7.40.5; % GDP 5.2 1.7

### Country-level fiscal measures (selected summaries)
- Denmark (General Government)
  - Additional spending (announced grants to businesses: DKK 35.8 bn; uptake: DKK 22.6 bn).
  - Employment support & unemployment benefits (announced DKK 30.8 bn; uptake DKK 20.9 bn).
  - Boosting business activity (announced: DKK 9.6 bn; uptake DKK 6.5 bn).
  - Consumption support to Households (announced: DKK 2.2 bn; uptake DKK 2.2 bn).
  - Upskilling & Education (announced: DKK 1.1 bn; uptake DKK 1.1 bn).
  - Accelerated spending (1 bn): Advance payment of tax credits (DKK 1 bn).
  - Deferred revenue (317.8 bn): Tax deferrals (2020 & 2021) (announced 317.8; uptake 206.0). Deferred revenue easing: lowering interest on late payments from 7% to 2.5%.
  - Guarantees (announced DKK 82.2 bn; uptake DKK 36.5 bn).
  - Government loans (announced: DKK 264.0; uptake: DKK 40.8 bn).
  - Equity injections/asset purchases (18 bn): SAS AB recapitalisation (DKK 3.8 bn); Danish Recapitalization Fund (DKK 10 bn); Growth Fund recapitalisation scheme (DKK 3 bn); Equity to start ups (DKK 1.2 bn).

- Finland (General Government)
  - Additional health spending: Health and social services resources and equipment purchases, and covid-19 research (3.1); other coronavirus-related expenditure increases (0.9).
  - Additional spending (€6.1 billion) across enterprise support (€4 billion), unemployment security extension (€700 million), social benefits (€200 million), children and elderly wellbeing (€300 million), investment projects (€400 million), R&D&I and education (€400 million).
  - Forgone revenue (€1.1 billion): lowering private sector pension contributions May 1 - 31 December 2020 (1.1).
  - Major off-budget measures and capital increases:
    - Injecting capital into Finnish Industry Investment for a stability programme (€400 million).
    - Equity investment in Finnish Minerals Group (€500 million).
    - Capitalisation arrangements in Finnair Plc and other state owned companies (€300 million).
    - Increasing Finnvera’s domestic financing authorisations from EUR 4.2 to EUR 12 billion (increase ≈ €10 billion).
    - Increasing Business Finland’s lending authorisations total for 2020-2022 (€300 million).
  - State guarantees: Finnair financing (€500 million); shipping companies (€600 million); SURE loans (€400 million); Pan-European covid-19 guarantee fund (€400 million).

- The Netherlands
  - Additional spending (61.1 bn): Compensation for labor costs for companies expecting revenue reductions over 20% (up to 90% of labor costs); sector-specific compensation (hospitality, travel); income support for entrepreneurs and self-employed; expansion of short-time working scheme; allowances for SMEs; support for start-ups through government regional agency loans.
  - Coverage noted: 60.4 billion in 2020-2022.
  - Forgone revenue: reduction of tourist taxes and culture sector taxes; interest rate on tax deferrals reduced from 4% to just above 0%; expansion of loan guarantee program covering up to 90% for SMEs (maturity ≤1 year) and 80% for large firms; guarantee scheme for supplier credit established.

- New Zealand (Central Government / General Government)
  - Additional spending: doubling resources for public health units; expanding intensive care capacity and hospital equipment; expanding health line capacity; support for primary care; vaccine purchases; managed isolation costs.
  - Total additional spending (NZ$48.4 bn) including wage subsidies (NZ$13.9 billion); income relief payment (NZ$570 million); support during self-isolation (NZ$126 million); temporary increase in winter energy payment (NZ$480 million); permanent increase in benefits (NZ$2.4 billion in next four years); infrastructure investment (NZ$3.8 billion); aviation support (NZ$600 million); tourism recovery (NZ$400 million); housing and urban development (NZ$4.7 billion); education (NZ$3.4 billion); transport projects (NZ$600 million); government R&D (NZ$196 million); targeted training and apprenticeship fund (NZ$320 million); Flexi-wage subsidies (NZ$311 million).
  - Forgone revenue (NZ$8.6 bn): reinstatement of depreciation deductions for commercial and industrial buildings at 2% diminishing value from 2020-21 (permanent); increase threshold for provisional tax from NZ $2.5K to NZ $5K from FY2020-21 (permanent); time-limited discretion to remit use-of-money interest; tax loss carry-back mechanism for firms.
  - Loans and guarantees: NZ$900 mn loan to Air New Zealand; maximum NZ$100 thousand loan to small businesses (NZ$1.7 bn); NZ$150 million short-term R&D scheme; loan guarantee scheme for firms turnover NZ$250 thousand to NZ$80 mn with government carrying 80% credit risk (loans up to NZ$5 mn, max five years).

- Norway (Central Government)
  - Additional spending examples: Strengthening hospital trust (NOK 6 bn); medicines and medical equipment (NOK 4.8 bn); other measures.
  - Forgone revenue: strengthening hospital trust via temporary reduced employer tax (NOK 6 bn).
  - Business and household support: larger wage subsidies for temporary lay-offs; more generous unemployment benefits; compensation scheme for unavoidable fixed costs for heavily affected but sustainable businesses; grants for start-ups; subsidies of domestic air routes.
  - Tax and liquidity measures: lowering reduced VAT rate from 12 to 6 percent; change in CIT regulations to carry back losses; temporary amendments to petroleum tax system; suspension of aviation charges; temporary lowering of employers’ social insurance contributions.
  - Liquidity and guarantee facilities: government fund to buy corporate bonds ceiling NOK 50 bn; Innovation Norway and Research Council funding (NOK 5.4 bn); grant to Avinor (NOK 3.6 bn); government guarantee scheme for bank loans to SMEs (NOK 50 bn); re-insurance of private credit insurance providers (NOK 20 bn); aviation guarantee scheme (NOK 6 bn); loan scheme for package tour operators (NOK 2 bn); deferral of various tax payments.

- Portugal (General Government)
  - Additional spending (€8.7 bn): support for employment and resumption (€3.0 bn); non-repayable subsidies Apoiar.pt (€1.1 bn); social protection programs (€0.6 bn); extraordinary financial incentive to businesses (€0.3 bn); family support programs (€0.2 bn); investment incl. digital education, teleworking (€0.4 bn); Recovery and Resilience Plan investment in 2021 (€0.5 bn); support to national airlines (€1.3 bn in 2020 and €1.1 bn in 2021).
  - Forgone revenue (€1.2 bn): exemption from Single Social Fee (€0.7 bn); lowering reduced electricity VAT rate (€0.2 bn); temporary waiver of VAT on certain medical material; VAT refund program for catering, accommodation and culture (€0.2); other tax reliefs (€0.1).
  - Public guarantee programs authorized up to a maximum of €13 billion under EU Temporary State Aid Framework; multiple credit lines and targeted credit facilities detailed, including credit lines rolled out in April 2020 (€6.2bn) and new/expanded credit lines for first half of 2021 (totalling several hundred million euros across SME and sectoral schemes).

- Singapore (General Government)
  - Additional spending for COVID-19 testing, clinical management, tracing, vaccination and therapeutics, isolation facilities.
  - Support to households: cash payout to all Singaporeans (higher for families with children under 20), additional payments for lower-income individuals and unemployed.
  - Support to businesses and workers: wage subsidies; rental cost support; financing scheme enhancements; support for self-employed and industries most affected.
  - Forgone revenue: corporate income tax rebate and property tax rebates; carry-back provisions; faster write-downs; foreign worker levy waivers.
  - S$22 bn in loan capital set aside to help businesses with cash flow and insurance premium payments.

- Sri Lanka (Central Government)
  - Additional spending examples: ventilators and PPE; bonuses for front line health-workers; new quarantine center; COVID-19 treatment and vaccines (Lk10.2bn for 2021); wage increases for doctors and nurses (Lk4.5bn for 2021).
  - Guarantees and credit lines: Lk11 bn sovereign guarantee for large businesses to access overdraft or credit lines (100% of principal guaranteed; interest capped at 2.85%; maturity up to 2 years with 3 months grace); Lk15 bn additional unfunded sovereign guarantee line (0.9% of GDP) approved April 15 to enable loans for working capital and investments (government guarantees 60% of principal; loan maturity up to 5 years; interest caps 5%; individual loan limit Lk300 mn; 6-month grace period).

- Sweden / Switzerland / Bulgaria (selected items)
  - Sweden: SEK 8.3 bn capital injection to SAS; SEK 3.4 bn capital injection to ALMI; broad guarantees and export credit expansions (SEK 125 bn, SEK 100 bn, SEK 20 bn).
  - Switzerland: Additional spending for COVID income replacement (CHF 8.44 bn); short term work financing and unemployment fund (CHF 26.2 bn); COVID bridging loan losses (CHF 2.387 bn); cantonal hardship support (CHF 8.232 billion).
  - Bulgaria (General Government): Additional spending (1.702 bn) noted for purchase of vaccines and medicines - BGN.

### Deferred revenue, tax deferrals, and stock figures (examples)
- Deferred revenue figures (examples preserved verbatim):
  - Suspension of payments on CIT account (0.7 bn).
  - Suspension of tax foreclosures from Tax Revenue (estimate) (0.1 bn).
  - Suspension of payment of installment plans and contributory execution processes.
  - Policy measures for 2021: Reduction of PIT withholding tax (0.2 bn).
- Other aggregate table extracts preserved:
  - LC bn 22524.7200.5; LC bn 13860; LC bn 78; USD bn 24 2.621.3; USD bn 15 6.3; USD bn 8
  - LC bn 20738.0 169.0 335; LC bn 262 11.7; LC bn 250
  - LC bn 25,400 1,201 24,199 3,204; LC bn 5,006 2,603; LC bn 2403; USD bn 321.5314.0

*Source: oct-2021-country-fiscal-measures-database-publication - 2021.*

### 198.8 mn;

### oct-2021-country-fiscal-measures-database-publication - 198.8 mn

### Bulgaria — Health sector measures and immediate support
- Total listed health-related spending items summing key entries:
  - Support of personnel on the frontline of the fight with COVID-19 - BGN 192 mn
  - Additional financing of medical activities - BGN 748 mn
  - Provision of PPA and other equipment to the medical establishments - BGN 130 mn
  - Subsidies and capital transfers to medical establishments - BGN 70 mn
  - Provision of PPA and other equipment to the state administration - BGN 35 mn
  - Health expenditures in education - BGN 38 mn
  - Additional remuneration in healthcare - BGN 287 mn
- Foregone revenue (0.003 bn):
  - Exemption from VAT and customs duties of import of key medical supplies - BGN 3 mn

### Bulgaria — Credit, guarantee, and equity programs (contingent liabilities and off-budget funds)
- 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).
- Fund of Funds:
  - Loans up to BGN 50 thousand for micro enterprises, self-employed, entrepreneurs from vulnerable groups (disabled, young people up to 29 years, unemployed for more than 6 months).
  - 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, especially in startups, innovation, and digitalization.
- JEREMIE (EIF):
  - For loans, maximum guarantee / credit amount for SMEs and medium-sized enterprises is up to BGN 3.6 Mn revolving financing (estimated contingent liability is BGN 720 Mn).
- Urban Development Funds (managed by the Fund of Funds):
  - Long-term investment and working capital loans up to BGN 40 mn, targeting municipalities, PPPs and businesses hit by the crisis.

### Bulgaria — Additional spending and social measures (BGN 3.778 bn)
- Major additional spending items:
  - Pensioners support - bonuses, minimum pension increase - BGN 1639.4 mn
  - Parental support - BGN 180 mn
  - Active labor market policies - BGN 14 mn
  - Tourism vouchers of BGN 210 for the people of the frontline - BGN 10 mn
  - Increased unemployment benefits and other social support - BGN 344 mn
  - 60/40 employment subsidy scheme - BGN 1136 mn
  - Support for artists, who have been hit by the lockdown - BGN 5 mn
  - Tourism support - BGN 47 mn
  - Agricultural producers support - BGN 85 mn
  - Expenditures for remote education - BGN 30 mn
  - National co-financing of EU-funded measures - BGN 168 mn
  - “Keep Me” program - BGN 25 million
  - "Employment for you" program - BGN 50 million
  - "Parents in Employment" program - BGN 23 million
  - Support with BGN 290 each in the workplace in the hotel and restaurant sector - BGN 22 million
- Forgone revenue (BGN 0.486 bn):
  - Tax relief for households with children with disabilities - BGN 143 mn
  - Reduced VAT rate of 9% for restaurant services, books, baby food, wine, beer, tour operators and tourist trips, gyms and sports facilities and food delivery until end-2021 - BGN 343 mn
- Other fiscal supports and capital measures:
  - Capital increase in the state-owned bank (BGN 700 Mn)
  - 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 though the Urban Development Funds

### Selected international measures (excerpts)
- Sweden:
  - Additional spending:
    - 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; expansion of folk high schools' adult vocational training with 1000 seats during 2020
  - The National Board of Health and Welfare’s credit framework increased to enable purchases of personal protective equipment and intensive care equipment.
  - Removal of income ceiling for student aid to enable health and medical care students to help out without student aid reduction.
  - Deferred revenue: Deferral of corporate tax payments till June 30 2020.
- Chile:
  - Additional spending: Financing of additional healthcare equipment, instruments, laboratories, contracting of emergency personnel and extension of working hours.
  - Additional spending: cash transfers for the most vulnerable.
  - Forgone revenue: Tax deferrals (CIT,VAT) and suspension of stamp tax for six months.
  - Injection to the unemployment insurance fund to pay for enhanced coverage and to the state-owned bank for loan guarantees.
- Switzerland:
  - Guarantees and loan measures:
    - 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)
    - Guarantees for flight-related business (CHF 0.6 bn)
    - Guarantees for SNB loan to IMF (CHF 0.8 bn)
  - Additional spending (SEK 136 bn): wage subsidies for short-term leave, temporary payment of sick leave, more funding to media/cultural/sports sectors and for education and training, rent subsidies, more generous unemployment benefits, expanded active labor market policies, temporary grants to businesses based on 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 (SEK 33 bn): temporary reduction in employers' social security contributions.
  - Central government additional spending examples:
    - Medical goods including vaccines (CHF3.765 billion)
    - Covid-19 tests (CHF3.036 billion)
    - Additional spending on medication, health protection and prevention, and by Federal Department of Health (CHF0.418 billion)
    - Loan support to sports clubs (CHF400 million)
    - Loan to ICRC (CHF 200 mn)
    - Financial support to air traffic control company Skyguide (CHF500 mn)
- Sweden (deferred revenues scenario example):
  - 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)
  - Deferral of SME taxes (SEK 13 bn)
- Other country excerpts and measures include accelerated spending (examples), deferred revenue provisions, and targeted social and business supports in multiple jurisdictions as listed (selected figures and program descriptions preserved as provided).

### Country examples — additional spending and forgone revenue snapshots (selected entries)
- General aggregate presentation (examples preserved verbatim where numeric):
  - LC bn 46,304   14,312      31,992 1780
  - USD bn 12.5 3.9 8.7 0.5
  - USD bn 14.6 7.7
  - % GDP 4.6 1.4 3.2 0.2
  - LC bn 3.5 1.3 2.2
  - USD bn 1.1 0.4 0.7
  - % GDP 7.1 2.6 4.5
  - LC bn 3,888 497 339 1200
  - USD bn 9.4 1.2 8.2 0.5
  - % GDP 5.5 0.7 4.8 0.3
- Kazakhstan:
  - Additional spending: Funding allocated to the health system in 2020 (KZT 232 billion) and in 2021 (KZT265) to cover additional compensation for medical staff, spending on medical services, including the purchase of vaccines, PPE, PCR tests and the construction of medical facilities.
  - Medical staff salary expected to increase over 2021-23 with the estimated fiscal cost of KZT 557 billion.
  - Additional spending (2591 bn) listed items include cash payments to the unemployed, self-employed (KZT 42,500 per person per month benefiting 4.5 million people); subsidized lending as part of the Economics of Simple Things state program (KZT 1 trillion, an increase of KZT 600 billion); subsidized lending to finance SME working capital (KZT 600 billion, augmented to KZT 800 billion in September); Employment Roadmap state program (KZT 1.8 trillion); other targeted support and off-budget measures.
  - Forgone revenue (800 bn): tax breaks, VAT exemptions, land tax and property tax exemptions and other sector-specific tax reliefs.
- Georgia:
  - Credit guarantee fund (GEL 0.097 billion)
  - Deferred revenue: Deferral of payroll taxes from April 1st to June 1st 2020 (intra-year, with no impact on revenue for the year as a whole).
  - Co-financing program measures: co-finance up to 80 percent of the annual interest rate on loans issued to family-owned, small and medium-sized hotels; extension to restaurants and sports facilities.

*IMF publication "oct-2021-country-fiscal-measures-database-publication".*

### 2021. eneficiaries of this program are also

### oct-2021-country-fiscal-measures-database-publication - 2021. eneficiaries of this program are also

### Major country fiscal measures and program features
- Kazakhstan
  - National bank financing around KZT 2500 billion in the form of subsidized lending to support SMEs and infrastructure projects.
  - Two other loan schemes funded by state-owned entities aimed at supporting small businesses for up to KZT1.2 tn.
  - These programs have been extended until 2022.X126

- Colombia
  - Additional spending: 30,037 bn pesos
    - 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: 1,995 bn pesos
    - 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 six months, public sector workers earning between Col Pesos 10-15 mn pay additional taxes worth 10% of their salaries; those earning above 15 mn contribute 15%.
    - Equity injections: capitalization of Findeter and Bancoldex; capitalization of 0.3 percent of GDP to guarantee around 2.2 percent of GDP of loans through the National Guarantee Fund.
    - New National Emergency Mitigation Fund (FOME) where central government partially finances response measures with resources from regional stabilization funds (FAE, FONPET).

- Egypt
  - Additional spending: 12.941 bn
    - Support to public healthcare: urgent medical supplies, higher wages for public health staff, purchase of medical and preventive supplies and equipment's, purchase of meals.
    - Industrial relief: 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 to 2.4 million families (about 10 million citizens).
    - Consumer spending initiative: two-year low-interest installments for selected consumer goods; 3-month program with discounts.
    - 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 and tax on dividends reduced for equity investors; capital gains tax postponed until January 2022 and foreign investors permanently exempt.
    - Withholding tax of 5 percent on dividend payouts from listed companies, down from 10 percent previously.
  - Other measures
    - Support to SMEs through the National Guarantee Fund: government capital injection of 0.2 percent of GDP to guarantee loans up to 2.5 percent of GDP.
    - Accelerated CIT and VAT refunds for corporates; deferred VAT and CIT payments until December.
    - Finance Ministry to guarantee EGP 3 billion of low-interest Central Bank of Egypt loans for Tourism Sector for three years, including a one-year grace period; loans subsidized by the CBE carry a 5 percent interest rate (reduced from 8 percent); beneficiaries may use up to 15 percent of the loan to cover basic operations costs.

- Colombia (additional entry)
  - Additional spending: 13,627 bn pesos (health-related)
    - 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.

- Mauritius
  - State Investment Corporation to raise Rs 4 billion (0.9 percent of GDP) to make equity investments in troubled firms, including SMEs.
  - Development Bank of Mauritius Ltd provides Rs10 billion (2.3 percent of GDP) in credit to distressed enterprises and cooperatives.
  - Established COVID-19 Solidarity Fund with around Rs145 million raised by early May 2020.
  - Parliament amended central bank law permitting:
    - One-off exceptional transfer from the central bank to the government of R60 billion (12 percent of GDP) as a grant.
    - Setting up an SPV "The Mauritius Investment Corporation" with objectives including investing in local companies and transferring US$2 billion from FX reserves to the SPV.
  - Bank of Mauritius made 2.5 percent two-year savings bonds available to retail investors worth Rs 5 billion (1 percent of GDP).
  - Additional measures include Wage Support Scheme, Self-Employed Assistance Scheme (extended until September 2021 for employees in tourism-related sectors), Rs 9 billion support to Air Mauritius redirected for multiple initiatives.

- Pakistan
  - General Government additional spending: Increase general public health spending for NDMA to procure healthcare equipment and kits (PKR 75 billion).
  - Budget allocation for emergency fund: PKR 100 billion.
  - 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 end-December 2021 (no cost estimate).
  - Accelerated spending:
    - Accelerated tax refunds (PKR 100 billion) and 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).
  - Central Government contingent measures:
    - Risk sharing facility under refinance scheme: Government of Pakistan bears 60 percent first loss on disbursed portfolio for eligible SMEs.
    - Temporary Economic Refinance Facility: maximum interest rate of 7 percent fixed for 10 years.
    - Refinance Facility for Combating COVID-19: maximum interest rate of 3 percent fixed.

- Peru
  - General Government additional spending: 12.01 bn for medical equipment, hiring, cleaning kits for schools, monitoring and information campaigns, test kits, medical supplies, vaccines.
  - Forgone revenue: 0.033 bn elimination of import taxes on medicines and medical health supplies.
  - Additional spending (40.659 bn): Cash transfers for poor families, independent workers, electricity subsidy, tablets for students, public works and other investment, transport subsidies, in-kind grants, wage subsidies.
  - Forgone revenue (16.2 bn): Tax deferrals (CIT and VAT).
  - Guarantees to new financial sector loans for working capital targeted to SMEs; program tied to central bank liquidity provision; Enterprise Support Fund program for SMEs and micro enterprises; government guarantees backing loan restructurings for households and SMEs; special loan package for affected micro entrepreneurs and MSMEs.

- Philippines
  - Additional spending: Increase in general public health spending.
  - Other measures not fully quantified in the supplied text.

- North Macedonia
  - Spending measures: Increased spending for medical supplies and equipment.
  - Foregone revenues: Abolished import duty on medical supplies.
  - Spending measures (29 bn): Targeted subsidies on private sector wages and social security contributions (for April, May, and June); 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; targeted support for agricultural, textile, and other sectors.
  - Foregone revenues (2 bn): Lowering the late interest rate for public taxes and duties from 0.03% to 0.015%; lowering penalty rate by 50% to 5% for corporates and to 4% for households.
  - PIT and CIT deferrals (extended several times, currently through June 2021); temporary changes to CIT loss carry forward provisions; deduction of Covid-19 related expenses from taxable income; higher turnover tax thresholds; lower custom duties; reduced VAT rate for catering sector.
  - Accelerated refund of VAT tax credits.
  - Deferred revenue: Deferral of CIT/PIT payment or filing obligations for specific sectors.
  - Several interest free or low interest rate loans to SMEs from MKD development banks via commercial banks.
  - Equity injection to support loan programs for SMEs.

- Serbia
  - Tax and SSC deferments: RSD 121bn (2.2 percent of GDP) to be repaid in 24 installments starting from February 2021:
    - Deferment of labor taxes and SS contributions for all private companies for three months, no interests applied.
    - Deferment of Q2 CIT payments.
    - Grants and donations exempt from paying VAT.
  - Deferment of labor taxes and social security contributions extended for an additional month (RSD 30 billion).
  - Additional spending allocated for patient care, co-finance healthcare infrastructure, telemedicine and digitalization.

- Poland
  - Additional spending (PLN 114.8 bn): Wage subsidies for employees of affected businesses up to 40 percent of average wages; care allowance for children owing to school closures; monthly benefit for self-employed individuals; nonreturnable portion of Polish Development Fund liquidity loans treated as above-the-line expenditure; extensions and sector-limited extensions for second wave measures including write-off of repayable portion of liquidity loans and extension of liquidity loans and guarantees.
  - Foregone revenue (PLN 20.7 bn): For micro firms up to 9 employees social insurance contributions covered by the budget for 3 months; for companies employing 10 to 49 employees 50% of social insurance contributions paid by the budget; extensions to November/December/January for affected industries; includes non-collection of tax revenue (CIT/PIT) in 2021 due to subsidies granted for liquidity loans.
  - EUR 200mn (0.4 percent of GDP) subsidized loans (1 percent interest rate) to SMEs from the Development Fund.
  - Deferred revenue: Possible deferral, payment in installments, or cancellation of taxes; tax loss treatment adjustments; deferral of property tax payments; expedited VAT refunds (some measures expired); temporary suspension of tax controls and enforcement (expired); suspending labor inspections (expired); deferral of rent and utility payments for affected SMEs (expired); exempting specific tax for hospitality industry for 90 days (expired).

- Romania
  - Central Government measures:
    - RON1.1 billion loan to buy medical supplies granted to pharmaceutical SOE; RON0.6 billion loan to low-cost carrier Blue Air and state-owned airline Tarom.
    - Loan guarantees up to 80% of financing for SMEs for working capital and investment (maximum working capital line 5 million lei, investment 10 million lei).
    - Loan guarantees up to 90% for micro-enterprises or small enterprises (maximum value RON 500,000 for micro-enterprises and RON 1 million for small businesses). Interest is subsidized for all loans.
    - State guarantees for leasing of work equipment for SMEs up to 80% for IT equipment and 60% for other technological equipment; maximum 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 (SMEs); guarantees for holiday vouchers and trade credit insurance (SMEs).
  - General Government additional spending:
    - Purchases of medical equipment and supplies 2020 (RON 3.8 bn - expired); financial support to quarantine centers 2020 (RON 0.3 bn - expired); risk bonus for healthcare workers 2020/2021 (RON 1.8 bn); purchase of medical equipment and supplies including vaccination program 2021 (RON 2.3 bn); additional bonuses for health personnel 2020-2021 (RON 2.1 bn).
  - Additional spending (RON 19.6 bn): Paying 75 percent of the gross wage to employees of companies facing difficulties (RON4.3 billion); paying 75 percent of gross wage to affected self-employed and individual enterprises (RON0.9 billion); covering partially the wages of parents staying home for the period the schools are closed.

### Fiscal instruments, contingent liabilities, and quasi-fiscal operations (selected quantitative entries)
- Reported numeric entries and units (as presented in source excerpts):
  - LC bn 39.31.338.0
  - LC bn 15914.2
  - LC bn 145
  - USD bn 1.00.01.0
  - USD bn 4.0
  - USD bn 0.4
  - USD bn 3.7
  - % GDP 9.20.38.9
  - % GDP 37.33.3
  - % GDP 33.9
  - LC bn 33.24.229
  - LC bn 20.0 (multiple entries)
  - USD bn 0.60.10.5
  - USD bn 0.4 (multiple entries)
  - % GDP 5.00.64.4
  - % GDP 3.0 (multiple entries)
  - LC bn 828178 / 650480
  - USD bn 5.21.14.13.0
  - % GDP 2.00.41.61.2
  - LC bn 6912.05712
  - LC bn 84 / 69
  - USD bn 203.4163.4 / 20 / 0.0 / 20
  - % GDP 9.61.77.91.7 / 9.60.0 / 9.6
  - LC bn 799163636 / 105 / 5 / 100
  - USD bn 16.13.312.8 / 2.1 / 0.1 / 2.0
  - % GDP 4.50.93.5 / 0.60.0 / 0.6
  - LC bn 15014.7136n.a.
  - LC bn 11238 / 74
  - USD bn 393.835 / 2910 / 19
  - % GDP 6.50.65.8 / 4.81.6 / 3.2
  - LC bn 36 / 10262.3 / 44 / 1.7 / 42
  - USD bn 8.52.46.10.5 / 10.4 / 0.4 / 10.0
  - % GDP 3.40.92.50.2 / 4.20.2 / 4.0
  - LC bn 664125539148 / 175
  - USD bn 6.41.25.21.4 / 1.7 / 1.70.0
  - % GDP 12.22.39.92.7 / 3.2 / 3.20.0
  - Tax and SSC deferments (RSD 121bn or 2.2 percent of GDP), repayable in 24 installments starting February 2021; deferment extension RSD 30 billion.
  - Additional spending (PLN 114.8 bn) and foregone revenue (PLN 20.7 bn) for Poland.
  - EUR 200mn (0.4 percent of GDP) subsidized loans (1 percent interest rate) to SMEs.
  - RON amounts for Romania: RON1.1 billion, RON0.6 billion, RON 3.8 bn, RON 0.3 bn, RON 1.8 bn, RON 2.3 bn, RON 2.1 bn, RON 19.6 bn, RON4.3 billion, RON0.9 billion.

### Policy design features and common instruments across countries
- Health sector focus
  - Widespread additional spending for medical supplies, equipment, testing capacity, and vaccine-related expenditures (examples include PKR 75 billion, Col Pesos resources, PLN and RON health budgets).
  - Forgone revenue commonly includes elimination or reduction of import duties and VAT exemptions for medical goods (e.g., Peru: VAT exemption on over 100 medical goods; Peru: elimination of import taxes on medicines and medical health supplies).

- Support to households and vulnerable groups
  - Cash transfers, wage subsidies, and expanded social programs are frequent (examples: Colombia 30,037 bn pesos; Pakistan PKR 600 billion; Peru 40.659 bn).

- Support to firms, SMEs, and strategic sectors
  - Subsidized credit lines, loan guarantees, equity injections, and capitalizations are widely used (examples: Kazakhstan KZT 2500 billion; Colombia capitalization of 0.3 percent of GDP to guarantee around 2.2 percent of GDP of loans; Egypt 0.2 percent of GDP capital injection; Mauritius Rs4 billion and Rs10 billion; Romania multiple guarantee schemes).

- Deferred and accelerated revenue measures
  - Deferred tax filings and payments, accelerated VAT/CIT refunds, and temporary tax reliefs are common instruments (examples: Pakistan deferral of tax filing by 3 months; Egypt deferred VAT and CIT payments until December; Poland accelerated VAT refunds).

- Contingent liabilities and quasi-fiscal operations
  - Government guarantees and SPVs used to manage contingent fiscal risks (examples: Mauritius SPV with US$2 billion from FX reserves; multiple state guarantee schemes across Romania, Colombia, Egypt).

*Source: oct-2021-country-fiscal-measures-database-publication (IMF).*

### 0.09 bn); Continue to pay technical unemployment benefits to those returning to work  (4.6 billion RON); The state finan

### oct-2021-country-fiscal-measures-database-publication

### Romania: labor and business support measures
- Continue to pay technical unemployment benefits to those returning to work (4.6 billion RON).
- The state finances 75% of the gross salary for professional athletes (RON 0.1bn).
- Grants to businesses (RON8.6 billion).
- Wage supports to hire job seekers over 50 or below 30 or Romanian citizens returning to the country after losing their jobs abroad.
- Forgone revenue (RON 0.9 bn): 5 to 10 percent discount for corporate income tax payments.

### Serbia: health, wages, and broad fiscal support
- General Government:
  - 10 percent wage increase for public healthcare sector (RSD 13bn, about RSD 17bn estimated in 2021).
  - Increased healthcare spending (about RSD 60bn) in 2020.
  - Increased healthcare spending (about RSD 36bn) in 2021.
- Additional spending measures announced in 2020:
  - Wage subsidies (RSD 93bn):
    - Payment of 3 minimum wages for all employees in SMEs and entrepreneurs (about 900,000 employees).
    - Payment of 50 perfect of minimum wages to large companies for employees who are 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 71bn).
  - Support to 14,000 most vulnerable women in 50 municipalities across Serbia (worth RSD 12bn) in hygiene packages and essential foods.
  - One-off fiscal support to help hotels in cities, through a fixed subsidy per room and per bed, with an estimated cost of RSD 1.3 billion.
  - A state guarantee scheme for bank loans to SMEs has been approved (exposure of RSD 56.5bn).
- Measures announced in 2021:
  - Three additional months of wage subsidies (RSD 73bn).
  - Additional payments for employees in travel and hospitality.
  - EUR 30 universal cash transfers to all adult citizens, paid in May and November (RSD 43bn).
  - Pension bonus (RSD 8.5bn).
  - Support for the transport sector and for city hotels (RSD 3bn).
  - One-off financial assistance to all the (registered) unemployed, of EUR 60, to be paid in June.
  - A one-off payment to vaccinated citizens.
  - Expansion of the existing scheme for state guaranteed bank loans to SMEs by EUR 500 million (1 percent of GDP) and a new EUR 500 million scheme for vulnerable companies was announced.

### Fiscal categories and aggregate figures (selected)
- Government-level reporting categories referenced: A. Above-the line measures; B. Below the line measures; C. Contingent liabilities; D. Accelerated spending and deferred revenue in areas other than health.
- Example reported aggregates and units (as presented, values preserved exactly):
  - LC bn 2,290; n.a. n.a.
  - LC bn 665 90
  - LC bn 325250
  - USD bn 73
  - USD bn 21
  - 2.9
  - USD bn 108.0
  - % GDP 14.6
  - % GDP 4.20.6
  - % GDP 2.11.6
  - LC bn 3.00.42.60.3
  - LC bn 0.90.7
  - LC bn 0.2
  - USD bn 1.10.10.90.1
  - USD bn 0.3
  - 0.2
  - USD bn 0.1
  - % GDP 2.70.42.30.3
  - % GDP 0.80.6
  - % GDP 0.2
  - LC bn 32n.a.
  - LC bn n.a.n.a.
  - LC bn n.a.n.a.
  - USD bn 8.7
  - % GDP 2.4
  - LC bn 631253378
  - LC bn 20.0
  - LC bn 20.0
  - Credit guarantee scheme for the SME sector. USD bn 7.43.04.5
  - USD bn 0.2
  - USD bn 0.2
  - % GDP 2.30.91.4
  - % GDP 0.1
  - % GDP 0.1

### Thailand: lending, soft loans, and tax deferrals
- The Bank of Thailand authorized to lend THB500 billion to financial institutions for on-lending to SMEs; financial institutions will be compensated up to 60 or 70 percent of the additional loans in case these turn nonperforming.
- Soft loans by Social Security Office (30 billion baht at 3 percent) to businesses registered under the Social Security System.
- Soft loans for individuals:
  - THB 40 billion soft loan program at 0.1 percent interest without collateral.
  - THB 20 billion made available for THB 50 thousand baht per person with collateral.
- Deferred revenue and tax relief:
  - Corporate income tax deadline extended to August and September.
  - One month extension of deadline for filing and payment of VAT, Special Business Tax, and other taxes under the Revenue Department.
  - Filing of excise tax extended to May and payment to July.
  - Filing of excise tax by petroleum product operators extended to the 15th of the following month for 3 months.
  - Reduced withholding tax form 3 percent to 1.5 percent from April to September 2020.
  - Expedited VAT refund process for exporters.
  - Delay in collection of fees and charges levied by government agencies and SOEs.
- Additional spending measures:
  - Paid training and community activities to improve skills of recent graduates; assistance to workers, farmers, and entrepreneurs affected by Covid-19 (includes THB 5,000 per person per month for 3 months, for 14 million qualifying workers not enrolled in the social security system and 10 million farmers).
  - Stimulus package to the tourism sector amounting to THB 22.4 billion including subsidies for 5 million domestic trips between July and October, 2020 (40 percent of certain accommodation, event and food costs).
  - Transfers to elderly, children up to 6-years-old, and holders of state-welfare cards that had previously not received assistance linked to the impact of Covid-19.
- The Bank of Thailand and social security lending measures include explicit nonperforming loan compensation rates and exact THB amounts as listed above.

### Tunisia: funds, guarantees, and investment mechanisms
- 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 the Caisse des Dépôts et des Consignations to finance strategic private companies.
- Creation of a “bridging fund” of TND 100 mn by the CDC for the repurchase of shares in investment funds for companies in strategic sectors experiencing difficulties.
- Creation, at the initiative of the CDC, of an investment mechanism of TD 100 mn for the acquisition of equipment for hospitals and public health establishments.
- Allow the State to guarantee 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.

### Social protection and targeted measures (selected examples)
- 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 payments of benefits for ALMPs.
- Activation of mechanism for the State to take charge of the interest rate differential between the monetary market rate and the effective interest rate, on investment loans for SMEs (max 3%).
- Creation of a special program for the support of social work institutions and job creation for vulnerable classes.
- Forgone revenue examples: suspension of penalties for delayed tax returns for three months, starting April 1; amnesty on customs offenses against industrial establishments convicted before March 20, 2020 (with the latter required to pay the amounts due to customs with a 10% fine); Allow companies to revalue their assets based on real value, while exempting the goodwill.

*Source: oct-2021-country-fiscal-measures-database-publication*

### 19. This program covers about 6.8 million people with approximate cost of THB 20 billion.

### 19. This program covers about 6.8 million people with approximate cost of THB 20 billion.

### Shopping subsidy package and targeted discounts
- On September 22 the government passed a new shopping subsidy package for welfare cardholders worth THB 51 billion.
- The package will cover 24 million mainly low-income people via two schemes:
  - 14 million welfare cardholders will receive an extra monthly discount of Bt500 from October to December on their shopping;
  - 10 million people will get daily discounts of up to B100 on food, beverages and household essentials.
- As of October 8th, income tax deductions (to rebate VAT) on products worth THB 30,000 per person running from October 23 to December 31, 2020, to help boost spending on goods and services.

### Forgone revenue and tax relief measures
- 41 billion baht in discounts and refunds of water and electricity bills; reduced social security fund contributions for both employers and workers; rental fees levied on leases for residential or agricultural purpose waived for one year; SMEs that keep their employees can claim a tax deduction for 3 times wage expenses paid from April to July 2020; SMEs with soft loans from Government Saving Bank can deduct 1.5 times interest expenses paid April-December 2020.
- 400,000 baht limit (form 200,000) for tax deduction of investments in the Super Saving Fund.
- Tax relief including:
  - i) personal income tax deduction for health insurance premium;
  - ii) import duties for products preventing related to prevention or treatment of Covid-19 exempted until September 2020;
  - iii) from January 2020 to December 31, 2021 taxes are exempted and fees are cut for debt restructuring with non-financial creditors;
  - iv) reduction in excise tax on jet fuel for domestic flights; reduced withholding tax.
- Suspension or reductions of various government fees and charges for businesses (see related forgone revenue items above).

### Liquidity support, soft loans, and support for SMEs and tourism
- State-owned enterprises and banks have been asked to support the private sector through loan restructuring, lowering lease payments (by real estate companies), halting evictions, etc.
- THB 150 billion in soft loans (2 percent interest) sourced from the Government Saving Bank to commercial banks at 0.01 interest per year. THB10 billion out of the 150 bn are set out to lend and preserve liquidity among SMEs in tourism.
- THB 100 billion announced but not yet approved in soft loans from the Government Saving Bank for SMEs in the tourism sector.
- SMEs with soft loans from Government Saving Bank can deduct 1.5 times interest expenses paid April-December 2020 (forgone revenue item linked to tax relief noted above).

### Other measures and operational support
- State-owned enterprises and banks asked to lower lease payments, halt evictions, and support private sector liquidity and restructuring (as noted under State-owned enterprises and banks measures).
- Forgone and accelerated revenue measures include discounts, refunds, exemptions, and deferred payments across utilities, social contributions, taxes, and lease/rental fees as described above.

*Source: IMF country fiscal measures database (October 2021).*

### 19. It also removed provisions relating to claiming VAT on imported spare parts, lubricants, and stationery.

### oct-2021-country-fiscal-measures-database-publication — Selected country fiscal measures (excerpt)

### Niger — Central Government fiscal response
- Additional spending measures:
  - Reinforced protection for medical staff.
  - Increased capacity to quarantine.
  - Recruitment of 1,500 health workers.
  - Set up isolation sites.
  - Exemption of VAT and duties on medical goods.
- Forgone revenues and tax measures:
  - Higher depreciation cost allowed in tax declaration for businesses.
  - New import credits.
  - Delaying vehicle taxes.
  - Suspension of fiscal controls.
  - 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, restaurant and the sports sector.
- Additional social and sectoral support (repeated in excerpt):
  - Compensation for job losses and to businesses for loss of value added.
  - Support to vulnerable households, 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 formal job loss for the next 6 months.
  - Support to local industries, agriculture and food production.

### Vietnam — General government and central government measures
- Additional spending:
  - Additional spending on medical equipment and materials.
  - Treatment costs of Covid-19 positive patients covered by either Health Insurance Fund (under Vietnam Social Security) or by the state budget.
  - Planned cash transfers of VND36 tn from April to June, with targeted monthly amounts:
    - The poor and near poor households: VND 250 thousand/person/month.
    - Recipients of social protection program: additional VND 500 thousand/person/month on top of the monthly allowance.
    - Workers who temporarily stopped working: VND 1.8 million/person/month.
    - Unemployed workers without insurance, and self-employed workers: VND 1 million/person/month.
    - Households with monthly taxable revenue below VND 100 million that temporarily suspended business: VND 1 million/household/month.
    - Nearly 10 million people are estimated to benefit from this support package.
- Forgone revenue and tax/fee measures:
  - Exemption of import tariff for medical material.
  - Suspension of VAT for domestically produced medical material.
  - Raise the deductibles of personal income tax starting in July, including individual thresholds and dependent deduction.
  - Fees reduction for supporting firms and workers, effectively from May and extended to June 2021, including construction and tourism-related fees are cut down by 50 percent.
  - Water resource-related fees downward adjusted by 20 percent.
  - Lower business registration fee.
  - Streamline tax and custom audit and inspection at firms.
  - Continued exemption of agricultural land use tax.
  - Corporate income tax relief for SMEs.

### Zambia — Central Government (excerpt label present)
- The excerpt lists "Zambia" and "Central Government" but no detailed measures are provided within the supplied text beyond the country label.

### Table 1 — Summary of country fiscal measures (selected figures and notes)
- Table scope and components:
  - Summarizes country fiscal measures in response to the COVID-19 pandemic since January 2020.
  - Units reported: USD billion and percent of 2020 GDP.
  - Categories include: Additional spending or foregone revenues (above-the-line measures), Accelerated spending / deferred revenue, Below the line measures (equity injections, loans, asset purchase or debt assumptions), Contingent liabilities (guarantees and quasi-fiscal operations).
- Selected reported country totals (examples from excerpt, shown exactly as in source):
  - Global total line included: 10,793    1,451  9,255      775             6,117      376                                4,046        1,695       10.21.48.60.96.20.44.11.6
  - G20: Advanced economies and Emerging markets show multiple country-level USD and percent-of-GDP entries (e.g., Australia2501423624101418.41.017.41.80.81.0; Canada26246216686546115.92.813.13.94.00.23.7; United States53286874641185105645425.53.322.20.12.40.32.2; China71121689232193581354.80.14.61.61.30.40.9).
  - Selected Low-Income Developing Countries entries include (exact excerpted lines): Niger0.10.00.10.20.10.10.70.30.41.30.60.6; Vietnam6.11.44.712.73.31.12.21.80.41.43.71.00.30.6; Zambia0.40.10.30.00.02.00.31.70.30.3.
- Notes and caveats included with Table 1:
  - Sources: National authorities and IMF staff estimates.
  - The country list includes European Union as well, but the total global fiscal support does not include measures announced by the European Union because those are financing the measures by member states, which are included individually.
  - The global estimate of fiscal support includes above-the-line measures of additional spending and foregone revenue, as well as below the line measures and contingent liabilities from guarantees and quasi-fiscal operations.
  - 1 Norway fiscal support measures expressed in percent of continental GDP.
  - 2 The numbers are based on official estimates covering cumulative spending in 2020 and the first four months of 2021.
  - Note: Estimates as of Sep 27, 2021. Numbers in U.S. dollar and percent of GDP are based on October 2021 World Economic Outlook unless otherwise stated. The fiscal measures include resources allocated or planned in response to the COVID-19 pandemic since January 2020, which will cover implementation in 2020, 2021, and beyond.

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_Source: https://www.imf.org/-/media/files/topics/covid/fm-database/october-2021/oct-2021-country-fiscal-measures-database-publication.pdf_