## fiscal-monitor-database-april-20201-v3 — IMF Fiscal Monitor Database (April 2020) excerpt

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### Major country fiscal responses (selected highlights)
- Canada — federal measures and support programs:
  - Recovery benefits and enhanced employment insurance (CAN 33.2 bn).
  - Wage subsidies and protecting jobs (CAN 105.2 bn).
  - Support to students, seniors, and vulnerable groups (CAN 19.3 bn).
  - Support to businesses (CAN 29.2 bn) including Emergency business account with 25% loan forgiveness (CAN 14.6 bn) and Emergency commercial rent assistance (CAN 4.4 bn).
  - Deferred revenue (CAD 85 bn): CAD 55 bn in deferred income taxes and CAD 30 bn in deferred GST/HST and customs duties.
  - Farm Credit Canada: additional CAD 5.2 bn in lending capacity.

- European Union — consolidated response and recovery instruments:
  - Additional spending redirected €47.5 mn for research.
  - April 2020 measures totaling (€427.8 bn) including Corona Response Investment Initiative raised to €37 bn and CRII+ mobilization of cohesion funds.
  - Next Generation EU (NGEU) recovery package (agreed December 11) includes €390 bn in grants with NGEU grant element: €312.5 bn RRF (committed in 2021–2023: 70 percent for 2021 and 2022 and 30 percent for 2023), €47.5 bn ReactEU, €10 bn Just Transition Fund; R&D (€5 bn); private sector investment support (€5.6 bn); rural development (€7.5 bn); rescEU (€1.9 bn).
  - Eurogroup safety nets (April 9 2020): SURE up to €100 bn in loans; ESM Pandemic Crisis Support up to 2 percent of a requesting member’s 2019 GDP (around €240 bn if all 19 countries draw).
  - NGEU loans: €360 bn; Pan-European guarantee fund: €25 bn to support €200 bn financing for SMEs (on top of earlier €40 bn EIB support).

- France:
  - Additional health spending (€18.8 bn) and broader additional spending (€125.5 bn) including subsidized short-time work and support for small enterprises.
  - Forgone revenue (€29.7 bn) including social security contribution exonerations and tax measures.
  - Accelerated spending (€17 bn) and deferred revenue (€52 bn).
  - Direct support to firms up to €21 bn; state guarantees for bank loans and credit reinsurance schemes (€315 bn) and other guarantees (€12.5 bn).
  - Recovery plan fund creation up to €20 bn leveraged by public guarantees (€7 bn).

- Germany:
  - Additional health spending (€40 bn) and other additional spending (€286 bn).
  - Forgone revenue (€42 bn).
  - Economic Stabilization Fund (WSF) of €600 bn: €100 bn equity investments, €100 bn KfW loan, €400 bn additional state guarantees.
  - Federal guarantee framework increased by €357 bn; state government guarantees increased by €69.3 bn.

- Italy:
  - Additional health spending (€9.5 bn); broad additional spending (€121 bn).
  - Forgone revenue (€0.5 bn) for targeted medical equipment; broader forgone revenue (€9 bn).
  - Equity injection to Alitalia (€3.3 bn).
  - Reported total guarantee ceiling about 579 bn euros aimed to unlock more than 750 billion euros of liquidity.

- Japan:
  - Additional health components: JPY 0.8 tn, JPY 3.7 tn, JPY 5.1 tn across items.
  - Emergency Economics Package additional spending JPY 76 tn including cash handout JPY 100K per person (JPY 12.9 tn), lump-sum transfers to firms (JPY 2.3 tn), subsidies for lending (JPY 3.8 tn), incentives (JPY 10.8 tn).
  - COVID-19 reserve fund spending from April 2020 JPY 6.6 tn (excl. Dec 11 approvals) including JPY 1.2 tn cash transfers to firms and JPY 1.7 tn healthcare enhancement.
  - Deferred revenue (JPY 26 tn).
  - Guarantees and contingent liabilities: multiple JPY amounts (e.g., JPY 7.6 tn, JPY 1.1 tn, JPY 2.5 tn, JPY 3 tn, JPY 1.5 tn).
  - Quasi-fiscal operations and public financial institution support: concessional loans and guarantees JPY 112 tn; subordinated loans/equities JPY 2.7 tn; loans to hospitals JPY 3.5 tn; university fund JPY 4.0 tn; other quasi-fiscal operations JPY 15 tn.

- Korea:
  - Health and supplementary budgets: KRW 2.1 tn, KRW 2.4 tn, KRW 600 bn, KRW 0.8 tn, 2021 supplementary KRW 4.1 tn.
  - Additional spending total KRW 73.3 tn across programs.
  - Forgone revenue KRW 3.4 tn and deferred revenue KRW 43.4 tn.
  - Accelerated spending KRW 3.3 tn.

- Spain:
  - Fiscal totals LC bn: Total on-budget (A-D) = 85.0; Additional health = 14.1; Total off-budget (B+C) = 71; Equity/loans = 161; Guarantees = 151.
  - Additional spending (€14.1 bn) for Ministry of Health and regions; broader additional spending (€68.8 bn) including ERTE-related unemployment and allowances.
  - Forgone revenue (€2.1 bn); guarantees up to €100 bn and ICO line €40 billion.

- United Kingdom:
  - LC bn: Total on-budget (A-D) = 343; health additional spending = 159; off-budget (B+C) = 184; equity/loans = 341; guarantees = 340.
  - Additional health spending (£156.6 bn); broader additional spending (£163.1 bn).
  - Forgone revenue (£21.3 bn); accelerated spending (£4 bn); deferred revenue (£7.1 bn).
  - Contingent liabilities: CBILS, CLBILS, CCFF, Bounce Back Loan Scheme; combined size of CBILS, CLBILS, and CCCF = £330 bn.

- United States:
  - LC bn / USD bn: Total on-budget (A-D) = 5,328; health additional spending = 690; off-budget (B+C) = 4,638; equity/loans/assumptions = 510; guarantees = 454.
  - USD bn: Total on-budget (A-D) = 5,328; A. Above-the-line = 690; B+C = 4,638; D = 17.98.
  - % GDP: Total on-budget = 25.5; A. Above-the-line = 3.3; B+C = 22.2; D = 0.1.
  - Additional health spending ($625.4 bn) across multiple Acts (examples with exact amounts listed per Act).
  - Forgone revenue figures cited variously as $65 bn, $378 bn, $382.5 bn across aggregations.
  - Large-scale supports across Acts with totals reported (examples include CARES Act, Consolidated Appropriations Act, American Rescue Plan with multiple USD bn totals).

- Selected emerging markets and other jurisdictions (representative entries):
  - Argentina: LC bn totals: Total on-budget = 1,074; health additional spending = 105; off-budget B+C = 970; equity injections/loans = 540; guarantees = 540. Additional spending AR $69.4 bn; other spending AR $902.4 bn.
  - Brazil: LC bn: Total on-budget = 657; health additional spending = 89; other additional spending BRL 548.7 bn; deferred revenue BRL 143.1 bn; public bank lines BNDES BRL 55.4 bn; Caixa BRL 154 bn; Banco do Brasil BRL 100 bn.
  - China: LC bn entries 4,904 147; additional spending RMB 147 bn and RMB 3.1 tn; forgone revenue RMB 1.8 tn; accelerated issuance of special local government bonds RMB 1.6 tn; national guarantee fund planning re-guarantee RMB 400 bn.
  - India: LC bn entries 6,517 710; additional spending Rs 710 bn; larger package LC bn 5,807 with Rs 5806.78 bn and specific November package Rs 2650.8 bn; collateral-free lending program Rs 3 tn; various guarantees and liquidity measures totals preserved exactly in source.
  - Mexico: LC bn 151 103.2; development bank guarantee program 253; LC bn and USD bn conversions preserved as in source.
  - Russia: LC bn figures and multiple RUB bn measures: health RUB 224 bn, bonus fund RUB 346 bn, other expected 2021 measures RUB 951 bn (851 bn corporate, 100 bn local governments); guarantees up to RUB 500 bn; CBR facility RUB 500 bn; etc.
  - Turkey: LC bn 95 16.8; additional health TL 4.3 bn and multiple TL entries for short-time work allowance TL 27.7 bn and other supports.

### Common instruments and policy features across jurisdictions
- Health-sector spending: procurement of medical equipment, tests, PPE, ICU expansion, vaccine procurement and distribution (numerous country-specific exact amounts cited above).
- Income and payroll support: wage subsidies, short-time work schemes, unemployment benefits, cash handouts (examples: Japan cash handout JPY 100K per person; New Zealand wage subsidies NZ$ 14.8 bn; Korea KRW programs).
- Support to firms and SMEs:
  - Loan guarantees and credit guarantee funds (examples: Belgium federal guarantee mechanism modified for a total envelope of 50bn; Spain ICO €40 billion line; Germany KfW and guarantee frameworks).
  - Direct lending, equity injections, and quasi-equity funds (examples: France up to €21 bn direct support; Germany WSF €100 bn for equity; Italy equity injection to Alitalia €3.3 bn).
  - Rapid liquidity measures through public banks and development banks (examples: Brazil BNDES BRL 55.4 bn; India collateral-free lending Rs 3 tn; Japan concessional lending JPY 112 tn).
- Deferred revenue and tax relief: broad use of deferrals (e.g., deferred revenue CAD 85 bn in Canada; deferred revenue JPY 26 tn in Japan; deferred revenue KRW 43.4 tn in Korea; multiple country-specific tax filing/payment extensions).
- Below-the-line and contingent liabilities: large guarantee and loan-authorisation envelopes (examples: Germany guarantees and WSF; UK contingent liabilities combined size ~£437–£440 bn in USD conversions presented).
- Accelerated spending and prepayments: advance refunds and frontloaded procurement to support cash-strapped firms (examples: accelerated spending figures cited country-by-country).

### Quantitative reporting conventions and dataset notes
- Data presented with exact numeric values in local currency (LC bn), USD bn, and percent of GDP (% GDP) as reported for each country.
- Measures are categorized as: A. Above-the-line measures (on-budget A–D), B+C. Below-the-line/off-budget measures (equity injections, loans, guarantees), and D. Accelerated spending and deferred revenue.
- Examples of reported country totals and conversions preserved exactly as in source (e.g., Spain USD bn: Total on-budget (A-D) = 97; % GDP Total on-budget = 7.6).
- Global and regional aggregates and additional country-level totals and breakdowns are included in the dataset (selected exact group and country figures appear in the source excerpt).
- Timing and measurement: numbers in U.S. dollar and percent of 2020 GDP are based on April 2021 World Economic Outlook 2020 estimates where specified; notation mn, bn, tn used in source (million, billion, trillion).

*Source: IMF Fiscal Monitor Database (April 2020), fiscal-monitor-database-april-20201-v3 (IMF Fiscal Monitor Database).*

### 83.0 bn)

### fiscal-monitor-database-april-20201-v3 - 83.0 bn)

### Canada — federal measures and support programs
- Total highlights:
  - Recovery benefits and enhanced employment insurance (CAN 33.2 bn)
  - Wage subsidies and protecting jobs (CAN 105.2 bn)
  - Others, including support to students, seniors, and vulnerable groups (CAN 19.3 bn)
- Support to businesses (CAN 29.2 bn) of which:
  - Emergency business account with 25% loan forgiveness (CAN 14.6 bn)
  - Emergency commercial rent assistance (CAN 4.4 bn)
  - Others, including sector-specific support and sub-nationals support (CAN 10.3 bn)
- Deferred revenue (CAD 85 bn): Temporary interest-free tax deferrals for businesses and self employed, amounting to CAD 55 bn in deferred income taxes and CAD 30 bn in deferred GST/HST and customs duties for imports.
- Farm Credit Canada support: additional CAD 5.2 bn in lending capacity to producers, agribusinesses, and food processors.

### Canada — credit and guarantee programs
- Business Credit Availability Program (BCAP) established to provide support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC); includes combination of loan guarantees and shared financing arrangements.
- BCAP components:
  - Canada Emergency Business Account (for small firms)
  - Mid-Market Guarantee and Financing Program
  - Large Employer Emergency Financing Facility
  - Support for the Agriculture and Agri-Food Sector

### European Union — consolidated response and recovery instruments
- Additional spending (€0.05 bn): European Commission redirected €47.5 mn towards research on COVID-19 vaccine development, treatment, and diagnostics.
- Additional spending (€427.8 bn): April 2020 measures including:
  - Raise Corona Response Investment Initiative to €37 bn, including €8 bn upfront cash injection from EU cohesion funds.
  - Extend scope of the EU Solidarity Fund to include a public health crisis.
  - Coronavirus Response Investment Initiative Plus (CRII+) to mobilize non-utilized cohesion funds.
- Next Generation EU (NGEU) recovery package (agreed December 11): includes €390 bn in grants; NGEU grant element comprised of:
  - €312.5 bn from the Recovery and Resilience Facility (RRF) committed in 2021–2023 (70 percent for 2021 and 2022 and 30 percent for 2023)
  - €47.5 bn to top up cohesion funds (ReactEU)
  - €10 bn to top up the Just Transition Fund
  - R&D (€5 bn); support for private sector investment (€5.6 bn); rural development (€7.5 bn); rescEU (€1.9 bn)
- Eurogroup agreement (April 9 2020) safety nets package: €340 bn below-the-line measures including:
  - SURE: up to €100 bn in loans to governments for unemployment and short-time work schemes
  - ESM Pandemic Crisis Support: finance crisis-related health spending up to 2 percent of a requesting member’s 2019 GDP (around €240 bn if all 19 countries draw)
- NGEU loans: €360 bn in loans from the RRF (December 11 agreement)
- Pan-European guarantee fund: €25 bn to support €200 bn of financing for SMEs (on top of earlier €40 bn EIB support).

### France — fiscal packages and recovery plan
- Additional spending (€18.8 bn): health insurance streamlining and boosting (paid sick leave), higher spending on health supplies; bonuses for health workers; additional investment and equipment in health sector announced in the recovery plan for 2021 and beyond.
- Additional spending (€125.5 bn): wage support under subsidized short-time work scheme; direct financial support for small and very small enterprises; support for liberal professions and independent workers; transfers for low-income families; extension of benefits; social programs; recovery plan measures (energy renovation, green investment, short-time work extension, training, hiring subsidies, youth support).
- Foregone revenue (€29.7 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.
- Accelerated spending (€17 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.
- Direct support to firms (on-budget or extra-budgetary): up to €21 bn (through direct lending or equity support), mostly in strategic companies.
- State guarantees and recovery instruments:
  - 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 — fiscal response, guarantees, and stabilization fund
- Additional spending (€40 bn): on hospital capacity, medical equipment, research, and information campaigns.
- Additional spending (€286 bn): grants to hard hit small businesses and self-employed; increased access to childcare and basic social security benefits; temporary relief to affected tenants; income support for families; incentives to purchase greener vehicles; subsidies for green investment for auto and aerospace sectors; support via the "Kurzarbeit" program with modified parameters.
- Forgone revenue (€42 bn): temporary VAT reduction, corporate tax reliefs, personal income reliefs, and social security contribution reduction.
- Deferred revenue: options for deferring tax payments and reducing prepayments until year-end without penalties.
- Economic Stabilization Fund (WSF) of €600 bn with three components:
  - €100 bn for government equity investments in significantly affected companies
  - €100 bn loan to state development bank KfW for financing affected firms lacking access to existing programs
  - €400 bn to provide additional state guarantees to non-financial corporations
- Guarantee framework increases:
  - Federal guarantee framework increased by €357 bn for new/expanded KfW programs
  - Total guarantees provided by state governments to be increased by €69.3 bn

### Italy — fiscal measures, guarantees, and liquidity support
- Additional spending (€9.5 bn): medical equipment, staff, and vaccine.
- Forgone revenue (€0.5 bn): zero VAT rate on targeted medical equipment.
- Additional spending (€121 bn): broadening wage supplementation fund, vouchers for babysitters (€70 bn), grants for SME (€43 bn), education (€4 bn), and other (€4 bn).
- Forgone revenue (€9 bn): corporate income tax credits (€4 bn) and social security contribution reduction (€5 bn).
- Deferred revenue: postponement of VAT, CIT, social security contributions, and property taxes.
- Equity injection to Alitalia (€3.3 bn).
- Total guarantee ceiling reported at about 579 bn euros, aimed to unlock more than 750 billion euros of liquidity for businesses and households (noting reported ceiling and contracted guarantees caveat).

### Japan — large-scale fiscal packages, guarantees, and quasi-fiscal operations
- Additional health spending components (JPY):
  - Production, procurement and distribution of critical equipment such as masks and ventilators (JPY 0.8 tn)
  - Transfers to local governments for health- and long-term care related measures including cash handouts to medical and long-term care practitioners (JPY 3.7 tn)
  - Other health-related measures (procurement of vaccines, etc.) (JPY 5.1 tn)
- Additional spending (JPY 76 tn) in Emergency Economics Package including:
  - Cash handout of JPY 100K per person (JPY 12.9 tn)
  - Lump-sum transfer to affected firms (JPY 2 mn per SME, JPY 1 mn for the self-employed) (JPY 2.3 tn)
  - Subsidies for financial institutions’ lending (JPY 3.8 tn)
  - Expansion of work subsidies (JPY 0.9 tn)
  - Incentives to accelerate recovery (JPY 10.8 tn)
  - Transfers to local governments for COVID-19 (JPY 1 tn)
- Additional measures announced May 27 and December 8 with specified JPY amounts (examples include transfers to local governments, expansion of subsidies, incentives for green investment, business restructuring subsidies, Employment Adjustment Subsidy top-ups, and national resilience investments).
- COVID-19 reserve fund spending from April 2020 onwards totaling JPY 6.6 tn (excluding December 11 approvals) including:
  - Cash transfers to affected firms (JPY 1.2 tn)
  - Replenishment of emergency loan program for households (JPY 0.5 tn)
  - Enhancement of healthcare capacity (JPY 1.7 tn)
  - Procurement of vaccines (JPY 0.8 tn)
  - Top up the Employment Adjustment Subsidy (JPY 0.4 tn)
  - Transfers to local governments (JPY 1.8 tn)
- Forgone revenue measures: expansion of loss carry-back and carry-forward schemes, tax incentives for decarbonization and digitalization, reduction of property tax and aviation fuel tax.
- Deferred revenue (JPY 26 tn): deferral of payment of taxes and social security premiums by affected firms and households for one year.
- Guarantees and contingent liabilities (JPY amounts):
  - Guarantees on bonds/borrowing by the Development Bank of Japan and Japan Finance Corporation (JPY 7.6 tn)
  - Guarantees on external bonds issued by Development Bank of Japan and Japan Bank for International Cooperation (JPY 1.1 tn)
  - Guarantees on bonds/borrowings by other public financial institutions for equity injection programs (JPY 2.5 tn)
  - Expanded guarantee cap on capital injection scheme into banks (JPY 3 tn)
  - Expanded insurance capacity of Nippon Export and Investment Insurance (JPY 1.5 tn)
- Quasi-fiscal operations and public financial institution support:
  - Concessional loans and guarantees to affected firms through public and private financial institutions (JPY 112 tn)
  - Provision of subordinated loans (quasi-equity) and equities (JPY 2.7 tn)
  - Loans to affected hospitals and clinics (JPY 3.5 tn)
  - University fund (JPY 4.0 tn)
  - Other quasi-fiscal operations using Development Bank of Japan and other agencies (primarily for infrastructure projects) (JPY 15 tn)

### Korea — stepped supplementary budgets, relief packages, and tax measures
- Additional health spending and budgets (KRW amounts):
  - Emergency spending and first supplementary budget (KRW 2.1 tn) for epidemic prevention and treatment, support for medical institutions and quarantined households
  - Third supplementary budget (KRW 2.4 tn): expanding diagnostic and treatment facilities, smart medical centers; vaccine development; test-trace-treatment; increase official development aid of K COVID-19 response kits and tools
  - Additional health spending (KRW 600 bn)
  - Customized Relief Package (December 2020; KRW 0.8 tn) to strengthen disease prevention and reinforce medical systems
  - 2021 supplementary budget (KRW 4.1 tn): COVID-19 vaccination and compensation for medical institutions
- Additional spending (KRW 73.3 tn) across multiple supplementary budgets and programs including consumption coupons, SME support, cash transfers, Korean New Deal for digital and green investment, and targeted support for employment and vulnerable households.
- Forgone revenue (KRW 3.4 tn): temporary corporate/income tax cuts for landlords reducing rents; rental fees reduction for tenants of public and commercial properties; VAT reduction for the self-employed (KRW 0.7 tn); corporation tax cut for SMEs in disaster areas (KRW 0.3 tn); consumption tax cut for auto purchases (KRW 0.8 tn); various tax deduction ceiling increases and social security contribution cuts (KRW 0.9 tn).
- Accelerated spending (KRW 3.3 tn): early purchases and prepayments for cash-strapped businesses (KRW 2.1 tn) and frontloaded construction investment (KRW 1.2 tn); temporary relaxation of government procurement rules.
- Deferred revenue (KRW 43.4 tn): tax payment deferral including Corporate Income Tax and VAT, deferment in tax investigation, early tax refund.

*Source: fiscal-monitor-database-april-20201-v3*

### 42.9 tn); social security contribution

### fiscal-monitor-database-april-20201-v3 - 42.9 tn); social security contribution

### Social protection and deferrals
- Social security contribution payment deferral for households & electricity charge deferral (KRW 0.5 tn)
- Fragment indicating "42.9 tn" associated with social security contribution

### Fiscal/financial support for small merchants and SMEs
- 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)

### Liquidity, credit recovery, and market stabilization
- LC bn 195,900
- LC bn 70,900
- 125,000
- Credit recovery program by KAMCO (KRW 2.0 tn)
- 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

*IMF Fiscal Monitor Database (April 2020).*

### 20.0 tn).

### fiscal-monitor-database-april-20201-v3 - 20.0 tn)

### Spain — General Government
- Fiscal totals (local currency):
  - LC bn: Total on-budget (A-D) = 85.0; Additional spending in the health sector = 14.1.
  - LC bn: Total off-budget (B+C) = 71.
  - LC bn: Equity injections, asset purchases, loans, debt assumptions = 161; Guarantees total size = 151.
- Selected measures and amounts:
  - Additional spending (€14.1 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).
  - Additional spending (€68.8 bn): Unemployment benefit for workers temporarily laid off under the ERTE (about €22 bn); exemptions of social contributions for companies that maintain employment under the ERTEs (about €7.7 bn); allowance for self-employed (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 (about €5.4 bn); introduction of a new means-tested “minimum income scheme”(about €3 bn annually); rental assistance and additional state contribution to the State Housing Plan 2018-21; various expansions of benefits for workers and other support for households and firms.
  - Forgone revenue (€2.1 bn): Reduction/waiver of VAT on specific medical goods and COVID-19 tests and vaccines; flexibility in filing income tax and VAT installment payments for SMEs and self-employed; tax incentives for landlords reducing rents for hotel/restaurant/tourism activities; reduction in contribution for Employed Agricultural Workers; other revenue measures.
  - Deferred revenue: Deferral of social security contributions and debts for companies and the self-employed; deferral of tax debts and customs-related debts; tax payment deferrals for SMEs and self-employed with the first four months exempt from interest.
  - Off-budget loans: Loans through the State Financial Fund for Tourism Competitiveness (FOCIT) (€515 mn) and loans for the industrial sector (€124 mn).
  - Guarantees and contingent liabilities (selected): Up to €100 bn government guarantees for firms and self-employed; new ICO line of guarantees (€40 billion); guarantees for European Investment Bank financing (€2.8 billion); endorsement to the European SURE instrument (€2.3 billion); additional guarantees up to €2 bn for exporters via the Spanish Export Insurance Credit Company; guarantees to provide housing assistance (€1.2 billion); expansion of ICO credit lines for tourism (€200 million); additional loan guarantees through Compañía Española de Reafianzamiento (€1.1 bn) and line for listed companies (€1 billion); additional funding for ICO credit lines (€10 bn).
- Converted totals and shares:
  - USD bn: Total on-budget (A-D) = 97; A. Above-the-line = 16.1; B+C (off-budget) = 81; D (accelerated/deferred) = 0.1.
  - USD bn (contingent liabilities): Total size = 184; Equity injections/loans = 172; Guarantees = 11.
  - % GDP: Total on-budget = 7.6; A. Above-the-line = 1.3; B+C = 6.3; D = 0.0.
  - % GDP (contingent liabilities): Total size = 14.4; Equity injections/loans = 13.4; Guarantees = 0.9.

### United Kingdom — Central Government
- Fiscal totals (local currency):
  - LC bn: Total on-budget (A-D) = 343; Additional spending in the health sector = 159.
  - LC bn: Total off-budget (B+C) = 184; Equity injections, asset purchases, loans, debt assumptions = 341; Guarantees total size = 340.
- Selected measures and amounts:
  - Additional spending (£156.6 bn) for the National Health Service including expansion of hospital beds, staff, and equipment.
  - Forgone revenue (£2.2 bn): Waiver of VAT and customs duties on critical medical imports.
  - Additional spending (£163.1 bn) in areas other than health: Coronavirus Job Retention Scheme (furlough), income support for the self-employed, paid sick leave and compensation for small firms, direct grants for small firms in affected sectors (Restart program), expanded Universal Credit and Working Tax Credit until September 2021, increased 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, employment measures for young people, sectoral green programs and housing decarbonization, additional transfers to devolved administrations, and more.
  - Forgone revenue (£21.3 bn): Business rate holiday for affected sectors; temporary cut on stamp duty land tax until June 2021; VAT reductions for hospitality, accommodation, and attractions (5% until end-September 2021, 12.5% until March 2022).
  - Accelerated spending (£4 bn): Bringing forward public infrastructure spending to FY2020/21.
  - Deferred revenue (£7.1 bn): Deferral of VAT for Q2 2020 until June 21; deferral of self-assessment income tax of the self-employed until end-January 2021.
  - Off-budget support: £1 bn program to support firms driving innovation; £30 mn convertible loan to Celsa.
  - Contingent liabilities and loan guarantee schemes:
    - Coronavirus Business Interruption Loan Scheme (CBILS): lender guarantee of 80% on loans up to £5 mn, up to 6 years; government covers first 12 months of interest and lender fees.
    - Coronavirus Large Business Interruption Loan Scheme (CLBILS): 80% government guarantee, loans up to 25% of turnover or up to £200 mn for firms with turnover above £45 mn.
    - Covid-19 Corporate Financing Facility (CCFF): Bank of England to buy short-term debt from larger companies.
    - Combined size of CBILS, CLBILS, and CCCF = £330 bn.
    - Bounce Back Loan Scheme: SMEs can borrow between £2K and £50K up to 6 years; government guarantees 100% of the loan with no fees or interest in first 12 months.
    - Trade Credit Reinsurance scheme: up to £10 billion of government guarantees.
- Converted totals and shares:
  - USD bn: Total on-budget (A-D) = 440; A. Above-the-line = 204; B+C = 236; D = 14.1.
  - USD bn (contingent liabilities): Total size = 437; Equity injections/loans = 436.
  - % GDP: Total on-budget = 16.2; A. Above-the-line = 7.5; B+C = 8.7; D = 0.5.
  - % GDP (contingent liabilities): Total size = 16.1; Equity injections/loans = 16.1.

### United States — Central Government
- Fiscal totals (local currency / USD nominal):
  - LC bn: Total on-budget (A-D) = 5,328; Additional spending in the health sector = 690.
  - LC bn: Total off-budget (B+C) = 4,638; Equity injections, asset purchases, loans, debt assumptions = 510; Guarantees total size = 454.
  - USD bn: Total on-budget (A-D) = 5,328; A. Above-the-line = 690; B+C = 4,638; D = 17.98.
  - USD bn (contingent liabilities): Total size = 510; Equity injections/loans = 454.
  - % GDP: Total on-budget = 25.5; A. Above-the-line = 3.3; B+C = 22.2; D = 0.1.
  - % GDP (contingent liabilities): Total size = 2.4; Equity injections/loans = 2.2; Guarantees = 0.3.
- Selected measures and amounts (health sector and other):
  - Additional health spending ($625.4 bn) across multiple Acts:
    - Coronavirus Preparedness and Response Supplemental Appropriations Act (March 6, 2020): $6.8 bn for treatments, drugs, and public health measures.
    - Families First Coronavirus Response Act (March 18, 2020): estimated federal matching increase $178.9 bn for Medicare, Medicaid, and other programs.
    - CARES Act (March 27, 2020): $128.8 bn for additional health spending including $100 bn for hospitals, $4.3 bn for the CDC, vaccine development, expanded Medicare payments, and medical expense tax advantages.
    - Paycheck Protection Program and Health Care Enhancement Act (April 23, 2020): includes $75 bn for hospitals and $25 bn for testing; estimated budget cost $99.6 bn.
    - Consolidated Appropriations Act (Dec.21, 2020): includes $23 bn for vaccine procurement, $9 bn for vaccine distribution, $22 bn for testing/tracing/covid mitigation programs; total estimated cost $65.4 bn.
    - American Rescue Plan (Mar.12, 2021): includes $95.8 bn for vaccine distribution/testing/treatment/response activities; $14.3 bn for preserving private health coverage of workers; $24.4 bn for subsidizing health insurance through government exchanges/marketplaces; $23.1 bn for expanding/supporting Medicaid, CHIPs and Medicare. Total estimated cost $151.5 bn.
  - Forgone revenue ($65 bn; later figures also presented as $378 bn and $382.5 bn in different aggregations):
    - CARES Act: expansion of qualified medical expenses estimated to reduce revenue by $9 bn; the Act includes tax rebates and other revenue provisions with an estimated revenue cost of $288 bn in other listings.
    - American Rescue Plan: estimated revenue loss $56.2 bn (in one listing) and $10 bn (in another listing) depending on scope and netting of pension support gains.
  - Additional spending in non-health areas and supports (multi-act totals and estimates):
    - Families First and other Acts: paid sick leave, emergency leave, food assistance, free testing; increased federal Medicaid transfers; expanded unemployment insurance; estimated increases ranging from $38.8 bn to thousands of billions when aggregated across Acts.
    - CARES Act: unemployment insurance $437 bn and $350 bn in emergency appropriations; $349 bn forgivable small business loans; estimated increases summing to large amounts across Acts.
    - Paycheck Protection Program: significant loan programs with $321 bn for PPP and small business assistance (of which $176 bn was used for PPP in one note).
    - Executive reallocation of $44 bn from DHS Disaster Relief Fund to provide extra unemployment benefits of $300 per week; of which $18 bn is pre-COVID appropriated and represents additional COVID-19 expenditure.
    - Consolidated Appropriation Act (Dec.21, 2020): $329 bn support to households, $347 bn support for businesses, $92 bn for education and childcare; total estimated cost $796.9 bn.
    - American Rescue Plan (Mar.12, 2021): $794.2 bn support to households, $86.4 bn support for business, $362.1 bn support for state, local and tribal governments, $171 bn for education, $38.9 bn for childcare; total estimated cost $1,646.4 bn.
  - Forgone revenue breakdowns cited in different aggregate tallies:
    - Families First: estimated revenue cost around $94 bn (one listing).
    - Consolidated Appropriation Act (Dec.21, 2021): estimated revenue loss $5 bn (one listing).
    - Total forgone revenue figures appear as $378 bn and $382.5 bn in separate passages, reflecting different aggregation methods and included provisions.
  - Deferred revenue and other timing 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 of federal student loan payments ($4.3 bn).
  - Loans and Federal Reserve backstops:
    - CARES Act includes $56 bn in loans for distressed businesses (passenger and cargo air carriers, postal service).
    - CARES Act includes $454 bn to backstop section 13(3) Federal Reserve facilities to purchase corporate obligations in primary or secondary markets.

### Argentina — Central Government
- Fiscal totals (local currency):
  - LC bn: Total on-budget (A-D) = 1,074; Additional spending in the health sector = 105.
  - LC bn: Total off-budget (B+C) = 970.
  - LC bn: Equity injections, asset purchases, loans, debt assumptions = 540; Guarantees total size = 540.
- Selected measures and amounts:
  - Additional spending (AR $69.4 bn) for health: budget increase for Health Ministry for diagnostics, vaccines, hospital equipment, temporary treatment centers; budget transfers to specific hospitals; monthly bonuses of AR $5K for healthcare workers (April-July 2020); Health Strategy for Families and Communities; financial assistance for health insurance agents; discretionary transfers to provinces.
  - Forgone revenue (AR $35.2 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 - March 2021); 95 percent reduction in the aliquot of employer social security contributions for 90 days for health workers (April 2020 - March 2021); special tax compensation scheme including VAT refund for milk sales.
  - Additional spending (AR $902.4 bn) in other areas: one-off allowances for pensioners and social benefit recipients; emergency family allowance for monotributistas, informal workers, and unemployed (three payments in 2020); assistance to community kitchens and retiree centers; transfers to provincial governments; wage subsidies and complementary wages for affected SMEs; higher spending on public works/infrastructure; unemployment insurance increased by AR $4K to AR $10K; financing for industrial park infrastructure; small supports for tourism and entertainment; transfers to state-guaranteed funds (FOGAR/FONDEP) for credit to SMEs and monotributistas.
  - Forgone revenue (AR $67.1 bn): reductions in employers’ contributions to Social Security (95% reduction for most affected sectors for April-May 2020); special tax breaks for police and security.
  - Deferred revenue: extension of grace period for repayment of loans granted by Social Security to retirees and beneficiaries of non-contributory pensions; deferrals in employers’ contributions to Social Security for 60 days.
  - Off-budget support and credit lines:
    - State guaranteed, subsidized bank lending (estimated at 2 percent of GDP): Banco Nación and ANSES loans, subsidies, and transfers for housing projects; subsidized loans for construction/repair of houses; financing for SMEs to implement remote working; suspension of public service cuts for 180 days due to non-payment of up to 3 consecutive invoices.
- Converted totals and shares:
  - USD bn: Total on-budget (A-D) = 15; A. Above-the-line = 1.5; B+C = 14; D = 0.1.
  - USD bn (contingent liabilities): Total size = 7.6; Equity injections/loans = 7.6.
  - % GDP: Total on-budget = 3.9; A. Above-the-line = 0.4; B+C = 3.5; D = 0.0.
  - % GDP (contingent liabilities): Total size = 2.0; Equity injections/loans = 2.0.

### Brazil — General Government
- Fiscal totals (local currency):
  - LC bn: Total on-budget (A-D) = 657; Additional spending in the health sector = 89.
  - LC bn: Total off-budget (B+C) = 568; Equity injections, asset purchases, loans, debt assumptions = 458; Guarantees total size: entries for contingent liabilities and credit lines are described in narrative.
- Selected measures and amounts:
  - Additional spending (BRL 81.6 bn) including BRL 22.3 bn for vaccination purposes and transfers to Local Governments (BRL 10 bn) for higher health spending.
  - Forgone revenue (BRL 7.1 bn): temporary reduction in taxes (IPI) and zero import taxes for goods necessary to combat COVID-19.
  - Additional spending (BRL 548.7 bn) in other areas: expanding Bolsa Família to 1.2 million new beneficiaries; Emergency Aid cash transfer for informal workers and low-income households (BRL 600 per month in April-August; BRL 300 per month in September-December 2020; BRL 250 per month in April - July 2021); subsidized job retention scheme; temporary electricity subsidies for poor families; extraordinary transfers to subnational governments and stay on debt service payments; renegotiation of subnational debts with public banks.
  - Forgone revenue (BRL 19.1 bn): elimination of the financial transactions tax (during 9 months).
  - Accelerated spending (BRL 58.7 bn): advance payment of 13th pension benefit, wage bonuses to low-income workers, and sickness/disability benefits.
  - Deferred revenue (BRL 143.1 bn): 4-month deferral of social contributions paid by firms and employers; 3-month deferral of small business taxes; delayed PIT filing; deferral of taxes paid by the telecommunications sector and of tax debt payment obligations.
  - Off-budget and public-bank credit lines and support:
    - BRL 6.8 billion credit line to SMEs (to finance payroll costs during 7 months); BRL 48.1 billion support to funds which lend to microbusinesses; BRL 20 billion support to an investment guarantee fund (to finance SMEs); BRL 5 bn credit support to the tourism sector.
    - Credit lines from public banks: BNDES: BRL 55.4 bn (working capital for tourism/service sectors; renegotiated loan terms; expanded credit to micro and small firms; BRL 2 bn credit line for emergency beds and medical equipment); Caixa: BRL 154 bn (credit to small-and medium-sized firms, purchased portfolios, expanded real estate and agricultural credit, renegotiated credit to hospitals); Banco do Brasil: BRL 100 bn (increased credit lines for businesses and individuals).
    - Authorization of new withdrawals from mandatory savings accounts for unemployment (FGTS).
- Converted totals and shares:
  - (No consolidated USD bn or % GDP totals explicitly provided in the supplied excerpt for Brazil beyond LC bn figures.)

*Source: fiscal-monitor-database-april-20201-v3*

### 36.2 bn

### fiscal-monitor-database-april-20201-v3 - 36.2 bn

### Key fiscal measures summarized
- 36.2 bn
- Temporary cut of small employers contributions to training funds (Sistema S) and deferral of all employers contributions to an extra-budgetary mandatory savings fund (FGTS) - BRL 32.2 bn.

### Quantitative summary (selected figures preserved exactly)
- USD bn: 126 17 109 39
- USD bn: 88 15
- USD bn: 73
- % GDP: 8.8 1.2 7.6 2.7
- % GDP: 6.2 1.1
- % GDP: 5.1

### China — General Government (selected measures and amounts)
- LC bn: 4,904 147
  - Additional spending (RMB 147 bn): Expenditure to improve epidemic prevention and control and the national public health emergency management system.
  - Forgone revenue: Tariffs were exempted for the import of medicines, medical supplies, and other vehicles used to fight against the outbreak.
- LC bn: 4,757
  - Additional spending (RMB 3.1 tn):
    - Help local governments finance employment initiatives, meet basic living needs, and protect market entities.
    - Increase the coverage and benefits of Dibao: extending social assistance programs to cover families affected by the COVID-19 and falling into poverty.
    - Companies that do not lay off employees or minimize layoffs receive a refund of 2019 insurance premiums.
    - Two-year extension of NEV (New Emission Vehicle) subsidy on purchases to the end of 2022.
    - Extend unemployment benefits or “minimum living guarantees” (e.g. social transfers) to migrant workers.
    - Increasing ceiling on special local government bond issuance, which can be spent on investment projects.
  - Forgone revenue (RMB 1.8 tn):
    - VAT exemptions for goods and services related to epidemic control and for small taxpayers in Hubei; and VAT rate cut from 3% to 1% in other regions until the year end.
    - Waived VAT on interest payments to financial institutions who extend loans of RMB 1 million or less to SMEs and sole proprietors. Instituted a 0.5 percentage point VAT reduction on secondhand vehicles sold by dealers from May until end-2023.
    - Corporate income tax relief for businesses in affected sectors through a longer tax loss carryover to 8 years or one-off 100 percent investment expensing deduction.
    - Social security contributions by employers in Hubei province and SMEs (50 percent for large firms) in the other provinces are waived until the end of December.
    - Allow companies suffering from serious difficulties to postpone social insurance payments until end-2020.
- LC bn: 1,600
  - Accelerated spending: Accelerated issuance of an increase in special local government bonds (RMB 1.6 tn).
  - Deferred revenue: Firms are allowed to defer their social security payments by 6 months, and the due date for contributing to the “housing provident fund” is extended to end-June. In late June, the government announced that it will allow companies suffering from serious production or operation difficulties to postpone social insurance payments until the end of 2020. Collection of income tax for small and micro enterprises and self-employed deferred until 2021.
- LC bn: 1330 0
  - Allow China’s state-funded infrastructure projects to use up to 15% of investment for a project to pay wages. Previously only 10 percent was earmarked for worker salaries.
  - The central government transfer payment rate to provinces was increased from 3% to 4% for pensions.
  - Tax collection retention ratio for local budgets raised to 5% (March 1 to June 30).
- LC bn: 400
  - The national guarantee fund will work with banks providing loan guarantee services, planning to increase re-guarantee business by RMB 400 bn in 2020. Local government-backed guarantee/re-guarantee agencies are required to lower guarantee service costs to below 1 percent for SMEs.
- LC bn: 930
  - Starting May 21, three policy banks will issue coupons that waive loan interest payments to qualified small/micro firms and individually-owned businesses (no estimate).
  - The State Council announced SOEs will expand recruitment for college graduates for two consecutive years. Also, Central SOEs should provide more positions for job seekers in counties under the poverty line after surveying employment demand (no estimate).
  - Road tolls were exempted beginning February 17, and some service fees charged by airports and railways were cut. Road tolls were reinstated on May 6.
  - Electricity prices were cut by 5%, which were extended to end-2020 except those in high-energy-consuming industries.
  - Railway logistic fee was lowered by 50% until end-June.
  - The port construction fee has been exempted till end-2020, and some other port-related fees were cut.
  - Exempt rent payments by SMEs in the service sector on state-owned properties for three months. Landlords who offer rent reduction or exemption will receive tax cuts and loans with preferential interest rates.
- USD bn: 711 21 689 232
- USD bn: 193
- USD bn: 58 135
- % GDP: 4.8 0.1 4.7 1.6
- % GDP: 1.3
- % GDP: 0.4 0.9

### India — Central Government (selected measures and amounts)
- LC bn: 6,517 710
  - Additional spending (Rs 710 bn): Additional spending on health infrastructure, including for COVID-19 testing facilities, personal protective equipment, isolation beds, ICU beds, ventilators and medical screening. The budget for FY2020/21 released on February 1, 2021 provisioned 350 billion Rs for the country’s vaccination program with the possibility of expanding the envelope.
- LC bn: 5,807
  - Additional spending (Rs 5806.78 bn):
    - On March 26, the central government announced a package that provides insurance coverage for workers in the healthcare sector, substantial in-kind (food; cooking gas) and cash transfers, as well as wage support to poor households (Rs 1.49 tn).
    - Between May 13 and 17, additions to this initial package were announced. These focused on extending the government’s existing rural employment guarantee scheme (additional Rs 400 bn), extension of food support to migrants (Rs 35 bn) and miscellaneous other measures (about Rs 93 bn).
    - On June 30, authorities extended the provision of food rations to vulnerable households (Rs 829 bn).
    - On August 20, authorities extended and expanded unemployment benefits for workers who are covered under the Employees State Insurance Corporation (ESIC) scheme.
    - On October 12, authorities announced measures targeting consumption and public investment. On the consumption side authorities: i) offered public sector employees a cash payment which can be used to buy (via digital mode) goods that attract GST of 12% or more (i.e. discretionary, nonessential items) (Rs 56.8 bn): ii) a Special Festive Advance Scheme which is an interest-free advance to central government employees (Rs 40 bn). On the public investment side authorities announced i) additional spending by the central government (Rs 250 bn) and a lending scheme for state governments, involving a 50-year interest free loan (Rs 120 bn).
    - On November 12, authorities announced a new package (Rs 2650.8 bn) which included: (i) a Production Linked Incentive scheme targeting 13 priority sectors (1459.8 billion Rs.) to be disbursed over 5 years (no impact on the current fiscal year); (ii) more spending on fertilizer subsidies (650 billion Rs.); (iii) spending on urban housing projects (180 billion Rs.); (iv) additional capital expenditure and industrial infrastructure and incentives (102 billion Rs.); (v) support for rural employment (100 billion Rs.) and employment support in the formal sector (60 billion Rs.).
- LC bn: 1340
  - Accelerated Spending (Rs 660 bn):
    - On March 26, 2020, the government accelerated the first installment of payments to lower income farmers under PM KISAN (160 billion rupees).
    - As part of the scheme announced on June 20th, 2020, the government expedited the implementation of a set of public works projects spanning 12 different ministries, to boost employment and livelihood opportunities for migrant workers returning to villages (500 billion rupees).
  - Deferred revenue (Rs 680 bn):
    - Extension of income tax filing deadline (3 months); reduction of penalty for late payments; date for filing fiscal year 18/19 GST tax liability extended (3 months); other miscellaneous relaxation of tax regulatory/administrative requirements.
    - Reduction in up-front tax deductions for workers (Rs 500bn).
- LC bn: 9,991 641
  - Equity infusion for micro, small, and medium-sized enterprises (500 billion Rs.) and a viability-gap funding scheme for private sector involvement in social infrastructure (81 billion Rs.), both announced in May; and equity infusion in infrastructure financing funds and platforms (60 billion Rs.) announced in November.
- LC bn: 8,450
  - Full guarantees for a collateral-free lending program (Rs 3 tn).
  - Liquidity provision and partial credit-guarantee schemes for non-bank financial companies (Rs 750 bn).
  - Subordinate debt provision for MSME sector (Rs 200 bn).
  - Credit provisions to be guaranteed by government to farmers on concessional terms (Rs 3 tn) and for street vendors and other miscellaneous measures (Rs 160 bn).
  - Government to provide a guarantee for credit under a new infrastructure fund for agriculture (Rs 1 tn) and for micro-food enterprises (Rs 100 bn).
  - Numerous miscellaneous guarantee items (Rs 321 bn).
  - On November 12, the collateral-free lending program was extended to March 31, 2021 and expanded to provide additional support to 26 stressed sectors.
- LC bn: 900
  - Loans to companies in the electricity distribution sector (Rs 900 bn), carried out by Power Finance Crops and Rural Electrification Corps (both SOEs) under state government guarantees. Government also relaxed the borrowing limits of DISCOM companies on a one-time basis, allowing more electricity distribution companies to take advantage of the borrowing scheme.
- USD bn: 90 9.8 80 18.5
- USD bn: 138 8.9
- USD bn: 117 12
- % GDP: 3.3 0.4 3.0 0.7
- % GDP: 5.1 0.3
- % GDP: 4.3 0.5

### Indonesia — Central Government (selected measures and amounts)
- LC bn: 699,500 276,000
  - Additional spending (IDR 276 tn): Several fiscal packages have been announced by the government amounting to IDR 276 tn for the years 2020 and 2021.
  - For 2020 Economic recovery program (PEN), health budget is around IDR 100 tn. Preliminary assessment suggests that around IDR 64 tn have benn spended.
  - 2021 PEN budget for 2021 stands at IDR 176 tn as of March 3, 2021 among which around IDR 40 tn is reallocation from other spending.
- LC bn: 423,500
  - Additional spending (IDR 280.1 tn):
    - The approved budget for 2020 is IDR 145.3 tn including social protection, cash transfer etc
    - The approved budget for 2021 is IDR 134.8 tn. Several revisions have been announced by the government but details remain to be known.
  - Forgone revenue (IDR 143.4 tn):
    - For 2020, approved tax incentives amounted to IDR 123 tn.
    - For 2021, the approved budget is IDR

*Source: fiscal-monitor-database-april-20201-v3 (IMF Fiscal Monitor Database).*

### 20.4 tn•Packages include various tax

### fiscal-monitor-database-april-20201-v3 - 20.4 tn•Packages include various tax

### Overview: broad package features
- Tax reliefs and incentives: exemption and reduction of income taxes (with an income ceiling) and a reduction of the corporate income tax from 25 percent to 22 percent.
- Accelerated spending: acceleration in VAT refund from April to September.
- Deferred revenue: delayed payments of income tax for businesses from April to September.
- Capital injection to SOEs: LC bn 135,150 and 35,150.
- Government guarantees for bank lending to micro, small, and medium enterprises (IDR 150 tn), expected to be financed by Bank of Indonesia’s purchase of new government recovery bonds.
- Quoted currency aggregates and shares across measures:
  - USD bn 48 18.9 29
  - USD bn 9 2.4
  - USD bn 7
  - % GDP 4.5 1.8 2.7
  - % GDP 0.9 0.2
  - % GDP 0.6

### Mexico — Non-financial Public Sector
- LC bn 151 103.2
- Additional spending: increased public health spending to ensure sufficient supply of medical equipment and materials.
- Loans and support:
  - 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.
- Accelerated spending:
  - Frontloaded social pension payments for the elderly and disabled people.
  - Procurement processes and VAT refunds are to be accelerated.
- Other lending and guarantees:
  - 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).
- LC bn 276 19
- Development bank and guarantee programs:
  - Development bank guarantees program 253.
  - Development banks to provide loans, particularly to small- and medium-scale enterprises.
- USD bn 7.0 4.8 2.2 4.3
- USD bn 12.9 0.9
- USD bn 0.2 11.8
- % GDP 0.7 0.4 0.2 0.4
- % GDP 1.2 0.1
- % GDP 0.0 1.1

### Russia — Central Government
- LC bn 4,584 775
- Additional spending (health and related):
  - 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.
  - RUB 141 billion expected in 2021.
  - 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.
- LC bn 3,809
- Additional spending (RUB 2.9 tn) across multiple measures:
  - 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: 951 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.
- 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.
- LC bn 460
- 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.
- LC bn 1,567 567
  - RUB 70 billion for restructuring regional debt to the federal government.
  - Recapitalization of leasing firms due to potential problems of their clients in the transportation sector.
- LC bn 500
  - 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.
- CBR measures:
  - 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.
- USD bn 63 10.7 53 6.4
- USD bn 22 7.8
- USD bn 6.9 6.9
- % GDP 4.3 0.7 3.6 0.4
- % GDP 1.5 0.5
- % GDP 0.5 0.5

### Saudi Arabia — General Government
- LC bn 58 47
- Additional spending (SAR 47 bn): Budget reallocation within the Ministry of Health budget or a reallocation from other parts of the budget for emergency spending to fight COVID-19.
- LC bn 10.6
- Additional spending (SAR 10.6 bn):
  - Wage benefits to employers who keep their workers to be provided through the unemployment insurance scheme, SANED (SAR 9 bn). This wage benefits have been extended.
  - Ministry of Energy announced temporary electricity subsidies to commercial, industrial, and agricultural sectors (SAR 0.9 bn).
  - The Ministry of Finance program to help businesses defer loan payment due this year (SAR 0.67 bn).
- Deferred revenue (SAR 56 bn): Deferred declaration & payment of taxes for 3 months, waiver of customs duties (30 days to 3 months), waiver of expat fees for 3 months; and waiver of municipal fees on companies for 3 months.
- LC bn 22 22
- Off-budget support by National Development Funds (NDF): SAR 22 bn distributed as follows:
  - (i) loan rescheduling/restructuring and different loan programs to SMEs: SAR13 bn.
  - (ii) support to employment programs in the private sector: SAR 5 bn.
  - (iii) social loans to families with low incomes: SAR4 bn.
- USD bn 15 13 2.8 15
- USD bn 5.9 5.9
- % GDP 2.2 1.8 0.4 2.1
- % GDP 0.8 0.8

### South Africa — General Government
- LC bn 291 38
- Additional spending: for medical equipment and staff for health facilities, and policing the lockdown.
- Forgone revenue: VAT and customs duty exemptions for essential sanitary products during the pandemic (immune boosters, hand sanitizers, patient monitoring devices, etc.).
- LC bn 253
- Additional spending (R 227 bn):
  - Measures to support workers’ unemployment insurance benefits (with R 80 bn funding from Unemployment Insurance Fund); create a New Covid-19 Social Relief of distress grant for the unemployed who do not receive grant or UI payment (extended to Jan 2021).
  - Increase transfers to households: grants and food distribution and public work program expansions.
  - Increase child support and all other grants from May till Oct.
  - Distribute food parcels and provide transfers to SMEs.
  - Municipalities to use higher central transfers to fund emergency water supply, sanitation of public transport and facilities, and food and shelter for the homeless (R 20 bn).
  - Contribute R 150 mn Rand to a solidarity fund to combat virus spread, track spread, ill care, support for disrupted lives.
  - Additional allocations by the Department of Industry and Trade, Department of Tourism, and Department of small enterprises to assist SMEs in distress (R 2.7 bn).
- Forgone revenue (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.
- LC bn 44
- 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.
  - Three-month deferral for filing and payment date of carbon tax.
- LC bn 203
- LC bn 200
  - The Treasury will guarantee up to R 200 bn in loans where also the banks are taking part of the risk to help businesses (with a cap of R100 million per loan) pay operating expenses including salaries, suppliers etc.
- Programs from the industrial development corporation to support businesses.
- USD bn 18 2.3 15 2.7
- USD bn 12
- USD bn 12 0.2
- % GDP 5.9 0.8 5.1 0.9
- % GDP 4.1
- % GDP 4.0 0.1

### Turkey — Non-financial Public Sector
- LC bn 95 16.8
- Additional spending (health): including medicine, vaccine and medical equipment spending (TL 4.3 bn), protective equipment and other needs of University Hospitals and Institutions (TL 1.3 bn from budget), SUT expenditure (TL 1.6 bn from budget), performance pay for medics (TL 9.6 bn).
- LC bn 78.0
- Additional spending (other):
  - Cash aid and raised minimum pension (TL 7.5 bn);
  - Unemployment benefits (TL 5.1 bn);
  - Short-time work allowance (TL 27.7 bn);
  - Cash aid to employees (TL 8.3 bn).
- Forgone revenue:
  - 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.
  - 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.
  - Withholding tax on workplace rent was reduced from 20% to 10% until 31 December, 2020. It is prolonged for five months for 2021.
  - VAT rate on passenger transportation by air was reduced to 1% from 1 April, 2020 to 30 June, 2020.
  - VAT rate on education and training services between 1 September, 2020 and 30 June, 2021 was reduced from 8% to 1% temporarily.
  - Support to tradespeople (TL 2.1 bn).
- LC bn 70.4
- 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.
- LC bn 473 21
  - 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.
- LC bn 322
  - Treasury-backed credit guarantee system. Credit guarantee fund doubled in size from TL25 to 50 billion as part of the fiscal package.
- LC bn 130
  - 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, including: extending repayment terms on specified credit card loans; low interest credit packages for low income households; April, May and June repayments by tradespeople extended without penalty; new low interest loans for tradespeople; and new credit cards for merchants with longer repayment periods; new lending campaigns directed to firms “maintaining” employees.
  - On June 1, public deposit banks (Ziraat Bank, Halkbank and Vakifbank) launched new retail loan campaigns for house purchases and consumer spending.
  - Farmers’ loans that will become due in May and June have been postponed by six months.
- USD bn 13.5 2.4 11.1 10.0
- USD bn 67 3.0
- USD bn 46 18
- % GDP 1.9 0.3 1.5 1.4
- % GDP 9.4 0.4
- % GDP 6.4 2.6

### Belgium — General Government
- LC bn 36 8.4
- Additional spending (€8.4 bn): on medical equipment, tests, administration etc. Measures include advance payments to hospitals, a structural increase in the budget for mental health care and the federal health sector, and an additional one-off payment to federal health workers in 2020.
- LC bn 28
- Additional spending (€23.1 bn):
  - Federal government eased access to temporary unemployment for firms affected by Covid-19, raised the benefit replacement rate, and introduced a daily premium, as well as eased access to replacement income for the self-employed.
  - Introduced Covid-19 parental leave and increased unemployment benefits (extension of switching on allowance for the young, freezing of degressivity, etc.), social assistance benefits, and support to local social services.
  - Key temporary measures have been extended until end-March or end-June 2021, with eligibility widened and benefits increased for some of them to support firms and households through the second lockdown.
  - Additional measures to support hard-hit sectors and vulnerable groups.
  - Regional governments provided transfers for companies and self-employed affected by closures or significantly reduced turnover; further support to specific, affected sectors in addition to the health care sector; support for utility bills for affected households; and a host of smaller support measures.
  - Similar measures reintroduced in Oct-Nov in the context of the re-imposition of restrictions and the second lockdown.
- Forgone revenue (€4.6 bn):
  - Suspension of penalties for delays or non-performance of suppliers to the public sector.
  - Loss carry backward for CIT and PIT, tax exemption for regional support measures (for firms affected by closures and reduced turnover), social security contribution exemption for self-employed, temporary reduction in VAT in the hospitality sector (e.g., food and non-alcoholic beverages), increase in the investment allowance for SMEs and natural persons (extended until end-2022), and increase in the CIT allowance for restaurant and reception costs.
- LC bn 14
- Deferred revenue (€13.6 bn):
  - Deferred payment of tax and social security contributions for affected firms, self-employed, and households, without application of interest charges and penalties, estimated at about 10 billion euros, and deferral of advance VAT payment in December 2020.
  - Additional deferral of SSC payments due in Q4 for firms affected by the second lockdown.
- LC bn 53 1.1
  - Government loans (0.8bn): Federal loan to Brussels Airlines; and various (subordinated) loans provided by regional governments for companies and self-employed affected by Covid-19 (facing liquidity problems, etc.); some of which channeled through regional investment vehicles.
  - Equity injections (0.3bn): Capital increase in Flemish and Brussels regional investment companies that will use the funds to provide capital support to firms in need.
- LC bn 52
  - Federal guarantee mechanism for all new credits and credit lines, modified end-July to extend maturity to 36 months, replace loss tranching by uniform loss sharing between government and banks (80-20), and ease the viability criterion. Modified scheme applies to 10bn out of a total envelope of 50bn total envelope. Take-up is about 1.5bn.
  - Regional guarantees: take-up about 0.4bn.
  - Memorandum of understanding with Credendo ECA, Assuralia and private credit-insurance firms to provide reinsurance for short-term (< 2yrs) trade credit insurance.
- USD bn 41 9.6 32 16
- USD bn 61 1.3
- USD bn 59
- % GDP 8.0 1.9 6.2 3.0
- % GDP 11.8 0.2
- % GDP 11.6

### Czech Republic — General Government
- LC bn 304 67
- Additional spending (health):
  - Purchases of medical equipment, vaccine etc. (CZK 19.4bn).
  - Higher premium payments on state-covered health insurance—increase by CZK500 per person as of June (CZK 21.1bn).
  - Debt relief of hospitals (CZK 6.6bn).
  - Bonus for workers in social services, hospitals, emergency responders, hygienically stations (CZK 17.2 bn).
  - Other health measures: mobile collection teams, Smart Quarantine establishment, anti-covid programmes for firms (CZK 2.3bn).
- LC bn 238
- Additional spending (other):
  - Payments for employment support: Employees affected during the shutdown due to government measures will receive full wages of which the government covered 80 percent up to CZK 39,000/month (since October the government has covered 100% up to CZK 50,000/month in case of business shutdown due to government measures). Staff in businesses affected receive 60-100% of gross wages with a state contribution of 60% of total labor costs per employee (up to CZK 29,000/month) (CZK 25.6bn).
  - Care Allowance to parents who cannot work because they need to care for children up to 13 years, of 80% of eligible income until end of June (calculated based on a progressive table). During the second wave care allowance to parents with children up to 10 years, 70% of eligible income (CZK 10.2bn).
  - Care Allowance to self-employed persons (CZK 434 per day in March, CZK 500 per day since April), who cannot work because they need to care for children up to 13 years. During the second wave for parents with children up to 10 years, CZK 400 per day (CZK 2.6bn).
  - The state covers half of business property rents in Q2-Q4 (CZK 8.8bn).
  - Programs in support of the sports, culture, tourism, transport, restaurants, agriculture and other closed sectors (CZK 28.4bn).
  - Other expenditure (CZK 3bn).
  - One-off cash benefit for pensioners in amount of CZK 5000 (CZK 15.2bn).
- Forgone revenue:
  - Waived social security contributions paid by employers (24.8%) with a maximum of 50 employees for the period between June and August (CZK 13.3bn).
  - Loss carryback measure: taxpayers who report tax losses in 2020 due to the state of emergency will be able to reduce their tax bases for the tax years 2019 and 2018 by this loss (maximum CZK 30 million) (CZK 20bn).
  - Reduced VAT rate to 10% for accommodation, sports and culture services (CZK 1.2bn).
  - Reduced road tax rate for vehicles above 3.5t (CZK 1bn).
  - Abolition of the real property transfer tax (CZK 13.8bn).
  - Lower dividends from Airport Prague (CZK 1.5bn).
  - Self-employed receive lump sum of CZK 500 per day during Mar 12 and Jun 8 (CZK 20.2bn).
  - Additional lump-sum assistance grants to micro businesses and contractors across specified periods (CZK 1.8bn, CZK 1bn, CZK 13.7bn).
  - Introduction of extraordinary accelerated depreciation on assets (in the 1st and 2nd depreciation classes), acquired in 2020 and 2021 (CZK 11.1bn).
- LC bn 36
- Deferred revenue:
  - Postponement of (i) advance payments on personal and corporate income taxes (CZK 22bn); (ii) advance payments on social security and health insurance contributions for self-employed by 6 months (CZK 14.3bn); (iii) advance payments on road tax.
  - Deferral of the VAT.
- LC bn 865 1.0
  - The CMZRB provided CZK 1bn through interest-free loans, the rest will be handled through state guarantees on loans of commercial banks (COVID I Programme).
- LC bn 864
  - COVID III Program (Guarantees will cover up to 30% of loan principal. The state will issue 80-90% of the guarantees (total amount of CZK 150bn). Estimates of the amount of guarantees offered will allow SMEs to access loans amounting to CZK500bn.
  - COVID II Program of state guarantees in 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 (1.6bn).
  - Other guarantees (National guarantee, Expansion guarantee) (CZK 12bn).
- USD bn 13 2.9 10.2 1.6
- USD bn 37 0.0
- USD bn 37
- % GDP 5.4 1.2 4.2 0.6
- % GDP 15.4 0.0
- % GDP 15.4

### Denmark — General Government (selected measures)
- LC bn 117.6 0.8
- Additional spending: Additional resources to hire social and health workers nationwide.
- LC bn 117
- Additional spending (selected announced measures and uptake):
  - Compensation scheme for the cancellation and postponement of major events following COVID-19 (Announced: DKK 2.4 billion; Uptake: DKK 0.23 bn).
  - Temporary salary compensation between 75% and 90% of workers salary (Announced: DKK 14.7 billion; Uptake: DKK 13 billion).
  - Temporary compensation scheme for self-employed and freelancers (Announced: DKK 14.1 billion; Uptake: DKK 6.2 bn).
  - Sickness benefit reimbursement (Announced: DKK 2.2 bn) and increased access to unemployment benefits and sickness benefits (Announced: DKK 2.6 bn).
  - Temporary compensation scheme for companies’ fixed costs (Announced: DKK 65.3 billion, Uptake: DKK 7.9 bn).
  - Boosting liquidity and facilitating the advancement and completion of various construction projects in the Danish municipalities and regions (Announced: DKK 2.5 billion).
  - Increase in deductions for summerhouse owners (Announced: DKK 3.3 bn).
  - Increase in corporate deductions for R&D (Announced DKK 3.6 bn).
  - One-time grant of DKK 1000 to low-income (Announced DKK 2.2 bn).

*Source: Fiscal Monitor Database (April 2020), IMF.*

### 0.33 bn)

### fiscal-monitor-database-april-20201-v3 - 0.33 bn)

### Denmark — Fiscal measures, liquidity supports, and guarantees
- Deferred revenue and tax-payment postponements:
  - Temporary postponement of payment deadlines for A-taxes (withholding tax) and labor market contributions (Announced: DKK 90 billion + DKK 74 billion).
  - Payment deadline for VAT for businesses that pay VAT on a monthly basis is postponed (Announced: DKK 35 billion + DKK 32.5 billion).
  - Small enterprises’ VAT period extended from 6 months to 12 months in 2020; medium-sized enterprises’ VAT periods extended from 3 months to 6 months for the first half of 2020 (Announced: DKK 35 billion + DKK 18 billion).
  - Temporary postponement of payment deadlines for B-taxes (provisional tax paid by self-employed businessmen) (Announced: DKK 5 billion).
  - Temporary postponement of payment deadlines for payroll tax for certain businesses. (Announced: DKK 0.275 billion).
  - Further extension of payment deadlines for a-tax and labor market contributions (Announced: DKK 28 billion).
- Accelerated spending:
  - Advance payment of tax credits (DKK 1 bn).
- Loans, equity injections and recapitalisations:
  - Interest free loans based on VAT payments and payroll tax payments (DKK 35 billion + DKK 28 bn).
  - Loans and equity to start-ups and high growth enterprises (Announced: less than DKK 4.5 billion; Uptake: DKK 1.583).
  - SME interest free loans based on A-taxes and labour market contribution due January, March 2021; deferral of payment deadlines for such loans to Feb 2022 (DKK 7 bn + DKK 36.5 bn + DKK 27 bn).
  - Enterprises able to apply for interest free loans based on A-taxes and labour market contribution due February and March 2021; deferral of payment deadlines for such loans to February 2022 (DKK 78 bn).
  - Due to COVID19 SAS AB recapitalisation with Danish State contribution (DKK 3.8 bn).
  - Increase the Danish Students’ Loan Scheme (DKK 1.5 billion).
- Credit guarantees and liquidity guarantee schemes:
  - Government will guarantee 70% of the value of new loans to large companies showing a fall in turnover over more than 30 percent and 70% of the value of any new bank loans given to SMEs with operating profits fall >30%. (Announced DKK 50.0 bn; Uptake: DKK 7.4 bn).
  - Two new liquidity guarantee schemes via Denmark’s Export Credit Agency (EKF) for exporters (export revenue ≥ 10% of total revenue): SME scheme guarantee 90% of loans; large company scheme guarantee 80% of loan. (Announced DKK 7.35 bn).
  - Credit guarantee for Scandinavian Airlines (SAS). (Announced: DKK 1 bn).
  - EKF reinsurance scheme for trade credit insurance companies (Announced DKK 30 bn).
  - Strengthening the Travel Guarantee Fund. (Announced DKK 3.4 bn).

- Key consolidated figures (as reported):
  - USD bn: 18 0.1 18 49
  - USD bn: 48 33.8
  - USD bn: 14
  - % GDP: 5.1 0.0 5.1 13.8
  - % GDP: 13.6 9.6
  - % GDP: 4.0

### Finland — Fiscal packages, spending, guarantees, and liquidity
- Additional health and pandemic-related spending (supplementary budgets and proposals):
  - Supplementary budget: €265 million for healthcare and testing, PPE and medical equipment.
  - Additional supplemental budget (announced, not yet passed): €600 million for health equipment and medicine.
  - Third supplementary budget: €16 million for vaccine and drug development research, and development/maintenance of a contact tracing app.
  - Fourth supplementary budget: €310 million (including €110 million for coronavirus vaccine and testing; transfers to hospital district authorities €200 million).
  - Sixth supplementary budget proposal (submitted September 24): €200 million to support cross-border testing capacity and analysis.
  - Seventh supplementary budget (submitted October 23): EUR 200 million to hospital districts for pandemic-related costs; $355 million to municipalities for hybrid testing and tracing strategy implementation.
- Additional spending by area (selected):
  - Support for enterprises and solvency measures, estimated increase in Finnvera’s loss compensation (EUR 2 billion).
  - Extension of unemployment security and related measures (EUR 497 million).
  - Extension of social benefits and temporary increase in social assistance (EUR 154 million).
  - Children, youth, and elderly wellbeing measures (EUR 330 million).
  - Investment projects (transport infrastructure, renovation, public transport support) (EUR 343 million — sums for 2021 and 2022 based on technical timing assumptions).
  - R&D&I, competence, and wellbeing measures (EUR 327 million).
- Forgone revenue:
  - Reduced pension contributions for the period May 1 - 31 December 2020 (€1.05 billion).
- Deferred revenue and tax-payment easing:
  - Easing of payment terms for taxes due on or after 1 March 2020 and lowering interest on late payments from 7% to 2,5%. Easing also applies to VAT payments due in the period January - March. Assessing impacts of delays of 2020 tax revenue to 2021. (2.1)
- Equity injections, capitalisation, and state support:
  - Injecting capital into Finnish Industry Investment for a new stability programme (€400 million).
  - Equity investment in Finnish Minerals Group (€500 million).
  - Capitalisation arrangements in Finnair Plc (€700 million).
- Guarantees and authorisations:
  - Increasing Finnvera’s domestic financing authorisations from EUR 4.2 to EUR 12 billion. About EUR 2 billion of existing authorisations already used; additional funding would total EUR 10 billion.
  - Increasing Business Finland’s lending authorisations, total increase for 2020-2022 (EUR 300 million).
  - State guarantees to cover Finnair’s financing needs (EUR 500 million).
  - State guarantees to shipping companies for cargo traffic important to security of supply (EUR 600 million).
  - State guarantees for loans under SURE (EUR 400 million).
  - State guarantees for any losses arising from Pan-European covid-19 guarantee fund under the European Investment Bank (EUR 400 million).
- Liquidity operations and investments:
  - The State Pension Fund will invest in commercial paper (€1 billion).
  - Bank of Finland’s investments in commercial paper (€1 billion).

- Key consolidated figures (as reported):
  - LC bn: 6.0 1.9
  - LC bn (additional spending): 4.1
  - Forgone revenue: 2.1
  - LC bn (equity, capitalisation): 18 1.6
  - LC bn (guarantees/authorisations): 12
  - USD bn: 6.8 2.1 4.7 2.4
  - USD bn: 20 1.8
  - USD bn: 14 4.6
  - % GDP: 2.5 0.8 1.7 0.9
  - % GDP: 7.5 0.7
  - % GDP: 5.1 1.7

### The Netherlands — Health spending and business support measures
- Additional health-sector spending:
  - Measures include purchase, distribution, and sale of medical devices; vaccine research; healthcare costs in the Caribbean Netherlands; training additional healthcare personnel; research.
- Additional spending for businesses and income support:
  - Compensation up to 90 percent of labor costs for companies expecting revenue reduction of 20 percent or more; compensation for affected sectors (hospitality services and travel).
  - Income support for entrepreneurs and self-employed (administered at municipal/regional level) for a period of three months through expedited procedures.
  - Support for start-ups and small innovation companies via government regional agency loans.
  - Scaling up of the short-time working scheme (unemployment benefit compensation for companies reducing staff by at least 20 percent).
  - Allowances for SMEs to help finance fixed costs.
  - Third support package announced August 28 primarily expands expenditure measures through June 2021 and includes additional expenditure of 12.5 billion.

- Key consolidated figures (as reported):
  - LC bn: 36 6.0
  - Health additional spending: 30

*Source: fiscal-monitor-database-april-20201-v3 (PDF).*

### 1.5 billion of public investment, was

### fiscal-monitor-database-april-20201-v3 - 1.5 billion of public investment, was

### Overview of fiscal measures and instruments
- Additional spending, forgone revenue, deferred revenue, guarantees, equity injections, and quasi-fiscal operations are reported for multiple jurisdictions.
- Measures target health sector response, support to households and businesses, liquidity provision, and stabilization of key sectors (airlines, tourism, SMEs, exporters).

### Key instruments and common policy actions
- Additional spending: health equipment, PPE, testing, ICU expansion, personnel costs, wage subsidies, unemployment benefits, income support, and sector-specific support (aviation, tourism, culture, R&D, infrastructure).
- Forgone revenue: tax rebates, VAT reductions, reinstatement of depreciation deductions, provisional tax threshold increases, tax loss carry-back mechanisms, temporal suspension of penalties, reduced interest on tax deferrals from 4% to just above 0%.
- Deferred revenue: tax deferrals for companies in financial distress; suspension of installment payments; temporary discretion to remit use-of-money interest; ability for entrepreneurs to request deferral without evidence; provisional tax payments calculated on expected (reduced) basis.
- Guarantees and contingent liabilities: loan guarantee programs for SMEs and large firms (coverage up to 90 percent for SMEs with maturity of 1 year or less, and 80 percent for large firms); supplier credit guarantees; government guarantee schemes for bank loans and export credit; re-insurance of private credit insurers; sector-specific guarantees (aviation, airlines, travel-related firms).
- Equity injections and loans: capital injections to airlines and key firms, loan support and bridging loans, government loan facilities for firms and R&D support.

### Selected country snapshots (preserve original figures and descriptions)

- United Kingdom (excerpt):
  - Expansion of public investment: further expanded by 3.7 billion on December 9 and 7.6 billion on January 6.
  - Forgone revenue: reduction of tourist taxes and taxes in the culture sector; interest rate on tax deferrals reduced from 4% to just above 0%.
  - Deferred revenue: tax deferrals for companies in financial distress; temporary suspension of penalties for late tax payments; entrepreneurs can request deferral without the need to provide evidence; provisional tax payments on an expected (reduced) basis.
  - Reported unit figures: LC bn 65; LC bn 65; USD bn 41 6.8 34 14; USD bn 74; % GDP 4.5 0.7 3.8 1.6; % GDP 8.2.

- New Zealand:
  - Central Government on-budget total: LC bn 62.1 3.9.
  - Additional spending (NZ$ 52.3 bn) items: wage subsidies (NZ$ 14.8 bn); income relief payment (NZ$ 570 mn); support for workers during self-isolation (NZ$126 mn); temporary increase in winter energy payment (NZ$ 480 mn); permanent increase in benefits (NZ$ 2.4 bn in the next four years); infrastructure investment (NZ$ 3.8 bn); aviation support (NZ$ 600 mn); tourism recovery package (NZ$ 400 mn); government housing program (NZ$ 670 mn); school infrastructure upgrade (NZ$ 214 mn); transport projects (NZ$ 600 mn); government R&D (NZ$ 196 mn); targeted training and apprenticeship fund (NZ$ 320mn); Flexi-wage subsidies (NZ$ 311mn).
  - Forgone revenue (NZ$ 5.9 bn): reinstatement of depreciation deductions for commercial and industrial buildings at a 2% diminishing value from 2020-21 (permanent); increase threshold for provisional tax from NZ $2.5K to NZ $5K from FY2020-21 (permanent); increase threshold for writing off low value assets to NZ $5K for next tax year; time-limited discretion to remit use of money interest; tax loss carry-back mechanism.
  - Loans and guarantees: NZ$ 900 mn loan to Air New Zealand (government owns 52 percent); maximum NZ$100 thousand loans to small businesses (NZ$ 1.6 bn); NZ$150 million short-term R&D scheme; loan guarantee scheme for firms with turnover between NZ$ 250 thousand and NZ$ 80 mn per annum with government carrying 80% of credit risk; loans limited to NZ$ 5 mn for max five years.
  - Reported units: LC bn 9 2.7; LC bn 6.3; USD bn 40 2.5 38; USD bn 5.8 1.8; USD bn 4.1; % GDP 19.3 1.2 18.1; % GDP 2.8 0.8; % GDP 1.9.

- Norway:
  - Central Government on-budget total: LC bn 126 10.8.
  - Additional spending: strengthen hospital trust appropriations (NOK 6 bn); medicines, medical equipment and laboratory analyses (NOK 4.8 bn).
  - Forgone revenue: temporary reduced employer tax; reduced VAT rate from 12 to 6 percent; suspension of aviation charges; amendments allowing loss re-allocation to previous years; temporary petroleum tax amendments; temporary cut of employers’ social insurance contributions; deferral of various tax payments.
  - Off-budget and contingent measures: reinstatement of government bond-buying fund ceiling NOK 50 bn; Innovation Norway loan scheme NOK 1.6 bn; government guarantee scheme for bank loans to SMEs (NOK 50 bn); re-insurance scheme (NOK 20 bn); aviation guarantee scheme (NOK 6 bn); loan scheme for package tour operators (NOK 2 bn).
  - Reported units: USD bn 13 1.1 12.3; USD bn 14 5.5; USD bn 8; % GDP 4.2 0.4 3.8; % GDP 4 1.7; % GDP 2.6.

- Portugal:
  - General Government on-budget total: LC bn 11.0 1.9.
  - Health additional spending (€1.9 bn): medicines, PPE, diagnostics and therapy; personnel expenses; profilactic isolation; investment to expand intensive care services.
  - Other additional spending (€8.1 bn): employment support and resumption (€3.0 bn); non-repayable subsidies program Apoiar.pt (€1.1 bn); social protection programs (€0.6 bn); extraordinary business subsidy (€0.3 bn); family support (€0.2 bn); investment in digital education and teleworking (€0.4 bn); Recovery and Resilience Plan in 2021 (€0.5 bn); support to national airlines (€1.3 bn in 2020 and €0.5 bn in 2021).
  - Forgone revenue (€1.0 bn): exemption from payment of the Single Social Fee (€0.5 bn); lower reduced electricity VAT rate (€0.2 bn); temporary VAT waiver on certain medical material; VAT refund program for catering, accommodation and culture (€0.2); other tax relief (€0.1).
  - Deferred revenue at end-2020 (€0.9bn): suspension of installment payments on CIT; suspension of payment of installment plans and contributory execution processes. PIT withholding rate reduction for 2021 (€0.2bn).
  - Public guarantees: maximum of €13 billion authorized under EU Temporary State Aid Framework; multiple credit lines and guarantee programs totaling various amounts (examples preserved as in source).
  - Reported units: USD bn 12.6 2.2 10.4 1.3; USD bn 13.1; % GDP 5.4 0.9 4.5 0.5; % GDP 5.7.

- Singapore:
  - Central Government on-budget total: LC bn 75 0.8.
  - Additional spending: containment measures; support to households (cash payout to all Singaporeans and targeted payments), wage subsidies, rental support, enhancement of financing schemes, support for self-employed and affected industries; support to R&D, national stockpile of health supplies, program on food resilience.
  - Forgone revenue: corporate income tax rebate and property tax rebates; carry-back provisions and faster write-downs for qualifying investments.
  - Off-budget loan capital: S$22 bn set aside to help businesses facing cash flow challenges with loan obligations and insurance premium payments.
  - Reported units: USD bn 55 0.6 54; USD bn 16 16; % GDP 16.0 0.2 15.9; % GDP 4.7 4.7.

- Sweden:
  - Central Government on-budget total: LC bn 207 38.0.
  - Health additional spending: increased testing and tracing (SEK 7 bn); extraordinary costs for municipalities and regions (SEK 5 bn); elderly care boost (SEK 2.2 bn); training up to 10,000 people in health and social care during 2020Q4; expansion of folk high school vocational training; purchases of PPE and intensive care equipment.
  - Other additional spending (SEK 136 bn): wage subsidies, temporary sick leave payment, media/culture/sports support, education and training, rent subsidies, unemployment benefits, active labor market policies, temporary grants to businesses, housing allowances, infrastructure investment, public transport support, anti-fraud measures, grants to municipalities and regions.
  - Forgone revenue (SEK 33 bn): temporary reduction in employers’ social security contributions.
  - Deferred revenues: deferral of up to three months of companies’ social contributions, VAT and payroll taxes for 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).
  - Capital injections: SEK 8.3 bn to SAS and Swedavia Lernia; SEK 3.4 bn to ALMI.
  - Guarantees: credit guarantees for airlines (SEK 5 bn); expansion of export credit guarantee framework (SEK 125 bn); central government guarantees for loans to companies (SEK 100 bn); guarantees to EU programs and EIB (SEK 20 bn).
  - Reported units: USD bn 22 4.1 18 36; USD bn 28 1.3; USD bn 27; % GDP 4.2 0.8 3.4 6.8; % GDP 5.3 0.2; % GDP 5.0.

- Switzerland:
  - Central Government on-budget total: LC bn 51 4.5.
  - Health additional spending: medical goods including vaccines (CHF2.425 billion); Covid-19 tests (CHF1.818 billion); Federal Department of Health additional spending (CHF0.208 billion).
  - Other additional spending: COVID income replacement benefits (CHF 8.44 bn); financing for short-term work program and unemployment fund (CHF 26.2 bn); COVID bridging loan losses (CHF 2 bn); transport sector support (CHF 0.735 bn); sports and cultural sectors (CHF 0.648 bn); international support incl. IMF contribution (CHF 0.143 bn); cantonal hardship support (CHF 8.2 billion).
  - Loans: loan support to sports clubs (CHF 400 mn); Skyguide (CHF 400 mn); loan to ICRC (CHF 200 mn).
  - Guarantees: Covid-19 bridge loan guarantees for firms with annual turnover up to CHF 500 mn (CHF 40 bn); guarantees for startups (CHF 0.1 bn); airlines (CHF 1.275 bn); flight-related business (CHF 0.6 bn); guarantees for SNB loan to IMF (CHF 0.8 bn).
  - Reported units: USD bn 54 4.7 50; USD bn 47 1.1; USD bn 46; % GDP 7.3 0.6 6.6; % GDP 6.2 0.1; % GDP 6.1.

- Albania:
  - General Government on-budget total: LC bn 33 14.2.
  - Health additional spending: ventilators, PPE, bonuses for frontline health-workers, new quarantine center, COVID-19 treatment (Lk7.2bn for 2021), wage increases for doctors and nurses (Lk4.5bn for 2021).
  - Other additional spending: doubled unemployment benefits and social assistance; support for small businesses/self-employed forced to close; one-off transfers (Lk40,000) to affected people; temporary increases in social assistance and unemployment payments (Lk 2.5 bn for 2021); pension indexation advanced by 2.3% effective April 1.
  - Forgone revenue: small businesses below turnover threshold of Lk14 million exempt from profit tax in 2020 (estimated Lk81 mn).
  - Deferred revenue: large companies (except certain sectors) can defer CIT installments for Q2 and Q3 2020 to Q2 - Q3 2021; tourism, active processing and call centers and small businesses with turnover of Lk14 mn or less can defer Q2, Q3 and Q4 2020 profit tax to Q2-Q4 2021.
  - Guarantees: Lk11 bn sovereign guarantee for large businesses to access overdraft or credit lines to pay salaries (government guarantees 100% of principal; interest capped at 2.85%; maturity up to 2 years; 3 months grace); Lk15 bn additional unfunded sovereign guarantee line (0.9% of GDP) approved April 15 guaranteeing 60% of principal with maturity up to 5 years, interest cap 5%, individual loan limit Lk300 mn, 6-month grace period.
  - Reported units: USD bn 0.3 0.1 0.1; USD bn 0.2; % GDP 2.0 0.9 1.0; % GDP 1.6.

- Bulgaria:
  - General Government on-budget total: LC bn 5.3 1.6.
  - Health additional spending (BGN 1.56 bn): vaccines and medicines (BGN 106 mn); frontline personnel support (BGN 192 mn); medical activities financing (BGN 748 mn); PPE and equipment (BGN 130 mn); subsidies and capital transfers to medical establishments (BGN 70 mn); equipment to state administration (BGN 35 mn); health expenditures in education (BGN 38 mn); additional remuneration in healthcare (BGN 237 mn).
  - Forgone revenue (BGN 0.003 bn): exemption from VAT and customs duties on key medical supplies (BGN 3 mn).
  - Other additional spending (BGN 3.224 bn): pensioners support (BGN 1,322 mn); parental support (BGN 180 mn); active labor market policies (BGN 14 mn); tourism vouchers (BGN 10 mn); unemployment and social support (BGN 344 mn); 60/40 employment subsidy scheme (BGN 1,019 mn); support for artists (BGN 5 mn); tourism (BGN 47 mn); agricultural support (BGN 85 mn); remote education (BGN 30 mn); national co-financing of EU measures (BGN 168 mn).
  - Deferred revenue: deferral of corporate tax payments till June 30 2020.
  - On-budget capital and off-budget support: capital increase in state-owned bank (BGN 700 Mn); supports via Fund of Funds (BGN 344 Mn), JEREMIE (BGN 160 Mn), Urban Development Funds (BGN 418 Mn); state-owned Bulgarian Development Bank lending and portfolio guarantees with projected contingent liabilities.
  - Reported units: USD bn 3.1 0.9 2.2 0.4; USD bn 2.7 0.9; USD bn 1.8; % GDP 4.5 1.3 3.2 0.5; % GDP 3.9 1.4; % GDP 2.6.

- Chile (excerpt):
  - Central Government on-budget totals: LC bn 16,426 1,755.
  - Health additional spending: financing of additional healthcare equipment, instruments, laboratories, contracting emergency personnel and extension of working hours.
  - Other additional spending: accelerated pay to government suppliers, cash transfers for the most vulnerable, enhanced unemployment insurance, loan guarantees.
  - Forgone revenue: suspension of monthly provisional payments of corporate income tax for the next 3 months (allow liquidity of up to US $... [source excerpt truncated]).

### Report structure and units
- Data presented by country and government level (Central, General), with units reported as LC bn, USD bn, and % GDP.
- Measures categorized as: A. Above-the-line measures (on-budget, A–D), B. Below-the-line measures, C. Contingent liabilities, D. Accelerated spending and deferred revenue in areas other than health, plus off-budget totals (B+C).

*Source: IMF Fiscal Monitor Database (April 2020).*

### 2.4 bn); reduction of the Stamp and

### fiscal-monitor-database-april-20201-v3 - 2.4 bn); reduction of the Stamp and

### Overview
- Fiscal Monitor Database entries summarize COVID-19 fiscal measures by government level for multiple countries, reporting on:
  - Additional spending and forgone revenue in the health sector and in areas other than health.
  - Accelerated spending and deferred revenue.
  - Equity injections, asset purchases, loans, debt assumptions (including extra-budgetary funds).
  - Guarantees (on loans, deposits etc.) and quasi-fiscal operations (noncommercial activity of public corporations on behalf of government).
- Units reported include LC bn, USD bn, and % GDP with totals split between on-budget (A-D) and off-budget (B+C).

### Colombia — General Government
- Reported totals and units:
  - LC bn: 41,130 (Total on-budget A-D); 10,835 (Additional spending in health sector)
  - LC bn: 30,295 (Additional spending and forgone revenue in areas other than health)
  - LC bn: 57,312 (Total size)
  - LC bn: 31,745 (Total off-budget B+C)
  - LC bn: 25,567 (Equity injections, asset purchases, loans, debt assumptions)
  - USD bn: 11.1 2.9 8.2 0.1 (listed group of USD bn figures as in source)
  - USD bn: 15.5 8.6
  - USD bn: 6.9
  - % GDP: 4.1 1.1 3.0 0.0
  - % GDP: 5.7 3.2
  - % GDP: 2.6
- Additional spending (10,150 bn pesos) in the health sector:
  - Additional resources for health sector budgetary support from central government.
  - Additional payment to first line respondent health workers for 450 thousand million pesos and transfer of 243 thousand million pesos to cover hospital payrolls.
  - Resources for vaccines and testing capacity.
- Forgone revenue (685 bl pesos):
  - Reduction of tariffs for strategic health imports, VAT exemption on over 100 medical goods.
- Additional spending in areas other than health:
  - 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 and a 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 in areas other than health:
  - 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 will pay additional taxes worth 10% of their salaries; those earning above 15 mn will contribute 15%.
- D. Accelerated spending and deferred revenue in areas other than health:
  - Accelerated CIT and VAT refunds for corporates.
  - Delayed VAT and CIT payments until December.
- Off-budget measures and guarantees:
  - Equity injection for capitalization of Findeter and Bancoldex (Colombian Development Banks) for credit lines.
  - Equity injection for credit lines for payroll, working capital and loan payments for SMEs and independent workers; government capitalization of 0.3 percent of GDP to guarantee around 2.2 percent of GDP of loans via the National Guarantee Fund.
  - National Emergency Mitigation Fund (FOME) partially financed with resources from regional stabilization funds (FAE, FONPET).
  - Support to SMEs through the National Guarantee Fund with government capital injection of 0.2 percent of GDP to guarantee loans up to 2.5 percent of GDP.

### Egypt — Central Government
- Reported totals and units:
  - LC bn: 91.6 12.9 (Total on-budget A-D and Additional spending in health sector)
  - LC bn: 78.7 (Additional spending in areas other than health)
  - LC bn: 7.4 7.4 (Deferred revenue and other line entries)
  - USD bn: 5.7 0.8 4.9
  - USD bn: 0.5 0.5
  - % GDP: 1.6 0.2 1.4
  - % GDP: 0.1 0.1
- Additional spending (12.941 bn):
  - Support to public healthcare sector: urgent and necessary medical supplies, additional funding for higher wages for public health staff, purchase of medical and preventive supplies and equipment’s, purchase of meals etc.
- Additional spending in areas other than health:
  - Lower energy and tax costs for industrial companies: 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 be disbursed to 2.4 million families, totaling some 10 million citizens.
  - New consumer spending initiative: two-year low-interest installments to encourage spending for 3 months, discounts on selected consumer goods.
  - New government holding fund to guarantee mortgages and consumer loans up to EGP 2 billion.
- Forgone revenue:
  - Temporary real estate tax relief for industrial and tourism sectors; moratorium on the tax law on agricultural land extended for 2 years+K114.
  - Reduced stamp duty on transactions and tax on dividends for equity investors; capital gains tax postponed until January 2022 and foreign investors permanently exempt.
  - Withholding tax on dividend payouts from listed companies reduced to 5 percent from 10 percent.
- Deferred revenue:
  - 6-month grace period for MSMEs to pay insurance premiums.
- Off-budget measures and guarantees:
  - Finance Ministry to guarantee EGP 3 billion of low-interest Central Bank of Egypt loans for Tourism Sector (three years guarantee including one-year grace period); loans subsidized by the CBE at 5 percent interest (reduced from 8 percent); beneficiaries allowed to use up to 15 percent of the loan to cover basic operations costs.
  - Stock-purchase by the central bank of EGP 20 billion.
  - Various loan subsidies to tourism, industry, agriculture and housing: preferential interest rate reduced to 8 percent from 10 percent for targeted sectors.
  - Central bank approved an EGP 100 billion guarantee to cover lending at preferential rates to manufacturing, agriculture and contracting sectors.
  - Housing initiative to avail housing units to all applicants with low cost of financing.

### Georgia — General Government
- Reported totals and units:
  - LC bn: 3.0 0.9 (Total on-budget A-D and Additional spending in health sector)
  - LC bn: 2.1 (Additional spending in areas other than health)
  - LC bn: 0.1 0.1 (Deferred/accelerated spending entries)
  - USD bn: 1.0 0.3 0.7
  - USD bn: 0.0 0.0
  - % GDP: 6.1 1.8 4.4
  - % GDP: 0.0 0.0
- Additional spending in the health sector:
  - Support to public clinics, provision of lab tests, treatment of patients, medical supply and equipment acquisition, acquisition of vaccines.
- Forgone revenue:
  - VAT waiver on the supply of pharmaceutical goods produced nationally.
- Additional spending in areas other than health:
  - State Program for Maintaining Prices of Primary Consumption Food Products with subsidies on food supplies from March to May 2020.
  - Subsidy on utility costs (electricity and natural gas) for low-level consumers from March to May 2020 and from November 2020 to February 2021.
  - Cash transfers and compensation for job loss: provision of 1,200 GEL over 6 months in 2020 and again in 2021 to individuals who lost jobs or were put on unpaid leave; one-time assistance of 300 GEL to self-employed or informal sector workers; support to extremely poor families, children in poor families, invalids and invalid children.
  - Support to businesses: credit guarantee scheme for SMEs, microgrants, support to agriculture and construction sectors, acquisition of houses for refugees.
  - Cash transfer of 300 GEL and loan postponement for persons employed at malls, markets, shops and retail trade forced to shut during second lockdown.
- Forgone revenue in areas other than health:
  - Income tax relief to businesses who retain workers: over 6 months in 2020 and 2021: (1) salaries up to 750 GEL fully exempt from income tax; (2) for salaries up to 1,500 GEL, 750 GEL exempt from income tax.
  - Property and income tax waiver to the tourism sector.
- Accelerated spending and deferred revenue:
  - Accelerated VAT refunds.
  - Deferred revenue: suspension of property and income taxes for the tourism sector until November 2020; extension of customs clearance term for vehicles imported before April (until September).
- Off-budget measures:
  - Program “Co-financing Mechanism for Supporting Family-owned, Small and Medium-size Hotel Industries”: Enterprise Georgia will co-finance up to 80 percent of the annual interest rate on loans issued to family-owned, small and medium-sized hotels; extended to restaurants and sports facilities.
  - Credit guarantee scheme to support SMEs and micro enterprises.

### Kazakhstan — Central Government
- Reported totals and units:
  - LC bn: 1,638 n.a. (Total on-budget A-D and Additional spending in health sector)
  - LC bn: n.a. (Additional spending in areas other than health)
  - LC bn: 2,100 1,300 (off-budget/guarantee program figures)
  - LC bn: 800 (SME working capital financing program)
  - USD bn: 4.0
  - USD bn: 5.1 3.1
  - USD bn: 1.9
  - % GDP: 2.4
  - % GDP: 3.1 1.9
  - % GDP: 1.2
- Additional spending in the health sector:
  - One-month salary bonus for medical staff, wage increase for health sector employees, access to medical care for uninsured citizens, among other healthcare expenses.
- Additional spending in areas other than health:
  - Cash payments to the unemployed, self-employed, and vulnerable population.
  - Cash transfer program to individuals who lost their jobs due to quarantine; distribution of food and household products.
  - Measures to support employment under the “Employment Roadmap” initiative including large-scale projects to modernize transportation infrastructure.
  - Credit subsidies to farmers.
- Forgone revenue:
  - Tax breaks for large trade centers and cinemas closed due to COVID-19.
  - Tax exemptions for individual entrepreneurs and SMEs.
  - VAT exemptions on food and socially important goods and services; additional support to hard-hit industries (VAT exemptions for civil aviation; land tax and VAT exemptions for tourism; land tax exemption for agricultural producers; property tax exemptions for SMEs in vulnerable sectors).
- Deferred revenue:
  - Postponement of tax reporting from Q2 to Q3.
- Off-budget measures and guarantees:
  - Subsidized lending under the state program “Economy of Simple Things”, KZT 1 tn, to help SMEs finance working capital.
  - Core enterprises to receive preferential treatment including loan guarantees and liquidity support conditional on preserving employment and meeting transparency and governance requirements.
  - SME working capital financing (KZT 800 bn) financed by Kazakhstan stability fund, a subsidiary of the National Bank of Kazakhstan.

### Mauritius — General Government
- Reported totals and units:
  - LC bn: 44.3 1.3 (Total on-budget A-D and Additional spending in health sector)
  - LC bn: 43.0 (Additional spending in areas other than health)
  - LC bn: 159 14.2 (Off-budget equity and other figures)
  - LC bn: 145 (COVID-19 Solidarity Fund amount raised by early May)
  - USD bn: (grouped USD bn figures present in source but not repeated here)
- Additional spending in the health sector:
  - Increase in general public health spending.
- Additional spending in areas other than health:
  - Wage Support Scheme providing wage subsidy to employers.
  - Self-Employed Assistance Scheme providing income support to those in informal sectors or self-employed; schemes extended until borders open for tourism sector employees.
  - Government provided Rs 9 billion support to Air Mauritius from its National Resilience Fund.
  - Redirected Rs 9 billion from November 2020 until June 2021 to fund:
    - Human Resource Development Council to increase National Training and Reskilling Intake by around 9,000 unemployed beneficiaries with monthly stipends.
    - Employment Support Scheme for SMEs to support 11,000 employees with monthly payment of Rs 10,200.
    - Recruitment by Landscape of around 2,000 unemployed people for the National Clean-Up Campaign.
    - Air Freight Scheme incorporated into the Economic Recovery Plan.
- Forgone revenue:
  - Small tax reductions such as cutting a 1% levy on the tourism sector to 0.5% and reducing port taxes.
- Off-budget measures and quasi-fiscal operations:
  - State Investment Corporation to raise Rs 4 bn (0.7 percent of GDP) to make equity investments in troubled firms including SMEs.
  - Development Bank of Mauritius Ltd provides Rs10.2 bill (2.3 percent of GDP) in credit to distressed enterprises and cooperatives.
  - Established COVID-19 Solidarity Fund with around Rs145 min raised by early May.
  - Parliament amended central bank law allowing unconventional financing measures including:
    - One-off exceptional transfer from the central bank to the government of the amount R60 bn (12 percent of GDP).
    - Setting up an SPV The Mauritius Investment Corporation to invest in local companies and transfer US$2 bill from FX reserves to the SPV to finance potential investments.
  - Bank of Mauritius actions (further measures listed beyond excerpt).

*Source: Fiscal Monitor Database, IMF.*

### 2.5 percent two-year savings

### 2.5 percent two-year savings

### Summary overview
- The excerpt lists fiscal measures, non-spending measures, spending measures, and contingent liabilities for multiple countries as recorded in the fiscal-monitor-database-april-20201-v3.
- Measures include additional health spending, cash transfers, wage subsidies, tax relief and deferrals, loan and guarantee programs, equity injections, and quasi-fiscal operations.
- Multiple monetary and fiscal figures are reported in local currency (LC bn), USD bn, and percent of GDP (% GDP) with exact values preserved below for each country entry.

### North Macedonia
- General Government totals:
  - LC bn: 25.3 1.0
- Non-Spending Measures:
  - Abolished the import duty on medical supplies
  - Lowering the late interest rate for public taxes and duties from 0.03% to 0.015%.
  - Lowering the penalty rate, by 50% i.e. to 5% for corporates and to 4% for the households.
- Spending Measures:
  - Targeted subsidies on private sector wages and social security contributions (for April, May, and June); a subsidy for those part of the informal economy; cash vouchers for minimum wage earners, the unemployed, recipients of social assistance and young people; partial reimbursement of university tuition fees and IT courses; loans at favorable terms and loan guarantee schemes for MSMEs subsidized by the government; targeted support for the agricultural, textile, and some other sectors.
- Other reported figures:
  - USD bn: 1.2 0.0 1.1
  - USD bn: 4.2 0.4
  - USD bn: 3.8
  - % GDP: 10.2 0.3 9.9
  - % GDP: 36.5 3.3
  - % GDP: 33.3
  - LC bn: 20.3
  - Several interest free or low interest rate loans to SMEs from the MKD development banks channeled through commercial banks
  - USD bn: 0.5 0.0 0.4
  - USD bn: 0.4
  - % GDP: 3.8 0.2 3.7
  - % GDP: 3.1

### Pakistan
- Central Government totals:
  - LC bn: 828 178
- Above-the-line (health and other spending, forgone revenue):
  - Additional spending: Increase general public health spending for National Disaster Management Authority (NDMA) to procure healthcare equipment and kits (PKR 75 billion).
  - Budget allocation for an emergency fund to combat Covid-19 (PKR 100 billion).
  - Forgone revenue: Tax exemptions on health supplies.
  - Additional spending (PKR 600 billion): Cash transfers to daily wage workers (PKR 200 billion); cash transfers to low-income families (PKR 150 billion); funding to utility stores (PKR 50 billion); financial support to exporters, SMEs, and agricultural sector (PKR 200 billion).
  - Forgone revenue: Relief on fuel prices (PKR 50 billion); Special tax regime for the construction sector until the end of December 2021 (no cost estimate).
- Accelerated spending and deferred revenue:
  - 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).
- Off-budget / contingent liabilities and facilities:
  - Risk sharing facility under the refinance scheme for the payment of wages and salaries to prevent layoffs, whereby the Government of Pakistan bears 60 percent first loss on disbursed portfolio for eligible SMEs.
  - Temporary Economic Refinance Facility to stimulate new investment in manufacturing at maximum interest rate of 7 percent fixed for 10 years.
  - Refinance Facility for Combating COVID-19 to support hospitals and medical centers in combating the virus at maximum interest rate of 3 percent fixed.
  - LC bn: n.a.
  - USD bn: 5.2 1.1 4.1 3.0
  - % GDP: 2.0 0.4 1.6 1.2

### Peru
- General Government totals:
  - LC bn: 52 6.2
- Health measures:
  - Additional spending: purchase of medical equipment, cleaning kits for schools, new hiring, enhanced monitoring and information campaigns, and vaccines.
  - Forgone revenue: Elimination of import taxes for medical health supplies.
- Other spending:
  - Additional spending: Cash transfers for poor families, independent workers, and other families in need; electricity subsidy; tablets for students; public works and other public investment projects.
  - Deferred revenue: Income tax deferrals for individuals and businesses; Extension in declaration deadline of tax payments for households and SMEs.
- Off-budget and guarantees:
  - Guarantees to new financial sector loans for working capital, primarily targeted to SMEs; includes liquidity provision program linked to central bank repo operations and an Enterprise Support Fund program for SMEs and micro enterprises.
  - LC bn: 82 14.5
  - LC bn: 67
  - USD bn: 15 1.8 13 3.4
  - USD bn: 23 4.1
  - USD bn: 19
  - % GDP: 7.3 0.9 6.4 1.7
  - % GDP: 11.4 2.0
  - % GDP: 9.4

### Philippines
- Central Government totals:
  - LC bn: 487 74
- Health measures:
  - Additional spending: Spending on medical buildings, equipment, staff, and medical supplies.
  - Forgone revenue: Expedite imports of PPEs and medical goods.
- Other spending and forgone revenue:
  - Additional spending (331bn): Cash aid to low-income households and social protection measures for vulnerable workers; subsidies to rice farmers and wages for small businesses; retraining of displaced workers.
  - Forgone revenue (42bn): Planned corporate income tax rate reduction from 30 to 20 percent starting in July 2020.
- Off-budget and guarantees:
  - Loans to the agriculture sector under the Survival and Recovery Aid Program.
  - Equity injection to support loan programs for SMEs.
  - Credit guarantees for small businesses and support to the agriculture sector.
  - Microfinancing special loan package for affected micro entrepreneurs and MSMEs.
  - LC bn: 164 44
  - LC bn: 120
  - USD bn: 9.8 1.5 8.3
  - USD bn: 3.3 0.9
  - USD bn: 2.4
  - % GDP: 2.7 0.4 2.3
  - % GDP: 0.9 0.2
  - % GDP: 0.7

### Poland
- General Government totals:
  - LC bn: 181 8.5
- Above-the-line measures:
  - Additional spending (8.5 bn or 0.4 percent of GDP): Allocated to support patient care, co-finance healthcare infrastructure improvements, and telemedicine and digitalization.
  - Additional spending (PLN 154 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’s provision of liquidity loans treated as above-the-line expenditure.
  - Foregone revenue: (PLN 18 bn) For micro firms up to 9 employees social insurance contributions will be covered by the budget for 3 months; for companies employing from 10 to 49 employees 50% of social insurance contributions will be paid by the budget. Extended to month of November for affected industries, and later for December and January.
  - Deferred revenue: Possible deferral, payment in installments, or cancellation of taxes.
- Off-budget / contingent liabilities:
  - The share of below-the-line activity in the PFR liquidity loans for firms.
  - Credit guarantees and micro-loans for entrepreneurs from the Polish Development Fund and BGK state-owned development bank estimated to be 74 bn (3.2 percent of GDP).
  - LC bn: 172
  - LC bn: n.a.
  - LC bn: 124 50
  - LC bn: 74
  - USD bn: 46 2.2 44
  - USD bn: 32 13
  - USD bn: 19
  - % GDP: 7.8 0.4 7.4
  - % GDP: 5.4 2.2
  - % GDP: 3.2

### Romania
- Central Government totals:
  - LC bn: 23 10.8
- Health sector:
  - Additional spending: Risk bonuses for the medical and social assistance staff (RON0.9 billion); Emergency spending on health programs, purchases of medical and protective equipment, sick leaves (RON9.5 billion); Financial support to quarantine centers (RON0.2 billion).
  - Forgone revenue: Capping the fee on medicine sales; suspending VAT for medical imports.
- Other measures:
  - Additional spending: Paying 75 percent of the gross wage to employees of companies facing difficulties (RON4.2 billion); paying 75 percent of gross wage to affected self-employed and individual enterprises (RON1 billion); continue to pay technical unemployment benefits to those returning to work of up to 41% of base wage (4.1 billion RON); grants to SMEs and businesses in the most affected sectors (RON1.8 billion); other income support measures (RON0.2 billion).
  - Forgone revenue: 5 to 10 percent discount for corporate income tax payments.
  - Deferred revenue: deferrals and temporary suspensions/expediting of various taxes and enforcement measures (listed as expired for several items).
- Off-budget and contingent liabilities:
  - RON1.1 billion loan to buy medical supplies granted to pharmaceutical SOE; and RON0.6 billion loan to low-cost carrier Blue Air and state-owned airline Tarom.
  - Loan guarantees up to 80% of the value of the financing granted to SMEs for working capital and investment; up to 90% for micro- and small enterprises in certain cases; state guarantee schemes for leasing and for large companies via state-owned Eximbank; guarantees for factoring, holiday vouchers and trade credit insurance (SMEs).
  - LC bn: 12
  - LC bn: 2.3
  - LC bn: 46 1.8
  - LC bn: 44
  - USD bn: 5.4 2.5 2.9 0.5
  - USD bn: 10.8 0.4
  - USD bn: 10.4
  - % GDP: 2.2 1.0 1.2 0.2
  - % GDP: 4.4 0.2
  - % GDP: 4.2

### Serbia
- General Government totals:
  - LC bn: 308 73
- Health and direct support:
  - 10 percent wage increase for public healthcare sector (RSD 13bn)
  - Increased healthcare spending (about RSD 26bn though recently reported to be higher- as much as RSD 60bn)
- Other spending:
  - Additional spending: Wage subsidies (RSD 93bn): (i) Payment of 3 minimum wages for all employees in SMEs and entrepreneurs (about 900,000 employees); (ii) Payment of 50 percent of minimum wages to large companies for employees 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 70bn). Support to 14,000 most vulnerable women in 50 municipalities across Serbia (worth RSD 12bn) in hygiene packages and essential foods.
  - Tax and SSC deferments (RSD 121bn or 2.2 percent of GDP), to be repaid in 24 installments starting from 2021: deferment of labor taxes and SS contributions for all private companies for three months, with no interests to be applied; deferment of Q2 CIT payments; Grants and donations exempt from paying VAT. Deferment of labor taxes and social security contributions for all private companies extended for an additional month (RSD 30 billion).
- Off-budget / guarantees:
  - A state guarantee scheme for bank loans to SMEs has been approved (exposure of RSD 56.5bn)
  - EUR 200mn (0.4 percent of GDP) subsidized loans (1 percent interest rate) to SMEs from the Development Fund
  - LC bn: 235
  - LC bn: 151
  - LC bn: 77
  - LC bn: 57
  - LC bn: 20
  - USD bn: 3.0 0.7 2.3 1.5
  - USD bn: 0.7
  - USD bn: 0.5 0.2
  - % GDP: 5.6 1.3 4.3 2.8
  - % GDP: 1.4
  - % GDP: 1.0 0.4

### Thailand
- Non-financial Public Sector totals:
  - LC bn: 1,290 n.a.
- Health and targeted support:
  - Additional spending: Preventive and remedial measures; extra-hazard compensation for healthcare workers; exempted import duties for products related to combatting Covid-19 until September 2020.
  - Additional spending: 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 covering about 6.8 million people with approximate cost of THB 20 billion; shopping subsidy package for welfare cardholders worth THB 51 billion covering 24 million mainly low-income people with specified discount schemes.
  - Forgone revenue: 41 billion baht in discounts and refunds of water and electricity bills; reduced social security fund contributions; waived rental fees for residential or agricultural leases for one year; SMEs that keep 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 (from 200,000) for tax deduction of investments in the Super Saving Fund. Tax relief and exemptions described for specific periods and programs.
  - Deferred revenue: Corporate income tax deadline extensions 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; expedited VAT refund process for exporters; delay in collection of fees and charges levied by government agencies and SOEs.
- Off-budget / liquidity and loan facilities:
  - Soft loans by Social Security Office (30 billion baht at 3 percent) to businesses registered under the Social Security System.
  - Soft loans for individuals: (i) THB 40 billion soft loan program at 0.1 percent interest without collateral; (ii) THB 20 billion made available for THB 50 thousand baht per person with collateral.
  - 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.
  - 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 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.
  - LC bn: n.a. for some entries; LC bn: 665 90; LC bn: 325; LC bn: 250
  - USD bn: 41
  - USD bn: 21 2.9
  - USD bn: 10 8.0
  - % GDP: 8.2
  - % GDP: 4.2 0.6
  - % GDP: 2.1 1.6

### Tunisia
- General Government totals:
  - LC bn: 3.0 0.4
- Health and social measures:
  - Additional spending: Additional health spending, including the creation of a fund for the acquisition of equipment for public hospitals.
  - Forgone revenue: Waiver of VAT for businesses selling medicines.
  - Additional spending: Monthly cash transfers for low income households, disabled, and homeless people for up to three months; temporary support for unemployed and self-employed; strategic stock of basic food items; continued 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: Suspension of penalties for delayed tax returns for three months, starting April 1; amnesty on customs offenses with required payments plus 10% fine; allowing companies to revalue their assets based on real value while exempting goodwill.
  - Accelerated spending: Accelerated VAT refunds.
  - Deferred revenue: Postponement of CIT payments, other taxes, and social contributions until June; rescheduling tax arrears for up to 7 years; deferral of car road tax payments.
- Off-budget / fund and guarantee measures:
  - 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) to finance strategic private companies.
  - Creation of a “bridging fund” of TND 100 mn for repurchase of shares in investment funds for companies in strategic sectors experiencing difficulties.
  - Creation of an investment mechanism of TD 100 mn for 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.
  - LC bn: 2.6
  - LC bn: 0.3
  - LC bn: 0.9 0.7
  - LC bn: 0.2
  - USD bn: 1.1 0.1 0.9 0.1
  - USD bn: 0.3 0.2
  - USD bn: 0.1
  - % GDP: 2.7 0.4 2.3 0.3
  - % GDP: 0.8 0.6
  - % GDP: 0.2

### United Arab Emirates
- General Government totals:
  - LC bn: 32 n.a.
- Health and private sector support:
  - Additional spending: Additional disinfection procedures in health, education and other public facilities; active screening and testing; continuous surveillance and rapid response teams.
  - Additional spending: Federal government measures reducing various government fees and accelerating existing infrastructure projects; Abu Dhabi: AED 9 bn ($2.5 bn) announced as part of “Ghadan-21” fiscal stimulus program; provide additional water and electricity subsidies. Dubai: provide additional water and electricity subsidies.
  - Forgone revenue: Abu Dhabi: reduction or suspension of various government fees and penalties, rebates on commercial lease payments in tourism and hospitality sectors. Dubai: reduce government fees and simplify business procedures.
- Off-budget measures:
  - The Abu Dhabi government announced provision of loans to SMEs.
  - State-owned enterprises and banks support the private sector through loan restructuring, lowering lease payments (by real estate companies), halting evictions etc.
  - Abu Dhabi: Credit guarantees and liquidity support to small- and medium-sized enterprises.
  - USD bn: 8.7
  - % GDP: 2.5

### Bangladesh
- Central Government totals:
  - LC bn: 389 35
- Health measures:
  - Additional spending: Additional spending on vaccines, healthcare equipment, testing; compensation against COVID-19 related health risks of officials, doctors and field staff; hiring of additional healthcare workers, etc.
  - Forgone revenue: Temporary suspension of duties and taxes on imports of medical supplies, including protective equipment and test kits.
  - LC bn: 355
- Other spending and social protection:
  - Additional spending: Expansion of existing social transfer programs for vulnerable households, including allowance programs and food aid distribution; Cash assistance to the jobless poor affected by COVID-19 (Corona-Cash), the disadvantaged elderly people, widows and female divorcees; Wage support for export-oriented industries; Fund for construction of homes for homeless people; Increasing target for procurement and distribution of paddy; Support for farm mechanization; Enhancing the amount of agricultural subsidy; Low interest loans to rural poor farmers, expatriate migrant workers and trained youth and unemployed youth; Subsidy for partial remission of commercial bank’s suspended interest of April and May of 2020; Social safety net program for workers who lost their job in the RMG, leather goods and footwear industries; Stimulus package for micro and cottage entrepreneurs.
  - Forgone revenue: Income tax relief e.g. increase in tax-free limit (from 2.5 to 3.0 lakh for males, from [fragment ends]).
- Reported figures:
  - LC bn: (partial listing) 389 35; 355

*Source: fiscal-monitor-database-april-20201-v3 (excerpt).*

### 3.0 to 3.5 for females), reduction in

### fiscal-monitor-database-april-20201-v3 - 3.0 to 3.5 for females), reduction in

### Tax and revenue measures
- Reductions in personal income tax structure: minimum tax rate from 10% to 5% and maximum tax rate from 30% to 25%; introduction of a tax rebate for taxpayers who file income tax returns online for the first time.
- Corporate tax reductions: reduction in tax rate for non-publicly traded companies from 35% to 32.5%; reduction of tax rate at source of local supply of essential commodities; withholding tax rate on export proceeds reduced from 1% to 0.5%.
- VAT measures: VAT rate reductions (e.g. Advance Tax on imported raw materials for manufacturing industries) and exemptions; penalty and interest exemptions in case of failure to submit the VAT return and pay income tax on time.
- Deferred revenue: multiple countries deferred tax filing or payments; examples include tax filing dates extended by six months, deferment of VAT, CIT and PIT payments (Vietnam: total value of VND 180 tn), and deferment of income and commercial tax payments due in Q2–Q4 FY 19/20 to January 31, 2021 (Myanmar).
- Specific country tax forbearance examples:
  - Kenya: full income tax relief for persons earning below the equivalent of $225 per month; reduction of top PAYE rate from 30 to 25 percent; reduction of corporate income tax rate from 30 to 25 percent; reduction of turnover tax rate on small businesses from 3 to 1 percent; reduction of standard VAT rate from 16 to 14 percent. Some measures reversed effective January 1, 2021.
  - Uzbekistan: reduction of minimum payment of social tax for individual entrepreneurs from UZS 223,000 to UZS 111,500 per month during Apr-Oct 2020; social tax rate reduced from 12 to 1 percent for tourism/hotels (central government); other tax moratoria and exemptions described.

### Health-sector additional spending and forgone revenue
- Common health measures: procurement of medical supplies, personal protective equipment, testing kits, bed capacity expansion, recruitment of additional health workers, quarantine/isolation facilities, upgrades to hospitals, and diagnostic equipment.
- Country-specific health spending entries (selected exact numeric statements):
  - Ethiopia: Additional spending measures described; authorities indicated COVID-19 related spending (including health and non-health sector) was 52.4 billion birr for FY2019/20; authorities plan to allocate about 30 billion birr for COVID-19 related spending.
  - Nigeria: A total of N100 bn was allocated for health sector, including contingency funds.
  - Zambia: 8 billion kwacha Covid-19 Mitigation Bond to finance related spending, which includes 1 billion in health-related spending.
  - Myanmar: LC bn 1232 total with LC bn 268 on-budget health measures including extension and improvement of quarantine centres; USD bn totals: 0.9 total, 0.2 on-budget, 0.7 off-budget; percent of GDP: 1.1 total, 0.2 on-budget, 0.8 off-budget.

### Non-health additional spending and social protection
- Common non-health measures: cash transfers, social protection and food support, subsidies for utilities, unemployment benefits, support to SMEs, payroll support, public works and infrastructure spending, rent/utility suspensions.
- Selected exact figures and descriptions:
  - Ghana: government committed US$100 million to support preparedness and response, and about US$160 million under its Coronavirus Alleviation Programme; LC bn 11.2 total with LC bn 0.6 on-budget health spending; USD bn totals: 2.0 total, 0.1 on-budget, 1.9 off-budget; percent of GDP: 2.9 total, 0.1 on-budget, 2.8 off-budget.
  - Honduras: Temporary unemployment benefits to formal workers (0.6 percent of GDP); delivery of food supplies to poor families (0.2 percent of GDP); cash transfers to informal workers (0.4 percent of GDP); LC bn 14 total with LC bn 5.6 on-budget health spending; USD bn totals: 0.5 total, 0.2 on-budget, 0.3 off-budget; percent of GDP: 2.3 total, 0.9 on-budget, 1.4 off-budget.
  - Kenya: Additional spending (56 bn LC): social protection and cash transfers; food relief; funds for expediting payments of existing obligations; rehabilitate road and school infrastructure; hiring of teachers; supply of farm inputs; improve market access for farmers; renovation of tourist facilities. LC bn 250 total with LC bn 7.6 on-budget health spending; USD bn totals: 2.4 total, 0.1 on-budget, 2.3 off-budget; percent of GDP: 2.4 total, 0.1 on-budget, 2.3 off-budget.

### Liquidity support, guarantees, and contingent liabilities
- Common below-the-line and contingent liability measures: equity injections, asset purchases, loans, debt assumptions, recapitalizations, loan guarantee schemes, and quasi-fiscal operations by public corporations.
- Selected numeric program examples:
  - Credit guarantee scheme for the SME sector: LC bn 20.0 total; USD bn 4.6 total with USD bn split 0.4 on-budget and 4.2 off-budget; percent of GDP 1.4 total with 0.1 on-budget and 1.3 off-budget.
  - Senegal: Guarantee fund CFAF 70 billion through the budget; additional leveraging of CFAF 130 billion from banking sector; allocations include CFAF 100 billion for large companies with 20 percent state guarantee and CFAF 100 billion for small enterprises with state guarantee of 50 percent. LC bn 443 total with LC bn 79 on-budget health spending; USD bn totals: 0.8 total, 0.1 on-budget, 0.6 off-budget, 0.0 deferred; percent of GDP: 3.2 total, 0.6 on-budget, 2.6 off-budget, 0.1 deferred.
  - Niger: Credit support to private sector in form of loan guarantees placed in dedicated bank deposits LC bn 100 total with LC bn 50 in guarantees supporting 150 bn in new loans to private sector; USD bn totals: 0.1 total, 0.0 on-budget, 0.1 off-budget; percent of GDP: 0.7 total, 0.3 on-budget, 0.4 off-budget.
  - Uzbekistan: LC bn 25,700 total with LC bn 6,800 on-budget health spending; LC bn 7,700 off-budget equity injections and new loans to SOEs; USD bn totals: 2.6 total, 0.7 on-budget, 1.9 off-budget; percent of GDP: 4.4 total, 1.2 on-budget, 3.3 off-budget.

### Country-level totals and group aggregates (selected exact values)
- Global totals: Global 9,930 USD billion total discretionary fiscal support with 1,346 USD billion on-budget health and related, 8,524 USD billion off-budget measures; 987 USD billion in deferred/accelerated spending; 6,104 USD billion in below-the-line measures; 379 USD billion in guarantees; 4,038 USD billion quasi-fiscal operations; aggregate percent figures and breakdowns provided across country groups.
- Examples of country totals (additional spending and forgone revenue; equity, loans, and guarantees):
  - United States: 532 USD bn additional spending and forgone revenue; 869 USD bn equity, loans, and guarantees; percent of GDP entries present in table rows.
  - China: 711 USD bn additional spending and forgone revenue; 216 USD bn equity, loans, and guarantees.
  - India: 90 USD bn additional spending and forgone revenue; 108 USD bn equity, loans, and guarantees.
  - Vietnam: 4.8 USD bn additional spending and forgone revenue; 0.0 USD bn on-budget health sector; total off-budget liquidity support 7.8 USD bn; percent of GDP: 1.4 total, 0.0 on-budget, 1.4 off-budget, 2.3 deferred; LC bn 111,730 and LC bn 111,723 splits; planned cash transfers of VND36 tn; affected firms and workers allowed to defer pension/survivorship contributions up to VND 9.5 tn.
- Regional and income-group summaries:
  - Advanced economies (AEs) show larger absolute liquidity support and above-the-line measures (table and figures list many AEs with exact USD bn and percent of GDP entries).
  - Emerging markets and low-income developing countries (LIDCs) have smaller absolute USD bn totals but relevant country-level percent-of-GDP measures such as Uzbekistan 4.4 percent of GDP total, Senegal 3.2 percent of GDP total, Ethiopia 2.5 percent of GDP total, Kenya 2.4 percent of GDP total.

### Notes on dataset scope, timing, and measurement
- All measures are as of March 17, 2021 and quantified in gross terms.
- Numbers in U.S. dollar and percent of 2020 GDP are based on April 2021 World Economic Outlook for 2020 estimates unless otherwise stated.
- ‘mn’, ‘bn’, and ‘tn’ refer to million, billion, and trillion respectively; ‘LC bn’ refers to local currency billion and ‘n.a.’ are not available.
- Total size of on-budget measures (A) excludes accelerated spending and deferred revenues (D); accelerated spending and deferred revenue change timing of cash flows and usually have no net impact on reported accrued revenue and expenditure where obligations are unchanged.

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_Source: https://www.imf.org/-/media/files/topics/covid/fm-database/sm21/fiscal-monitor-database-april-20201-v3.pdf_