Historical COVID-19 Financial Response
Purpose: This tracker follows interventions by central banks, fiscal authorities, and organizations aimed at restoring financial stability. The tracker will also highlight proposals from people and institutions outside of government. Email us with questions or comments at PLEASE NOTE: this tracker is not meant to be comprehensive and aims to track as many interventions as possible across the globe. If you have any questions or suggestions for responses we may have missed, please click here:
Link to YPFS COVID-19 Crisis Materials
Blue=Official actionsGreen=Official proposalsYellow=Other experts
Link to the Tracker Visualization
Country(ies) Date
Action or ProposalName and/or OrganizationPolicy Action TypePolicy Action DetailsAction Link
China1/23/2020ActionMinistry of FinanceFiscal StimulusAllocated subsidy funds of 1 billion yuan to support Hubei Province to carry out epidemic prevention and control related work
China1/24/2020ActionPeople’s Bank of ChinaCredit FacilitiesThe Central Bank Liquidation Center will temporarily increase, from April 24 to January 30, the upper limit of the single amount of the credit business of the small batch payment system to 500 million yuan
China1/27/2020ActionGeneral Office of the State CouncilMacroprudential PolicyExtended the Lunar New Year holiday to February 2 in order to contain the coronavirus outbreak
China1/27/2020ActionMinistry of FinanceFiscal StimulusAllocated 60.33 billion yuan for basic public health services and grassroots epidemic prevention and control subsidies
Thailand1/30/2020ActionBank of ThailandMacroprudential PolicyRecommendation to banks and non-banks to "consider offering additional working capital, either cutting or waiving interest rates or fees, easing debt repayment requirements and restructuring debt secured by business operators affected by the new SARS-like virus epidemic"
European Union1/30/2020ActionEuropean CommissionFiscal StimulusLaunched a special call for expressions of interest to support research on COVID-19 with an initial budget of €10 million mobilised from the special fund for emergency research of the Horizon 2020 programme for research and innovation
China2/1/2020ActionPeople's Bank of China, Ministry of Finance, China Banking Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign ExchangeMacroprudential PolicyCirculated a notice regarding strengthening financial support surrounding the spread of the coronavirus, including maintaining reasonable and sufficient liquidity and increase monetary and credit support, distributing financial resources reasonably and guarantee the people's daily financial services, guaranteeing the security of financial infrastructure and maintain the stable and orderly operation of the financial market, establishing a "green channel" to effectively improve the efficiency of handling foreign exchange and cross-border RMB business, and strengthening the leadership of the party in the financial system and provide a strong political guarantee for winning the epidemic prevention and control
China2/1/2020ActionMinistry of Finance, the General Administration of Customs, the State Administration of TaxationFiscal StimulusExempting materials for the prevention and control of coronavirus from various import taxes
China2/1/2020ActionMinistry of FinanceCredit GuaranteesWill provide a discount of 50% of the People's Bank of China's re-loan interest rate for loans under the newly guaranteed key business loans for epidemic prevention and control in 2020 and the People's Bank's special re-loan support to financial institutions
China2/1/2020ActionMinistry of FinanceCredit GuaranteesBorrowers suffering from coronavirus can apply for renewal of repayment of loans for personal entrepreneurial guarantee loans that have been issued
China2/1/2020ActionMinistry of FinanceCredit GuaranteesNational Financing Guarantee Fund will halve the re-guarantee fee for government financing guarantee and re-guarantee institutions in areas severely affected by the epidemic
China2/1/2020ActionMinistry of FinanceCredit GuaranteesUrged financial departments at all levels to promptly disclose key epidemic prevention and control key guarantee enterprises to obtain interest discount support, and urge relevant loan banks to strengthen post-loan management to ensure that special interest loans are used exclusively
Republic of Korea2/3/2020ActionFinancial Services CommissionCredit FacilitiesProvide SMEs with KRW4.5 trillion in loans to boost their investment in facilities. Starting from February 10, the Korea Development Bank, the Industrial Bank of Korea and the Export Import Bank of Korea iwll offer loans at a minimum lending rate of 1.5% for up to 15 years for new facility investments made within this year
Indonesia2/3/2020ActionBank IndonesiaMonetary PolicyBank Indonesia intensifies triple intervention policy to ensure rupiah exchange rates move in line with the currency's fundamental value and market mechanisms.
China2/3/2020ActionPeople's Bank of ChinaInterest Rate ChangeLower 7-day and 14-day Reverse Repo Interest Rate by 10bps to 2.40% and 2.55%
China2/3/2020ActionPeople's Bank of ChinaEmergency LiquidityConduct reverse repo operations in the amount of RMB1.2 trillion
Thailand2/5/2020ActionBank of ThailandInterest Rate ChangeBOT cut the policy rate by 0.25pp from 1.25 to 1.00 % effective immediately
Republic of Korea2/5/2020ActionMinistry of Economy and FinanceMacroprudential PolicyRun a 24 hour customs clearance service for parts and supplies imports from countries other than China, streamline the import procedure, and give customs extension and early returns.
Republic of Korea2/5/2020ActionMinistry of Economy and FinanceMacroprudential PolicyDiscontinue, or suspend the tax audits being carried out
Republic of Korea2/5/2020ActionMinistry of Economy and FinanceMacroprudential PolicyWork on early tax returns. Those who have underpaid are given up to one year before penalties are levied against them.
Republic of Korea2/5/2020ActionMinistry of Economy and FinanceMacroprudential PolicyGive an income tax extension for up to nine months and VAT extension for the same period to businesses in tourism, including accommodations and dining services.
Brazil2/5/2020ActionBanco Central do BrasilInterest Rate ChangeLower the Selic rate to 4.25%
China2/6/2020ActionMinistry of FinanceFiscal StimulusExempting materials and activities performed for the prevention and control of coronavirus from various domestic taxes
China2/6/2020ActionMinistry of FinanceFiscal StimulusAllowing the deduction of donations of cash and articles to fight the coronavirus from taxable income,
China2/6/2020ActionMinistry of FinanceFiscal StimulusMedical workers and epidemic prevention workers participating in epidemic prevention work shall be exempted from personal income tax on temporary work subsidies and bonuses obtained in accordance with the standards prescribed by the government
China2/6/2020ActionMinistry of FinanceFiscal StimulusFor medical devices that enter the emergency approval process for medical devices and related to the new coronavirus (2019-nCoV), medical device product registration fees are exempted; for the special approval process for drugs, treatment and prevention of new coronavirus (2019-nCoV) are exempted from drug registration fees
Republic of Korea2/7/2020ActionFinancial Services CommissionCredit FacilitiesWill provide about KRW1.9 trillion in new funds through policy banks to SMEs
Republic of Korea2/7/2020ActionFinancial Services CommissionLoan GuaranteesKRW 230 trillion in new loans and guarantees allocated for SMEs this year will be frontloaded
Republic of Korea2/7/2020ActionMinistry of Economy and FinanceCredit FacilitiesProvide small merchants with low-interest rate loans worth 20 billion won. Provide 55 billion won worth of loans exclusively for merchants in traditional markets.
Republic of Korea2/7/2020ActionMinistry of Economy and FinanceMacroprudential PolicyExtension on loans and guarantees borrowed from state-owned financial institutions for up to one year, as well as repayment extension for up to one year.
Republic of Korea2/7/2020ActionMinistry of Economy and FinanceCredit FacilitiesProvide small merchants with "guarantees worth 100 billion won with favorable conditions"
Asian Development Bank2/7/2020ActionAsian Development BankFiscal StimulusApproved $ 2 million of new funding to support efforts to combat the spread of the new coronavirus and will complement ongoing regional technical assistance and strengthen response capacities in the People's Republic of China, Cambodia, Lao People's Democratic Republic, Myanmar, Thailand, and Vietnam
China2/9/2020ActionPeople's Bank of ChinaCredit GuaranteesA mix of measures to facilitate and support financial institutions in issuing financial bonds of all sorts
Republic of Korea2/12/2020ActionMinistry of Economy and FinanceAccount GuaranteesGovernment is to expand the accounts receivable insurance to 2.2 trillion won and pay the insurance within 10
days from the accident
Republic of Korea2/12/2020ActionMinistry of Economy and FinanceCredit FacilitiesGovernment is to provide guarantees worth 105.0 billion won with preferable conditions and loan extensions
Republic of Korea2/12/2020ActionMinistry of Economy and FinanceCredit FacilitiesGovernment is to provide business operation loans worth 25 billion won with a lower interest rate
Mexico2/13/2020ActionBanco de MéxicoInterest Rate ChangeLower the target for the overnight interbank interest rate by 25 basis points to 7%
Hong Kong2/14/2020ActionHong Kong GovernmentFiscal StimulusAnnounced the establishment of a $25 billion (later increased to $30 billion) Anti-Epidemic fund to help local residents and businesses tide over the coronavirus situation
China2/14/2020ActionMinistry of FinanceLoan GuaranteesReduced agricultural credit guarantee-related expenses and encouraged localities to reduce these costs as well
Republic of Korea2/17/2020ActionMinistry of Economy and FinanceMacroprudential PolicySupport to maritime transport (passenger ship) industry: Provide wage support to help retain employment
Republic of Korea2/17/2020ActionMinistry of Economy and FinanceMacroprudential PolicySupport to maritime transport (passenger ship) industry: Government will make available a total of 60 billion won for emergency business operation and give 100 percent cuts on port charges, including passenger terminal charges.
Republic of Korea2/17/2020ActionMinistry of Economy and FinanceCredit GuaranteesGovernment is to adopt a government guarantee on aircraft leasing
Republic of Korea2/17/2020ActionMinistry of Economy and FinanceMacroprudential PolicyAllow low cost carriers to defer the payment of airport service charges, and postpone
withdrawing traffic rights and airport slots until the end of 2020
Republic of Korea2/17/2020ActionMinistry of Economy and FinanceMacroprudential PolicyEase requirements for the employment retention support
Republic of Korea2/17/2020ActionMinistry of Economy and FinanceMacroprudential PolicyGive property tax cuts to hotels affected and allow duty-free shops to defer their payment of
business license taxes for up to one year
Republic of Korea2/17/2020ActionMinistry of Economy and FinanceMacroprudential PolicyExpand the 1.5-2.25 percent interest rate loans for tourism businesses and give a one year
postponement of loan repayment
Republic of Korea2/17/2020ActionMinistry of Economy and FinanceCredit FacilitiesGovernment is to provide small tourism businesses with a total of 50 billion won of credit-based loans with a
one percent interest rate. Government will increase the business loans for restaurants (currently 10 billion won) and lower the interest rates by 0.5 percentage points to 2-2.25 percent.Provide a 300 billion won worth of support for low cost carriers suffering liquidity shortages.
China2/17/2020ActionPeople's Bank of ChinaInterest Rate ChangeLower medium-term lending facility (MLF) by 10bps to 3.15%
United Kingdom2/18/2020ActionFinancial Reporting CouncilMacroprudential PolicyPublished guidance for companies on disclosure of risks and other reporting consequences arising from the emergence and spread of Coronavirus (COVID-19)
Indonesia2/20/2020ActionBank IndonesiaInterest Rate ChangeLower the BI 7-day Reverse Repo Rate by 25 bps to 4,75%, Deposit Facility (DF) rates lowered 25 bps to 4,00% and Lending Facility (LF) rates lowered 25 bps to 5,50%
Hong Kong2/20/2020ActionHong Kong Education BureauFiscal StimulusAnnounced the provision of additional subsidies to kindergartens paid from the Anti-Epidemic fund, primary and secondary schools to alleviate the burden of schools and parents in paying extra expenses during the fight against the novel coronavirus epidemic and class suspension
Hong Kong2/20/2020ActionHong Kong Home Affairs BureauFiscal StimulusEstablished the Property Management Sector Support Scheme under the Anti-epidemic Fund, providing hardship allowances to cleansing or security workers and property management company or owners or residents organisations will be given an anti-epidemic cleansing subsidy lump sum of $2,000 per building block
China2/20/2020ActionPeople's Bank of ChinaInterest Rate ChangeLower the 1-year loan prime rate (LPR) to 4.05% from 4.15% and 5-year LPR to 4.75 from 4.8
Brazil2/20/2020ActionBanco Central do BrasilMacroprudential PolicyDecrease reserve requirement ratio on time deposits from 31% to 25%
Brazil2/20/2020ActionBanco Central do BrasilMacroprudential PolicyBCB increased the share of reserve requirements to be taken into account at HQLA in the Liquidity Coverage Ratio (LCR)
Vietnam2/24/2020ActionState Bank of VietnamMacroprudential PolicyCommerical banks are to "eliminate, cut or delay interest payments on loans to companies facing losses due to the coronavirus outbreak"
Hong Kong2/24/2020ActionHong Kong Home Affairs BureauFiscal StimulusCreation of the Travel Agents Subsidy Scheme in which eligible travel agent may receive a one-off subsidy of $80,000 and Licensed Guesthouses Subsidy Scheme in which each eligible guesthouse may receive a one-off subsidy of either $50,000 or $80,000, depending on the number of their licensed guestrooms
Vietnam2/25/2020ActionNAPASMacroprudential PolicyNAPAS, Vietnam's inter-bank payment system, is now free for public services and exemption. NAPAS has reduced its fees by 72% for small money transfers (VND 500,000 or less).
Indonesia2/25/2020ActionMinistry of FinanceFiscal Stimulus147 billion rupiah of fiscal transfers that had not been earmarked to programmes to support tourism.
Indonesia2/25/2020ActionMinistry of FinanceFiscal StimulusRestaurants and hotels will be exempted from some taxes paid to regional governments for six months, with the central government providing 3.3 trillion rupiah cover for the shortfall
Indonesia2/25/2020ActionMinistry of FinanceFiscal StimulusAirlines and travel agents will be given 443.4 billion rupiah to provide 30% discounts on air fares for some seats for three months. Another 298.5 billion rupiah will be used as an incentive to bring in foreign tourists; state energy company Pertamina and two state airport operators would be ordered to cut jet-fuel prices and airport charges for three months
Indonesia2/25/2020ActionMinistry of FinanceFiscal Stimulusstate property financing programme would be expanded by 1.5 trillion rupiah and expected to cover financing for 175,000 homes.
Indonesia2/25/2020ActionMinistry of FinanceFiscal Stimulus4.6 Trillion Rupiah - 30% increase in subsidies for basic needs for 15.2 million poor households for six months to support consumption.
China2/25/2020ActionPeople's Bank of ChinaCredit GuaranteesIncreased lending and discounting quota to RMB500 and lowered interest rate by 25bps
Asian Development Bank2/25/2020ActionAsian Development BankFiscal StimulusApproved an additional $ 2 million in support of developing countries to prevent the spread of the new coronavirus (COVID-19) and strengthen its response
Asian Development Bank2/25/2020ActionAsian Development BankCredit FacilitiesPrivate sector loan of up to CNY130 million ($18.6 million) to Jointown Pharmaceutical Group Co. Ltd. (Jointown) in the People’s Republic of China (PRC)
Hong Kong2/26/2020ActionHong Kong Monetary AuthorityLoan Guarantees- HKMC Insurance Limited (HKMCI) will introduce special 100% Loan Guarantee under the SME Financing Guarantee Scheme (SFGS)
- Including sectors mostly affected by the coronavirus outbreak such as retail outlets, travel agents, restaurants, cinemas, karaoke establishments and transport operators, etc
Hong Kong2/26/2020ActionHong Kong Ministry of FinanceFiscal StimulusAnnounced the Cash Payout Scheme, a HK$10,000 cash handout for all permanent residents over the age of 18
Hong Kong2/26/2020ActionHong Kong Ministry of FinanceFiscal StimulusAnnounced a salary tax cut of 100 per cent for the 2019-20 year up to a ceiling of HK$20,000 – set to benefit 1.95 million taxpayers and cost HK$18.8 billion
Hong Kong2/26/2020ActionHong Kong Monetary AuthorityCredit FacilitiesAnnounced that Hong Kong Mortgage Corporation Limited (HKMC) will introduce a pilot scheme for fixed-rate mortgages for 10, 15 and 20 years. It aims to provide an alternative financing option to homebuyers for mitigating their risks arising from interest rate volatility, thereby enhancing banking stability in the long run
Colombia2/26/2020ActionMinisterio de Hacienda y Crédito Público del Gobierno de ColombiaFiscal StimulusDisbursed an additional $ 15 billion to the budget assigned to the Ministry of Health to address prevention and carry out campaigns to alert against the coronavirus
China2/26/2020ActionPeople's Bank of ChinaCredit FacilitiesLaunched a special-purpose relending program, providing $43.3 billion (RMB 300 billion)— subsequently increased to $114.8 billion (RMB 800 billion)
Republic of Korea2/27/2020ActionBank of KoreaCredit FacilitiesDecided to increase the ceiling on the Bank Intermediated Lending Support Facility from 25 trillion won to 30 trillion won, to extend financial assistance to business owners and to small or medium-sized enterprises (SMEs) affected by COVID-19.
Malaysia2/27/2020ActionBank Negara MalaysiaCredit FacilitiesSpecial Relief Facility (SRF), with an allocation of RM2 billion, to alleviate the short-term cash flow problems faced by SMEs
Malaysia2/27/2020ActionBank Negara MalaysiaCredit FacilitiesAgrofood Facility (AF), with an allocation of RM1 billion, to increase food production for Malaysia and for export purposes
Malaysia2/27/2020ActionBank Negara MalaysiaCredit FacilitiesSME Automation and Digitalisation Facility (ADF), with an allocation of RM300 million, to incentivise SMEs to automate processes and digitalise operations to improve productivity and efficiency
Malaysia2/27/2020ActionMalaysian National GovernmentFiscal StimulusThe Malaysian government announced RM 20 billiion “Economic Stimulus Package 2020” to mitigate the economic impact of COVID-19. This plan aims to improve cash flow for businesses, give cash payments to individuals, provide subsidies for human capital development, re-stimulate the tourism industry, increase private consumption and infrastructure development.
Republic of Korea2/28/2020ActionFinancial Services CommissionCredit FacilitiesIncrease the funds available for super low or primerate loans at the IBK from KRW1.7 trillion to KRW4.2 trillion
Republic of Korea2/28/2020ActionFinancial Services CommissionLoan GuaranteesIncrease the funds available for guarantee support at regional credit guarantee funds from KRW16.7 trillion to KRW17.2 trillion
Republic of Korea2/28/2020ActionMinistry of Economy and FinanceMacroprudential PolicyPromote consumption by issuing discount coupons to be used for purchasing cultural events and farm products, as well as for tourism expenses and paychecks
Republic of Korea2/28/2020ActionMinistry of Economy and FinanceMacroprudential PolicyPromote consumption: Give a 70 percent individual consumption tax cut for car purchases, and a 10 percent refund for the purchases of high energy-efficiency home appliances
Republic of Korea2/28/2020ActionMinistry of Economy and FinanceMacroprudential PolicyIncrease the issuance of local gift certificates this year by 3.5 trillion won to help local economies and traditional markets.
Republic of Korea2/28/2020ActionMinistry of Economy and FinanceMacroprudential PolicyConsiderably expand the Special Financial Support for Small Merchants from 1.2 trillion won to 4.6 trillion won and SMEs from 0.03 trillion won to 0.63 trillion won.
Republic of Korea2/28/2020ActionMinistry of Economy and FinanceMacroprudential PolicyProvide a VAT break for businesses earning 60 million won or less a year
Republic of Korea2/28/2020ActionMinistry of Economy and FinanceMacroprudential PolicyPromote the lowering of commercial rents by providing landlords with a 50 percent income tax
break for the discount in the first half
Peru2/28/2020ActionThe Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS)Macroprudential PolicyRegulations confirming the ability of lenders to offer up to six months of forbearance/reschedule loans of retail debtors (consumer, mortgage, microenterprise and small business) located in areas declared in state of emergency for up to six months.
Japan2/28/2020ActionMinistry of Economy, Trade and IndustryLoan GuaranteesJapan Federation of Credit Guarantee Corporations (JFG) will guarantee the full loan amount for such SMEs, under a new framework (No. 4 Safety Nets for Financing Guarantee)
Hong Kong2/28/2020ActionHong Kong Ministry of FinanceFiscal StimulusEstablished the Local Mask Production Subsidy Scheme to direct procurement and using technology to develop recyclable masks, along with set up mask production lines in Hong Kong
China2/28/2020ActionMinistry of FinanceFiscal StimulusReduction of VAT taxes applied from March 1 to May 31, 2020, for small-scale VAT taxpayers in Hubei Province
Hong Kong2/29/2020ActionHong Kong Agriculture, Fisheries & Conservation DepartmentFiscal StimulusWill provide subsidies to live marine fish wholesale traders under the Anti-Epidemic Fund, helping the fisheries industry to tackle financial difficulties arising from the COVID-19 outbreak
Italy3/1/2020ActionMinistry of Economy and FinanceMacroprudential PolicyThe Italian government enabled households in the "Red Area" to request lenders for a suspension of scheduled loan payments for either the full installment or the principal. Small and Medium-sized enterprises (SMEs) in the "Red Area" may request a 12-month suspension of full loan installments due in 2020 for selected subsidized loans from a public entity (Invitalia). The government also temporarily stopped tax payments due, and offered a state guarantee of up to 80% of SME loans for a 12-month period.

On March 10, government ministers suggested they might employ similar measures to the rest of the country.
Vietnam3/2/2020ActionMinistry of FinanceMacroprudential PolicyBusiness financial statements for the financial year ending December 31, 2019 can be submitted late if said business's financial statement preparation was affected by COVID-19
Indonesia3/2/2020ActionBank IndonesiaMacroprudential Policy- Lower the FX reserve requirements for commercial banks from 8% to 4%
- Lower the rupiah reserve requirements by 50bps for banks financing export-import activity in coordination with the Government
Indonesia3/2/2020ActionBank IndonesiaMacroprudential PolicyExpand the range of underlying transactions available to foreign investors
Hong Kong3/2/2020ActionHong Kong Housing AuthorityFiscal StimulusWill extend the 50% rent concession for its retail and factory tenants for six months from April 1 to September 30 to align with the Government's relief measures
China3/2/2020ActionMinistry of FinanceFiscal StimulusChinese governments of every level had allocated a total of 108.75 billion yuan ($15.58 billion) in special funds by March 2 to prevent the spread of the coronavirus epidemic
United States of America3/3/2020ActionFederal ReserveInterest Rate ChangeDecreased interest rate target range from 1.50%-1.75% to 1.00%-1.25%