2020 FAS Covid 19 Policy Response TrackerSMEs and Mobile Money 01 21 2021

Financial Access COVID-19 Policy Tracker
Objective: The Financial Access Survey (FAS) collects annual data on access to and use of financial services, including digital
Authors: The tracker is maintained by the Statistics Department of the IMF. For previous versions of the tracker or if you have a
Key definitions as per the guidelines of the Financial Access Survey (FAS):
Mobile money: Mobile money is a financial service offered to its clients by a mobile network operator or another entity that par
with mobile network operators, independent of the traditional banking network. Please note that the services that offer mobile p
just another channel to access a traditional banking product are not considered mobile money. A bank account is not required t
mobile money services—the only pre-requisite is a basic mobile phone.
Mobile and internet banking: Mobile and internet banking is the facility which enables customers of a financial institution to ex
financial transactions (such as deposits, account transfers, bill payments, online shopping) electronically via the internet, either
mobile phone or another electronic device.
Coverage: Number of jurisdictions
150
132
120
90
60
28
30
18
0
Mobile money SMEs Other digital financial services
Note: This version includes updates to the mobile money tab

and 15 new jurisdictions added to the SMEs tab.
Synod. Jurisdiction Institution
1 Bangladesh Central Bank
2 Botswana Central Bank
3 Cameroon MTN
4 Ghana Central Bank
5 Kenya Central Bank

6 Lesotho Central Bank
7 Liberia Central Bank
8 Malawi Central Bank, MNOs
9 Mozambique Central Bank
10 Myanmar Central Bank
11 Nigeria Central Bank
12 Paraguay Central Bank
13 Qatar Ooredoo Qatar

14 Rwanda Central Bank
15 Tanzania Central Bank
16 Uganda MTN, Airtel Uganda
West African Economic and Central Bank of West

17
Monetary Union (UEMOA) African States (BCEAO)
18 Zambia Central Bank
Please note that this tracker is a living document and is updated on a regular basis. This version of the tracker was updated on
For countries where the source is the IMF Policy Tracker, please refer to the website for more information.
Measures
1. The P2P monthly transaction limit for buying medicine and other essentials using mobile financial services
has been increased to BDT 200,000 from BDT 75,000. These transactions will not incur merchant charges.
2. There will not be any charges on cash-outs using mobile financial services up to BDT 1,000.
3. Export oriented manufacturing industry workers receiving the salary support under the government
stimulus package would pay a charge of BDT 4 per BDT 1,000 cash-outs of the salaries using mobile
financial services.
The single, daily, and monthly transaction limits on mobile money transactions have been increased:
- Maximum single transaction, from BWP 5,000 to BWP 10,000.
- Maximum daily transaction, from BWP 10,000 to BWP 15,000.
- Maximum monthly aggregate, from BWP 20,000 to BWP 30,000.
MMOs and banks are also encouraged to take actions to reduce prices and promote the use of mobile
money and other digital platforms for transactions.
1. Effective 20 March 2020, MTN suspended the fees on money transfers up to XOF 20,000 between MTN
mobile money accounts. The suspension for fees is limited to 3 transactions per day, per account.
2. In addition, MTN provides students free access to online educational resources; reinforces the skills of
entrepreneurs, free of charge, and offers its staff the opportunity to work remotely, and has adapted several
of its offers to the needs of users in confinement.
Effective 20 March 2020 for an initial period of three months, users can send up to GHS 100 without a
charge and know your customer (KYC) regulations have been eased. This is alongside an increase in daily
transaction limits, mobile money wallet limits, and aggregate monthly transaction limits for all customers.
MTN Ghana has extended the fee waivers as well as access to the revised limits to September 30, 2020.
The Central Bank of Kenya revised the measures put in place. The following measures came into effect
January 1, 2021:
1. There will be no charge for person-to-person transfers of up to KSH 100 to any customer and network.
2. There will be no charges for transfers between mobile money wallets and bank accounts.
3. To facilitate the integration of Savings and Credit Societies (SACCOs) with the mobile money ecosystem,
SACCOs regulated by the Sacco Societies Regulatory Authority (SASRA) may levy a charge for transfers
between SACCO accounts and mobile money wallets. The central bank will oversee these charges in the
context of the products that banks and payment service providers (PSPs) offer to SACCOs.
4. PSPs will propose pricing structures that reflect the “Pricing Principles” that the central bank has
introduced.
The following measures, enacted on March 16 2020, ceased to be in effect on December 31, 2020:
1. No charges on mobile money transactions up to KES 1,000.
2. Transaction limit has been increased to KES 150,000 and the monthly limit for mobile money transactions
has been eliminated.
3. Daily limit for mobile money transactions has been increased to KES 300,000.
4. Limit for mobile money wallet has been increased to KES 300,000.
5. Current tariff for mobile money transactions for KES 70,000 to be applied to transactions up to KES
150,000.
1. The central bank negotiated with mobile network operators to remove fees for transactions below LSL 50.
2. The central bank authorized mobile money issuers to increase transaction limits for duly identified and
verified mobile money customers.
- Daily and monthly limits of customers with partial KYC increased to LSL 10,000 and LSL 20,000
respectively.
- Daily and monthly limits of customers with full KYC increased to LSL 17,500 and LSL 30,000 respectively.
Effective March 24, 2020, all charges for money transfers and merchant transactions have been suspended
by mobile money operators for one month. The daily and aggregate monthly transaction limits for mobile
money transactions have been increased for a period of three months.
Starting July 1, 2020, Lonestar Cell MTN and Orange Liberia reinstated the fees waived on Mobile Money
(MoMo) and Orange Money transactions.
Actions by the MNOs:

1. Completely remove user fees and charges on person to person transfers on the same network.
2. Reduce user fees and charges on person to person transfers across networks from a minimum of K120 to
K20 through Natswitch;
Actions by the Reserve Bank of Malawi:

1. Increased daily transaction and account balance limits on non-bank mobile money services.
1. As of October 10, 2020, the following measures (enacted on April 10 2020) have been extended until
December 31, 2020:
- The adjustment of the limit per transaction through mobile wallet from MZN 25,000 to MZN 50,000.
- The adjustment of the daily limit for mobile wallet transactions from MZN 125,000 to MZN 250,000.
- The adjustment of the annual limit of transactions for Tier I clients through mobile wallet to MZN 400,000.
2. As of October 10, 2020, the following measures will cease to be in effect:

- The non-collection by electronic money institutions of charges and commissions on transfers from client to
client up to the daily limit of MZN 1,000.
- The non-collection by banks of charges and commissions from clients (natural persons) for transactions
carried out through digital channels up to the daily limit of MZN 5,000.
- 50% reduction in commissions and charges on transfers between banks and e-money institutions for
single clients.
1. The daily, monthly, and maximum account balance limits have been increased for Mobile Financial
Service Providers.
2. The limit of ATM withdrawal including card less withdrawal per day has been increased from MMK 1
million to MMK 3 million.
Mobile money service providers have been deemed essential and requested security agencies to grant
passage to critical staff. The central bank is also encouraging the public to limit their use of cash and avail
themselves of the use of alternative payment channels such as mobile banking, internet banking, mobile
money, point of sale, and USSD.
The central bank modified its Electronic Payments Regulation, which improved some features of e-money
accounts, increasing the amount limits to be transferred from approx. USD 500 to approx. USD 1000, and
raising usage limits, with inactivity of accounts declared after 180 days instead of 90 days.
Customers using mobile money to send remittances home between March 15 and April 15 will not be
charged transaction fees – with the fee being given as cashback.
1. Effective 19 March 2020, for an initial period of three months, the central bank removed charges on:
- All transfers between bank accounts and mobile wallets.
- All mobile money transfers.
- Payments for all contactless point of sale transactions.
2. Transaction limits were also raised from RWF 500,000 to RWF 1,500,000 for Tier I individuals and from
RWF 1,000,000 to RWF 4,000,000 for Tier II individuals.
The central bank reinstated the transaction fees on the above mentioned transfers on June 22, 2020.
Effective May 8, the central bank has increased daily transaction limits from TZS 3,000,000 to TZS
5,000,000 and daily balance amounts from TZS 5,000,000 to TZS 10,000,000 for all mobile money
platforms.
Effective March 20, for a period of 30 days, MTN (and Airtel Uganda) users can send up to UGX 30,000
every day to other MTN (and Airtel Uganda) mobile money customers free of charge.
Effective May 26, MTN (and Airtel Uganda) will gradually reinstate to standard tariffs in 30 days. Until June
26, both MMOs have a 50 percent discount on the P2P transaction fees on the same network and mobile
wallet to bank transactions.
1. Free payment of water and electricity bills via mobile money for amounts less than or equal to XOF
50,000.
2. Waiver of the commissions paid by merchants that accept mobile money.
3. Free mobile money transactions for amounts up to XOF 50,000.
1. Valid until April 30, 2020, electronic money issuers will not charge for person-to-person e-money
transactions up to ZMK 150.
2. Daily transaction limits for 1st and 2nd tier individuals and small-scale farmers and non-incorporated
enterprises have been increased to ZMK 20,000, ZMK 100,000, and ZMK 1,000,000 respectively.
nd is updated on a regular basis. This version of the tracker was updated on January 21,2021. The information therein, may not be exhaus
racker, please refer to the website for more information.
Increased
Reduced
balance & Flexible KYC
transaction
transaction onboarding
fees
limits
Yes Yes
Yes
Yes
Yes Yes Yes
Yes
Yes Yes
Yes Yes
Yes
Yes Yes
Yes
Yes
Yes
Yes Yes
Yes
Yes
Yes
Yes Yes
n therein, may not be exhaustive.

Source
https://assets.kpmg/content/dam/kpmg/bd/pdf/KPMGBangladeshCOVID-19-23Apr2020.pdfAsia Pacific Department, IMF.
https://www.bankofbotswana.bw/sites/default/files/press-release-files/MEDIA%20RELEASE%20BANK%20OF%20BOTSWANA
https://mtn.cm/2020/03/19/mtn-cameroon-suspends-payment-of-money-transfer-fees-by-mobile-money-to-fight-against-the-spre
https://www.bog.gov.gh/wp-content/uploads/2020/03/MPC-Press-Release-March-2020-3.pdfhttps://medium.com/@digitaltimes_
https://www.centralbank.go.ke/uploads/press_releases/546023682_Press%20Release%20-%20Expiry%20of%20Emergency%
IMF Policy Tracker: https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19https://www.centralbank.org
https://cbl.org.lr/2press.php?news_id=203&related=7&pg=sphttps://www.liberianobserver.com/news/mobile-money-orange-mon
https://www.rbm.mw/Home/GetContentFile/?ContentID=37551
http://www.bancomoc.mz/Noticias.aspx
Central Bank of Myanmar
https://www.cbn.gov.ng/Out/2020/CCD/CBN%20Press%20release-COVID-19-30032020.pdf
Paraguayan authorities:https://www.bcp.gov.py/medios-de-pagos-electronicos-i888
Qatari authorities: https://thepeninsulaqatar.com/article/15/03/2020/Ooredoo-launches-StayHomeWithOoredoo-campaign-to-su

https://home.kpmg/xx/en/home/insights/2020/04/rwanda-government-and-institution-measures-in-response-to-covid.htmlhttps:/
https://www.bot.go.tz/Adverts/PressRelease/en/20200610213039114.pdfMonetary and Capital Markets Department, IMF.
https://twitter.com/mtnug/status/1240618299383218177?lang=enhttps://www.mtn.co.ug/wp-content/uploads/2020/05/New-MoM
https://www.bceao.int/fr/reglementations/avis-ndeg-004-03-2020-relatif-aux-mesures-de-promotion-des-paiements-electronique
https://www.boz.zm/Press_statement_measures_covid19.pdf
S.No. Jurisdiction Institution
1 Albania Government
Central Bank,
2 Argentina
Government
3 Armenia Government
4 Aruba Government
Central Bank,
5 Australia
Government
6 Austria Government
7 Bahrain Government
8 Bangladesh Government
9 Belgium Government
10 Benin Central Bank
11 Bhutan Government
12 Bolivia Government
Bosnia and
13 Government
Herzegovina
14 Botswana Government
15 Brazil Government
16 Brunei Darussalam Government

17 Bulgaria Government
18 Burkina Faso Central Bank
19 Cabo Verde Government
20 Cambodia Government
21 Chad Government
22 Chile Government
Central Bank,
23 China
Government
Government,
24 Colombia
Bancoldex
25 Côte d’Ivoire Government
26 Croatia Government
27 Curaçao Government
28 Cyprus Government
29 Denmark Government
30 Dominican Republic Government
Central Bank,
31 Egypt
Government
32 El Salvador Government
33 Equatorial Guinea Government
34 Eswatini Government
35 Fiji Government
36 Finland Government
37 France Government
38 Gabon Government
39 Georgia Central Bank

40 Germany Government
41 Ghana Government
42 Guatemala Government
43 Guinea Central Bank
44 Guinea-Bissau Central Bank
Government, Banco
Hondureño De La
45 Honduras
Producción y La
Vivienda Banhprovi
46 Hong Kong SAR Government

47 Hungary Government
48 Iceland Government
49 India Government
Government,
Central Bank, and
50 Indonesia The Financial
Services Authority of
Indonesia
51 Iraq Central Bank
52 Ireland Government
53 Israel Government
54 Italy Government
Central Bank,
55 Japan
Government
56 Jordan Government
57 Kazakhstan Government
Central Bank,
58 Korea
Government
59 Kuwait Central Bank
60 Kyrgyz Republic Government
61 Lao P.D.R. Government
62 Latvia Government
63 Lesotho Government
64 Liberia Government
65 Lithuania Government
66 Luxembourg Government
67 Macao SAR Government
68 Malawi Central Bank

69 Malaysia Government
70 Mali Government
71 Malta Government
72 Mauritania Government
Government, Central
Bank, SME Mauritius,
73 Mauritius
The State Investment
Corporation Limited
74 Mexico Government
75 Mongolia Government
76 Montenegro Government
77 Morocco Government
78 Myanmar Government
79 Namibia Central Bank
80 Nepal Government
81 Netherlands Government
Central Bank,
82 New Zealand
Government
Central Bank,
85 North Macedonia
Government
86 Norway Government
87 Oman Government
88 Pakistan Government
89 Panama Government
90 Papua New Guinea Government
91 Paraguay Government
92 Peru Government
93 Philippines Government
94 Poland Government
Central Bank,
95 Portugal
Government
Government,
Central Bank,
96 Qatar
Qatar Development
Bank (QDB)
97 Romania Government
98 Russia Central Bank
99 Rwanda Government
São Tomé and

100 Central Bank
Príncipe
101 Saudi Arabia Monetary Authority
102 Senegal Central Bank
103 Serbia Government

104 Seychelles Government
105 Sierra Leone Government
106 Singapore Monetary Authority
107 Sint Maarten Government
108 Slovakia Government
109 Slovenia Government
110 South Africa Government

111 Spain Government
112 Sri Lanka Government
113 St. Lucia Government
114 Sweden Government
115 Switzerland Government
116 Tajikistan Government
117 Tanzania Government

Central Bank,
118 Thailand
Government
119 The Bahamas Government
120 Timor-Leste Government
121 Togo Central Bank
122 Trinidad and Tobago Government
123 Turkey Government
124 Uganda Government
125 Ukraine Government
126 United Arab Emirates Central Bank
Central Bank,
127 United Kingdom
Government
United States of
128 Central Bank
America
129 Uruguay Government
130 Vanuatu Government
131 West Bank and Gaza Monetary Authority
132 Zimbabwe Government
Policy measures taken
1. To help SMEs impacted by COVID-19, the Albanian Government has provided 8.7 billion Albanian Leke (ALL) of
financial support for employees (wages) in micro and small enterprises.
2. All businesses (including SMEs) have also been provided 11 billion ALL as sovereign guarantee of loans for
payments of wages and salaries and another 15 billion ALL to guarantee working capital loans (up to 50% of the
loans).
3. Taxpayers with annual turnover up to 14 million ALL and operating in tourism, inward processing ('fasson') and
call centers, will no longer be required to settle remaining installments for income tax or simplified income tax
prepayments for the period April-December 2020. Taxpayers with annual turnover above14 million ALL will no
longer be required to settle installments for income tax prepayments for the period April-September 2020.
1. Financial institutions, which provide financing to MSMEs at maximum annual interest rate of 24%, will benefit
from reduced reserve requirements. The MSMEs have to use the loans towards financing working capital, such as
salary payments and deferred check coverage.
2. Credit guarantees for bank lending to MSMEs for the production of foods and basic supplies.
3. The central bank has also established a limit for financial institutions to have LELIQ (Liquidity Notes) above the
allowed amount to be included as reserve requirements. The allowed amount of LELIQ, in excess of the reserve
requirements, is reduced when financing to MSMEs decreases.
4. The National State through the Argentine Guarantee Fund (FoGar), made available 30,000 million pesos to
guarantee the MSMEs working capital loans for up to 120 billion pesos. It is a 100% guarantee in the cases of
micro and small companies and self-employed of all categories; and 25% in the cases of medium-sized companies
section 1 and 2. In this way, FoGaR becomes a tool that limits the risk for banks and facilitates the guarantees that
MSMEs require.
5. Measures have been aimed at encouraging bank lending through:
- lower reserve requirements on bank lending to households and SMEs.
- regulations that limit banks’ holdings of central bank paper to provide space for SME lending.
- temporary easing of bank provisioning needs and of bank loan classification rules (i.e. extra 60 days to be
classified as non-performing).
- a stay on both bank account closures due to bounced checks and credit denial to companies with payroll tax
arrears.
1. Subsidized 2-3 year loans to provide short-term support to affected businesses and SMEs.
2. Direct subsidies to SMEs and businesses to help maintain their employees.
3. Grants to entrepreneurs and firms.
4. Lump-sum transfers to the vulnerable including individuals who were unemployed after the COVID-19 outbreak,
families with or expecting children, micro-businesses, general population who needed help with utility bills, and
temporary part-time employment.
On March 26, 2020; the government parliament approved a package to support small and medium-sized
enterprises. The government also introduced a 3-month payroll subsidy for businesses that have seen a drop of
over 25 percent in their monthly revenues.
1. The Government is providing temporary cash flow support of up to AUD 100,000 for eligible small and medium-
sized businesses, and not-for-profits (NFPs) that employ staff to help with their cash flow so they can keep
operating, pay their rent, electricity and other bills and retain staff. This will be done through two sets of cash flow
boosts, with the first delivered from 28 April 2020, through credits in the activity statement system (a tax
withholding form).
2.The Government is increasing the instant asset write-off threshold from AUD 30,000 to AUD 150,000 and
expanding access to include businesses with aggregated annual turnover of less than AUD 500 million (up from
AUD 50 million) until 30 June 2020.
3. The Government is providing a time limited 15 month investment incentive (through to 30 June 2021) to support
business investment and economic growth over the short term, by accelerating depreciation deductions.
Businesses with a turnover of less than AUD 500 million will be able to deduct 50 per cent of the cost of an eligible
asset on installation, with existing depreciation rules applying to the balance of the asset’s cost.
4. Increasing bankruptcy and insolvency thresholds and response times for creditor action; Australian Tax Office
withholding enforcement actions; temporary relief from insolvent trading positions.
5. The Coronavirus SME Guarantee Scheme which the Government will guarantee 50 percent of new loans issued
by eligible lenders to SMEs.
6. In addition, the central bank has established a term funding facility of at least AUD 90 billion for three-year
funding access at 25 basis points to allow banks to lend more to all businesses, with stronger incentives for lending
to SMEs.
7. To support the provision of credit, especially to SMEs during the period of disruption caused by COVID-19, the
central established a AUD 90 billion Term Funding Facility (TFF) in March for banks to access three-year funding
at 25 basis points until September. The RBA has recently expanded the TFF to A$200 billion and extended the
access through June 2021.
1. A hardship fund with a volume of EUR 2 billion was set up. One-person companies (including self-employed
careers), small businesses with up to 9 employees, new self-employed and freelancers are entitled to support from
the Hardship Fund (up to a total EUR 2 billion). The support consists of a compensation for the loss of net income
and a comeback bonus.
2. The objective of the EUR 15 billion Corona assistance fund is to support companies (SMEs and large
companies) which have had significant declines in turnover and sectors which are particularly affected by
measures such as entry bans, travel restrictions and bans on meetings.
3. Measures to reduce liquidity shortages regarding tax and social security contributions.
4. EUR 12 billion was made available for the Corona short-time work model. The aim of the new Corona short-time
work model is to ensure continued employment of skilled workers and preserve the liquidity of companies.
5. The government also assumed 100 percent liability for emergency loans. This enables banks to act even faster
and less bureaucratically and to grant working capital loans of up to EUR 500,000 on the basis of a 100%
guarantee (with a guarantee of EUR 500,000, the Republic's guarantee covers 90% of the loan amount).
7. A debt moratorium for 3 months is in place with no default interest.
One of the initiatives that is part of the BHD 560 million stimulus package effective for a period of three months
from April is to double the size of the liquidity fund to support SMEs.
The central bank has created several refinancing schemes amounting to a total of BDT 380 billion, a 360-day tenor
special repo facility and a credit guarantee scheme for exporters, farmers, and SMEs to facilitate the
implementation of the government stimulus packages.
1. The introduction of a temporary moratorium on company bankruptcies.
2. Tax exemption for voluntary overtime (220 hours) in the so-called critical sectors until 30 June 2020.
3. Possibility for the temporarily unemployed to work temporarily in a flexible way and without loss of income in the
horticultural and forestry sector. In this way, for a full working day, employees will receive, for example, the normal
wage for the job performed, and 75% of the temporary unemployment benefits.
4. An easing of flexible working hours, secondment and temporary work in order to facilitate making permanent
employees of other companies available to employers in "critical" industries.
In June, measures have been adopted to extend existing support schemes until August or end-2020, provide
additional support to hard-hit sectors and vulnerable groups, and extend and modify the bank guarantee scheme to
improve access, in particular for SMEs.
in June 2020, the West African Development Bank (BOAD) decided to create a CFAF 100 billion window for
extending 5 to 7 year refinancing of banks' credit to SMEs in the 8 WAEMU member countries.
On October 5, the government launched the National Credit Guarantee Scheme, to boost investments in both
small and medium enterprises, by providing collateral requirement relief and a substantial credit guarantee.
1. The government is creating a fund of approximately USD 219 million to support the operations of micro, small
and medium businesses. This fund will provide soft loans to companies so that they may pay wage bills without
layoffs for two months.
2. Fondo de Afianzamiento de las Micro, Pequeñas y Medianas Empresas (FA-BDP): This fund is to guarantee
credit operations to micro, small and medium-sized companies.
The Republika Srpska adopted a guarantee program, which aims to facilitate access to financial funds for micro,
small and medium enterprises.
1. Government Loan Guarantee (up to BWP 1 billion) to tax compliant businesses. The guarantee cover is 24
months with a maximum loan size of BWP 25 million per borrower.
2. Debt moratorium for 3 months granted by commercial banks.
3. National Development Bank of Botswana interventions: Repayment Holiday; Extension of repayment period;
Waivers to penalty interest; Moratorium period extension; and Reduction of interest rates.
4. Citizen Entrepreneurial Development Agency (CEDA) Interventions: BWP 40 million has been set aside to
support SMEs affected by the COVID-19 with short-term financing of working capital requirements; CEDA to
restructure loans waiving interest payments for 12 months.
1. Public banks are expanding credit lines for businesses and households, with a focus on supporting working
capital (credit lines add up to over 4 percent of GDP), and the government will back about 1 percent of GDP in
credit lines to SMEs and micro-businesses to cover payroll costs, working capital and investment.
2. The five largest banks in the country agreed to consider requests by individuals and SMEs for a 60-day
extension of their maturing debt liabilities.
3. The central bank also opened a facility to provide loans to financial institutions backed by private corporate
bonds as collateral, changed capital requirements for small financial institutions, and allowed banks to reduce
provisions for contingent liabilities provided the funds are lent to SMEs.
An interim fiscal package (for six months effective April 1) has been deployed to support SMEs and self-employed
groups in sectors such as tourism, hospitality, transport and restaurants. The fiscal measures include amongst
others, the deferment of payments on Employees Trust Fund (TAP) and Supplementary Contributory Pension
(SCP) contributions, discounts on corporate income taxes, rents and utilities.
1. Allocation of BGN 1,024 million to the state owned company “The Fund of Funds” to provide subsidies to micro
enterprises, self-employed, entrepreneurs from vulnerable groups, and eligible SMEs and companies.
2. Allocation of BGN 800 million to a joint-initiative organization between the European Investment Fund and the
European Commission to provide guarantee/credit to SMEs.
3. Reallocation of BGN 173 and BGN 200 million from the EU fund, respectively to support SMEs and larger
companies (annual turnover of over BGN 1 million) that experienced at least 20 percent loss in revenues due to
the pandemic.
In June 2020, the West African Development Bank (BOAD) created a CFAF 100 billion window to extend 5 to 7
year refinancing of bank's credit to SMEs in the 8 WAEMU member countries.
On April 1, the authorities introduced a moratorium on insurance payments and loans repayment during April-
September 2020 for household, companies, and non-profit associations, as well as the SMEs.
The government has allocated USD 600 million as special low-interest loans to specialized banks (USD 200 million
in Credit Guarantee Fund and USD 300 million in Additional Financing Facility), in addition to packages issued to
SMEs in manufacturing (USD 50mn) and SMEs in agricultural sector (USD 50 million).
The authorities will reduce by 50 percent the business license fees and the presumptive tax for 2020 for SMEs.
1. As part of the package of fiscal measures launched on March 19, there will be liquidity provision to SMEs,
including through the state-owned Banco del Estado.
2. The Financial Market Commission unveiled a package of measures to facilitate the flow of credit to businesses
and households, which includes:
- special treatment in the establishment of provisions for deferred loans;
- use of mortgage guarantees to safeguard SME loans;
- adjustments in the treatment of assets received as payment and margins in derivative transactions;
- revision of the timetable for the implementation of Basel III standards.
3. On June 14, the authorities announced an additional fiscal package of USD 12 billion over the next 24 months,
which encompasses:
- new tax measures to stimulate the economy and boost the liquidity of SMEs, including a temporary reduction of
the CIT rate and allowing for instantaneous investment depreciation (announced on July 2).
- a program of about USD1.5 billion to support the middle class suffering severe income losses, including via soft
loans from the treasury, mortgage payment delays and subsidies for rentals (announced on July 5).
- a proposal to strengthen the middle-class protection plan, with direct transfers of about USD635 to middle-class
workers with severe income losses (announced on July 14).
1. The central bank expanded re-lending and re-discounting facilities by RMB 1.8 trillion to support manufacturers
of medical supplies and daily necessities, micro-, small- and medium-sized firms, and the agricultural sector at low
interest rates.
2. The central bank reduced the interest on excess reserves from 72 to 35 basis points, to encourage banks to
better allocate funds and support real economy especially micro, small and medium enterprises.
3. The central bank cut targeted reserve requirement ratio by 50-100 bps for large- and medium-sized banks that
meet inclusive financing criteria which benefit micro- and small-sized enterprises (MSEs), an additional 100 bps for
eligible joint-stock banks, and 100 bps for small- and medium-sized banks in April and May to support SMEs
4. Policy banks increased credit resource of RMB 350 billion to support MSEs with preferential interest rates.
5. The central bank introduced new instruments to support lending to MSEs, including a zero-interest “funding-for-
lending” scheme (RMB 400 billion) to finance 40 percent of local banks’ new unsecured loans and incentivizing
them to further extend payment holidays for eligible MSE loans by subsidizing 1 percent of loan principles (RMB 40
billion).
6. The government has also taken multiple steps to limit tightening in financial conditions, including measured
forbearance to provide financial relief to affected households, corporates, and regions facing repayment difficulties.
Key measures include:
- encouraging lending to SMEs, including uncollateralized SME loans from local banks and raising the target for
large banks’ lending growth to MSEs from 30 percent to 40 percent;
- delay of loan payments, with the deadline extended to the end of March 2021, and eased loan size restrictions
for online loans, and other credit support measures for eligible SMEs and households;
- tolerance for higher NPLs and reduced NPL provision coverage requirements for loans by epidemic-hit sectors
and SMEs;
- support bond issuance by financial institutions to finance SME lending; and
- increased fiscal support for credit guarantees.
1. The Colombian Government has implemented a credit guarantee scheme for USD 3 billion and soft loans for
USD 150 million to finance the payroll and working capital for SMEs through Bancoldex (Colombian Development
Bank).
2. Additional budgetary support for new credit lines for payroll and loan payments for SMEs trough the National
Guarantee Fund.
1. On March 31 2020, the government announced a package of economic measures and created 4 special Funds
to be spent over 2 years:
- National Solidarity Fund of XOF 170 billion.
- Support Fund for the informal sector of XOF 100 billion.
- Support Fund for the small and medium enterprises of XOF150 billion.
- Support Fund for large companies of XOF 100 billion.
2.I n June 2020, the West African Development Bank (BOAD) decided to create a XOF 100 billion window for
extending 5- to 7- year refinancing of banks' credit to SMEs in the 8 WAEMU member countries.
1. The Croatian Bank for Reconstruction and Development announced in mid-June that it would extend its export
loan insurance program (to EUR 150,000 from the current EUR 50,000) and will take on 95 percent of the risk of
non-payments by foreign buyers, thus protecting liquidity for SMEs. The program can insure short-term export
claims by SMEs with an annual export revenue of up to EUR 2 million.
2. On October 1 2020, the European Investment Bank (EIB) and HBOR agreed on a financial package that could
enable up to € 200 million in loans for faster recovery of Croatian SMEs from the COVID-19 pandemic.
The second package elaborated on providing credit facilities for SMEs.

1. The following measures have been taken by the Government to support the liquidity of SMEs:
- Allowing distressed SMEs to apply for a loan repayments postponement (moratorium) for nine months (until
31/12/2020).
- Taking measures amounting to EUR 11 million to support the tourism industry. These measures involve financial
support to actions relating to attracting tourists for the period June 2020-March 2021, in cooperation with airlines
and tour operators.
- Postponement of VAT and other social security contribution payments. VAT payments can be deferred to 10
November 2020 without invoking penalties or interest. The deferral of payment of VAT only applies to periods
ending on 29 February 2020 (1 December 2019 - 29 February 2020), 31 March 2020 (1 January 2020 - 31 March
2020) and 30 April 2020 (1 February 2020 - 30 April 2020).
- Supporting the disposable income of employees through social transfers (wage subsidies for employees in
distressed sectors and stay home parents).
2. The government's economic support package includes guarantees on or financing of credit facilities up to EUR
1.7 billion through participation in the Pan-European Guarantee Fund, increased state guarantees to expand
existing European Investment Bank (EIB)-supported loans to SMEs, and increased government borrowing from
EIB to expand existing funding scheme for SMEs.
Vaekstfonden (Danish state investment fund) can guarantee new loans and credit facilities for SMEs that have
experienced or expect to experience a minimum loss of 30 per cent because of COVID-19.
- The guarantee covers 70 per cent of any losses on the part of the bank, leasing company, etc.
- The guarantee can have a maturity of up to 7 years and is written down linearly over the term on an annual
basis.
- The price consists of a commitment fee of DKK 2,500 and an annual fee of 1 per cent of the guarantee sum.
The International Finance Corporation (IFC) granted USD 60 million to Banco BHD León, to support loans to the
SMEs affected by the pandemic.
1. April 7, 2020, MSME Development Authority (MSMEDA) launched a new initiative to finance small projects
affected by coronavirus – which will include financing to small and medium firms. On May 13, 2020, two contracts
to support and fund micro enterprises with EGP 620 million were signed by MSMEDA and Banque du Caire.
2. March 26, 2020, a 6-month grace period for MSMEs to pay insurance premiums from the Financial Regulatory
Authority was announced.
3. On April 3, 2020, export support dues disbursement were preponed to April from June 2020, for IT companies.
While around 110 companies were to benefit from this measure, top priority is given to SMEs.
4. All credit dues for customers whether corporates, individuals (including retail loans, and mortgage loans for
personal housing) and SMEs have been deferred for a period of 6 months, and exempted from additional delay
interest rates and fines for late payments.
5. The preferential interest rate on loans for SMEs, industry and housing for low-income and middle-class families,
has been reduced from 10 percent to 8 percent.
6. A Corona tax of 1 percent on all public and private sector salaries and 0.5 percent on state pensions have been
imposed, the proceeds of which are earmarked for sectors and SMEs most affected by the pandemic.
A USD 650 million trust fund was established, operated by the development bank BANDESAL, to provide support
to workers and SMEs.
The authorities are providing some targeted and temporary support to the private sector, including by halving
withholding tax rates and delaying tax payment deadlines for small and medium-sized firms, while safeguarding
public revenues.
1. Up to SZL 90 million in tax refunds for SMEs that have complied with tax obligations, retain employees, and
continue to pay them during this period.
2. The government has set up a revolving fund of SZL 45 million to assist SMEs.
1. The government announced a concessional loans initiative for MSMEs impacted by COVID-19.
2. The central banking expanded the SME Credit Guarantee Scheme to assist small entities.
1. Finnvera’s Start Guarantee, SME Guarantee and Finnvera Guarantee can be used for working capital needs
due to the COVID-19 pandemic.
- The Start Guarantee is directed at companies which have been operating for a maximum of three years. The
bank applies the guarantee from Finnvera on behalf of your enterprise. Finnvera's guarantee coverage can be up
to 80 percent.
- The SME Guarantee is directed at companies which have been in operation for more than three years. It can be
used to cover a loan of maximum EUR 150,000. The bank applies also this guarantee on behalf of your enterprise.
- The Finnvera Guarantee can be used in cases where Finnvera’s Start Guarantee or SME Guarantee is not
suitable in the company’s situation
2. Finland's Export Credit Agency is expanding its lending and guarantee capacity to SMEs by EUR 10 billion to
EUR 12 billion (and the government increased its coverage of the agency's credit and guarantee losses from 50 to
80 percent).
1. The following emergency measures have been put in place by the Banque Publique d’Investissement (BPI) for
small businesses, SMEs and midcaps:
- The level of the guarantee has been raised to 90 percent:
- For 3 to 7 year loans granted by private banks.
- For overdrafts approved by the company's bank for periods of 12 to 18 months,
- The Bpifrance guarantee is available to mid-cap companies.
- Unsecured 3 to 5-year loans from EUR 10,000 to EUR 5 million for SMEs and EUR 30 million for large caps.
These loans will include a grace period for repayment.
- Suspension of the payment of maturities for loans as of March 16.
2. A EUR1 billion solidarity fund has been created for the microbusinesses, SMEs and independent workers
whose turnover is less than EUR 1 million and who have experienced a 70 percent decline of their turnover
between March 2019 and March 2020.
- As of April 1, eligible entities can request a monthly EUR 1500 grant.
- As of April 15, subject to conditions, eligible entities can request additional payment between EUR 2,000 - 5,000.
1. The government plans to allocate additional XAF108 billion as an economic response, including through food
stamps, electricity and water subsidies, direct support to SMEs and tax holidays.
2. An additional mechanism of around USD 375 million has been announced to facilitate access to commercial
banks financing for private (formal and informal) companies, including SMEs.
1. On June 1 2020, the central bank launched a new tool for liquidity management to support the financing of small
and medium-sized businesses in Georgia with two components:
- The first is for commercial banks, which receive liquidity support from the central bank in exchange for
mortgaging the loan portfolio.
- The second component is for micro-financing organizations.
1. Immediate assistance for small enterprises: The programme has a volume of up to EUR 50 billion and is
intended for small enterprises with up to 10 employees. The programme will provide:
- one-off payments of up to EUR 9,000 over a period of 3 months for businesses with a maximum of 5 employees
(full-time equivalents),
- one-off payments of up to EUR 15,000 over a period of 3 months for businesses with a maximum of 10
employees (full-time equivalents).
2. KfW’s new 2020 Special Programme was launched on 23 March 2020 and can benefit small, medium-sized and
large businesses. The programme offers lower interest rates and simplified risk assessment by KfW for loans of up
to EUR 10 million. KfW's Special Program includes substantial loan guarantees, with up to 100 percent guarantees
in the Quick Credit facility for SMEs.
The government committed about GHc 10.6 billion under its Coronavirus Alleviation Programme to the promotion
of selected industries (e.g., pharmaceutical sector supplying COVID-19 drugs and equipment), the support of
SMEs and employment, and the creation of guarantees and first-loss instruments.
One of the focuses of the fiscal response is providing support to different sectors in the economy through cash
transfers (1.2% of GDP), salary subsidies (0.3% of GDP) and funding to SMEs (0.6% of GDP).
1. The central bank has allowed banks, for the duration of the pandemic, to count against their reserves, credit
provided to SMEs, businesses in the services sector affected (hotels, restaurants and transport), and major
importers of food and pharmaceutical products.
2. COVID-19 economic response plan, announced on April 6, 2020, aims at strengthening infrastructure in the
health sector, protecting the most vulnerable, and supporting the private sector, notably small and medium
enterprises.
In June 2020, the West African Development Bank (BOAD) decided to create a CFAF 100 billion window for
extending 5 to 7 year refinancing of bank's credit to SMEs in the 8 WAEMU member countries.
1. Congress has approved deferrals to the second half of 2020 and early 2021 for payments of income taxes and
social contributions, favoring especially SMEs. VAT payments were also deferred for SMEs in non-essential
sectors not operating during the curfew.
2. Banhprovi will provide HNL 6,875 million in guarantees to cover potential losses on new loans to SMEs and
other companies, with varying coverage of commercial banks' exposures on the loans covered by the guarantee
scheme. The bank will also deploy additional HNL 5,625 million to finance loans to SME and other sectors affected
by the pandemic.
3. A 10% expense deduction during the fiscal year 2020 for taxpayers who keep respecting the rights and salary
payments of their employees.
4. In October 2020, the government agreed with banks on a scheme to support further restructuring of SME and
microcredit loans according to repayment capacity.
1. Enhancing the SME Financing Guarantee Scheme by introducing enhancements to the 80 and 90 percent
guarantee products and special 100 percent loan guarantee products under the scheme, including the increase of
the maximum guaranteed loan amount per enterprise, provision of interest subsidy for one-year period, the
extension of the eligibility criteria to cover publicly listed companies in Hong Kong for one-year period and the
extension of the optional period for principal moratorium.
2. Lowering the countercyclical capital buffer and cutting regulatory reserve by half releasing HKD 1 trillion lending
headroom.
3. Launch of pre-approved principal payment holiday for corporate borrowers.
4. Increased banking sector's liquidity by providing USD to local banks using repo transactions with the Federal
Reserve, clarifying Hong Kong Monetary Authority's (HKMA) Liquidity Facilities Framework and explaining HKMA's
supervisory expectations on liquidity regulatory requirements.
5. Set up the Banking Sector SME Lending Coordination Mechanism to facilitate banks to support economy.
1. Close to 80,000 SMEs (mainly in the services sector) will be exempt from the small business tax (the payment of
the tax by other companies in affected sectors will be deferred until the end of the state of emergency).
2. Interest-free loans to SMEs available from June 12:
- Half of the program’s budget will be available for investments, while the other 50 percent is intended to finance
liquidity and operations.
- The highest amount available for investments is HUF 150 million, while asset and liquidity financing loans are
capped at HUF 300 million.
3. Provision of a grace period of repayment of loans to the Growth Funding Facility (subsidized lending to SMEs
supported by the MNB).
4. On April 7, a new SME lending program was also announced (FGS GO!) with increased amounts and increase
in the interest rate subsidy.
1. On May 2, the government announced a range of measures to support businesses amounting to EUR 6.5
billion. The measures include:
- A EUR10,000 restart grant for micro and small businesses based on a rates/waiver rebate from 2019.
- A three month commercial rates waiver for impacted businesses.
- A EUR 2 billion Pandemic Stabilization and Recovery Fund within the Ireland Strategic Investment Fund, which
will make capital available to medium and large enterprises.
- A EUR 2 billion COVID-19 Credit Guarantee Scheme to support lending to SMEs for terms ranging from 3
months to 6 years, which will be below market interest rates which will guarantee 80 percent of loans of between
EUR 10,000 and EUR 1 million to the SME sector.
- The ‘warehousing’ of tax liabilities for a period of twelve months after recommencement of trading during which
time there will be no debt enforcement action taken by Revenue.
2. The Revenue Commission outlined some measures to assist small and medium enterprise:
- Tax deferral Returns for the most immediately affected businesses, primarily in the retail, hospitality, leisure and
childcare sectors, until the end of May.
- Application of interest on late payments is suspended for January/February VAT and both February and March
PAYE (Employers) liabilities.
- Debt Enforcement is suspended until further notice.
- RCT (Relevant Contract Tax) rate review scheduled to take place in March 2020 is suspended.
- Critical pharmaceutical products and medicines will be given a Customs ‘green routing’ to facilitate uninterrupted
importation and supply.
1. The central bank introduced regulatory measures to promote credit flows to the retail sector and MSMEs and
provided regulatory forbearance on asset classification of loans to MSMEs and real estate developers.
2. On May 13 2020, the government announced measures targeting businesses:
- A collateral-free lending program with 100 percent guarantee.
- Subordinate debt for stressed MSMEs with partial guarantee.
- Partial credit guarantee scheme for public sector banks on borrowings of non-bank financial companies, housing
finance companies, and micro finance institutions.
3. The government also announced
- A Fund of Funds for equity infusion in MSMEs.
- A special purpose vehicle (SPV) to purchase short-term debt of the eligible non-bank financial companies and
housing finance companies, fully guaranteed by the government and managed by a public sector bank.
4. On August 6 2020, the central bank permitted banks to restructure existing loans to MSMEs classified as
‘standard” (as of March 1, 2020) without a downgrade in the asset classification. The restructuring of the borrower
account is to be implemented by March 31, 2021.
5. The Government extended the Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs till March 31,
2021, while at the same time relaxing the eligibility criteria.
1. Effective April 11, 2020 Bank Indonesia has been expanding its incentive policy of lowering 50bps daily rupiah
reserve requirement rate from only for banks that are engaged in export-import financing to also include banks that
provide financing to MSMEs and other priority sectors.
2. The Financial Services Authority of Indonesia loosened its bank lending standard for MSME loans under IDR10
billion for MSMEs. Such relaxation of loan policies can be given in a maximum period of one year, in the form of
principal/interest installment payments, extended periods, or other matters determined by the bank/leasing.
3. The government issued a stimulus package for SMEs and other businesses consisting of:
- Income tax exemption for workers in manufacturing sector. This exemption is only applicable for workers with an
annual income below IDR 200 million.
- Reduction of income tax by 30 percent for certain sectors ease of imports used in the production of goods which
will be fully exported (Kemudahan Import Tujuan Ekspor/KITE) and SMEs Industry Taxpayers.
- Acceleration of VAT refunds for 19 certain sectors to maintain business liquidity.
- Exemption of import VAT for ease of imports used in the production of goods which will be fully exported
(Kemudahan Import Tujuan Ekspor/KITE) Taxpayers, especially KITE from SMEs, in 19 certain sectors.
- Reduction of corporate income tax from 25 percent to 22 percent for 2020-2021 and 20 percent from 2022.
- Deferral of principal and interest payment for People Business Credit Program affected by COVID-19 for 6
months.
1. The central bank has announced that the repayment of loans obtained under its '1 and 5 trillion dinars' finance
initiatives for small and medium size businesses (SMEs) will be suspended for three months.
2. In addition, the central bank will encourage banks to extend loans to SMEs financed by the 1 trillion initiative for
small and medium-sized businesses.
1. The Restart Grant for Enterprises (EUR 550 million).

2. Waiver of commercial rates for the six months to end-Sep 2020, at a total cost of EUR 600 million.
3. Credit Guarantee Scheme: 80% gov’t guarantee for a wide range of credit products from EUR 10,000 to EUR 1
million up to a maximum term of 6 years.
4. MicroFinance Ireland and the Local Enterprise Measures: a package of liquidity and enterprise investment
measures worth EUR 55 million to reduce lending rate for micro and small businesses.
5. The Future Growth Loan Scheme (EUR 500 million) with the European Investment Bank Group, so businesses
with up to 499 employees can invest for the longer-term at competitive rates.
1. On April 8, the parliament approved a package of NIS 80 billion, which includes NIS 41 billion in liquidity
assistance through:
- direct and government-guaranteed loans for large companies, SMEs, and other organizations,
- property tax relief for businesses,
- payment deferrals for VAT, municipal taxes, utilities, and income taxes,
- accelerated tax refunds,
- business grants,
- NIS 8 billion for infrastructure projects, including IT support for SMEs and government digitalization.
2. On June 2, parliament adopted a NIS 14 billion expansion of the package, which includes employment
incentives grants, support for high-risk businesses, and additional funds to support SMEs.
3. On July 29, the parliament approved a second stimulus package of NIS 80bn, including 50 billion in budgetary
measures and 30 billion in loans and guarantees. The package’s key features include extending unemployment
benefits for furlough workers, expanding grants to self-employed workers and small businesses, and expanding
the State Guarantee loan program for small and medium enterprises.
1. Italy notified to the European Commission under the Temporary Framework a State guarantee to support a debt
moratorium for SMEs, which includes the postponement of repayments of overdraft facilities, bank advances, bullet
loans, mortgages and leasing operations.
2. The guarantee covers a well-defined set of financial exposures and is limited in time:
- The scheme runs until 30 September 2020 and the guarantee extends for 18 months after the end of the
moratorium.
- The guarantee covers the payment obligations falling under the moratorium,
- The risk taken by the State is limited to 33 percent and, in any case, before calling on the State guarantee,
financial intermediaries must make recovery efforts themselves.
- To ensure that the measure benefits only SMEs, who experience difficulties due to the coronavirus outbreak,
eligible beneficiaries must not have non-performing exposures prior to 17 March 2020. They also need to certify
that their business activity has suffered due to the economic effects of the coronavirus outbreak.
3. On May 15 2020, the government adopted a further EUR 55 billion “Relaunch” package of fiscal measures,
which included grants for SMEs and tax deferrals (EUR 16 billion).
4. On May 20 2020, to promote the use of credit claims as collateral and to incentivize lending to small and
medium-sized enterprises, the Bank of Italy has extended the additional credit claim frameworks to include loans
backed by COVID-19-related public sector guarantees.
5. On August 8 2020, the government adopted a third support package. Key measures are extensions of the
moratorium on SMEs’ debt repayment and the time to pay back tax obligations.
6. On October 27 2020, the government adopted a EUR 5.4 billion package. Measures include grants to 460
thousand SMEs and the self-employed, and further income support for families. The government has also
extended social contribution exemptions for affected businesses.
1. The government expanded the volume of concessional loan facilities (interest free without collateral) primarily for
micro, small and medium-sized businesses affected by COVID-19 through the Japan Finance Corporation and
other institutions. The government also enhances access to guaranteed loans on the same conditions from local
financial institutions.
2. The stimulus measures also included cash transfers to SMEs suffering from sales losses and tax and social
security contribution deferrals.
3. On May 22, the central bank introduced a new fund-provisioning measure to support financing of mainly SMEs.
Reduced the cost and expanded the coverage of guarantees provided by the Jordan Loan Guarantee Corporation
on SME loans.
1. Subsidized lending of KZT 1 trillion is being provided under State Program “Economy of Simple Things,” along
with actions to help small and medium-sized enterprises (SMEs) finance working capital (KZT 600 billion).
2. Further measures recently announced to restore economic growth include: a subsidized mortgage program for
households with a segment targeting youth specifically, tax incentives to agriculture and hard-hit sectors (civil
aviation, tourism) and other promotion measures (such as free domestic flights for children under 14), credit
support to SMEs and manufacturing enterprises (the latter via a newly created industry development fund), and
infrastructure development.
3. To support the population and SMEs, the authorities have encouraged banks and other lenders to grant loan
repayment deferrals to eligible borrowers, and to freeze their loan classifications at the pre-COVID-19 status. Most
of these measures are expected to be in place for at least six months, with some (e.g., capital conservation buffer)
extending to mid-2021.
4. Following the reintroduction of the quarantine in early July, the authorities provided additional cash transfers to
individuals who lost their jobs due to the quarantine, lowered subsidized interest rates for SME loans (to 6
percent), and extended tax concessions for vulnerable individuals and businesses.
1. To augment available funding for SMEs, the central bank increased the ceiling of the Bank Intermediated
Lending Support Facility by a total of KRW 10 trillion and lowered the interest rate to 0.25 percent (from 0.5-0.75
percent).
2. On March 24 2020, a financial stabilization plan of KRW 100 trillion was launched. The main elements are:
- expanded lending of both state-owned and commercial banks to SMEs, small merchants, mid-sized firms, and
large companies (the latter on a case-by-case basis) including emergency lending, partial and full guarantees, and
collateralization of loan obligations.
3. On April 22 2020, additional measures were announced totaling KRW 25 trillion, mainly through creation of a
special purpose vehicle to purchase corporate bonds and commercial paper (KRW 10 trillion) and additional funds
for SME lending (KRW 10 trillion).
4. On September 22 2020, the National Assembly passed the 4th supplementary budget, wherein an additional
KRW 7.8 trillion will be spent on support for small businesses and SMEs.
1. In an effort by the central bank to target more support for SMEs, the credit risk weight has been reduced from
75% to 25% to calculate the capital adequacy ratio, in order to empower banks to provide more financing to this
sector.
2. The central bank has instructed banks to freeze all collection loans to SMEs for a period of 6 months and no
penalties to be applied.
3. A stimulus package aiming to avoid the consequences and excessive costs of halting economic activity has
been issued. Benefits for SMEs include:
- Assisting owners of SMEs, industrial and agricultural projects by postponing all installments owed to the National
Fund for SME Development fund and the agricultural finance portfolio of the Industrial Bank of Kuwait.
- Providing concessional, long-term loans to SMEs through joint financing from the SME fund and local banks.
4. The central bank instructed banks to provide SMEs affected by the shock with financing at maximum of 2.5
percent interest rate.
5. The central bank decreased the risk weights for SMEs (from 75 percent to 25 percent) in calculation of risk-
weighted assets for determining capital adequacy.
A second package of economic measures of about USD 540 million (7 percent of GDP), including temporary tax
exemptions for SMEs, support food security program to the vulnerable groups, and subsidized credit to banks to
provide funding to SMEs through soft loans is being prepared.
BOL has made available LAK 200 billion for low interest rate SMEs loans through commercial banks and is
preparing to allocate LAK 1,800 billion as low interest bank loans for post-COVID-19 economic and business
recovery. The central bank has completed the signing of agreements with 12 commercial banks, who will
participate in first tranche of first USD 100 million SMEs loans from CDB.
1. The Latvian national development finance institution (ALTUM) is providing loan guarantees and loans for crisis
resolutions to businesses affected by the COVID-19 crisis.
2. Interest rates on loans for tourism sector businesses have been cut by 50 percent for small and medium
enterprises.
3. The maximum amount of loans for one enterprise can be up to EUR 1,000,000 and aid will be granted until 31
December 2020. The term for the repayment of the loan shall not exceed three years taking into account the life
cycle of the activities and current assets of the enterprise.
1. To support businesses, the authorities intend to clear arrears to MSMEs and are expanding credit guarantee
facilities by LSL 450 million.
2. They are also offering grants and rent subsidies to MSMEs and rent holidays to firms renting from the Lesotho
National Development Corporation and local/municipal governments.
The Legislature approved a provision of USD 2 million to provide support to market women, small informal petty
traders, and credit unions registered and doing business in Liberia before January 1, 2020 with loan repayment.
1. The government expanded guarantee schemes, including guarantees for agricultural as well as SME loans by
around EUR 1.3 billion.
2. The government has also allocated EUR 23 million to provide SMEs with interest compensation for deferred
loans or finance lease payments.
3. An additional EUR 50 million has been allocated to a new facility to provide soft loans of up to EUR 500,000 to
eligible SMEs, and a new financial instrument for businesses to form portfolios from risky business loans and
leasing transactions has been announced.
4. The government has also allocated EUR 50 million to another financial instrument for SMEs facing working
capital shortages to obtain loans or leases from a broader range of financial institutions.
The following measures have been put in place with the aim of supporting micro and small enterprises:
1. Financial aid of EUR 5,000 for companies with less than 10 employees that have been forced to cease
operation pursuant to a Government decision.
2. Additional financial support of EUR 5,000 for microbusinesses (<10 employees) that have been forced to close
and have not been reauthorized to resume their activities or have resumed activity but have suffered a major loss
in turnover, or were not forced to close but have suffered a loss.
3. Financial aid of EUR 12,500 for businesses employing between 10 and 20 employees.
Other measures to support SMEs

1. COVID-19 Economic Stabilization Program
a. Government:
- Grant financial aid of up to EUR 500,000 in the form of a repayable advance to cover operating costs.
- Payment of an advance on extraordinary family leave.
- Provide flexibility to companies in cash management and payment of social security contributions.
- Financial support for companies carrying out investments or R&D projects for products helping to combat the
health crisis.
- Investment aid for the production of articles relevant to the fight against COVID-19.
b. Société Nationale de Crédit et d’Investissement (SNCI):
- Financing over a 5 year period to the “Mutualité des PME” and the “Mutualité de cautionnement”: Enable the
mutual societies of the professional chambers to extend guarantees provided to SMEs
- “Special Anti-Crisis Financing” via companies’ banks and SNCI: Cover financing needs in the context of the
current crisis through indirect loans ranging between EUR 12,500 and EUR 16.6 million
2. "Neistart Lëtzebuerg” package (announced on 20 May 2020)
a. Government:
- Flat-rate aid to non-food retail stores and personal care providers (less than 250 employees) over a period of
three months up to EUR 1,000 per employee in June, EUR 750 in July and EUR 500 in August, up to a ceiling of
EUR 50,000 per month.
- Non-repayable financial aid to businesses not yet allowed to reopen (including retail, hospitality, tourism and
events sectors) over a period of 6 months starting on July 1 of EUR 1,250 per employee and EUR 250 per
employee on partial unemployment.
The fiscal measures taken include interest-free loans and interest subsidy for SMEs (2.6 billion patacas or 0.6
percent of GDP).
To support SMEs, commercial banks and micro-finance institutions will be, on a case-by-case basis, restructuring
SME loans and providing a moratorium on their debt service until end-2020.
1. On April 6, 2020, the authorities announced a third stimulus package of MYR 10 billion, including grants for
micro SMEs, scaled-up wage subsidies, and a 25 percent discount on foreign workers’ fees.
2. Banks have also committed to provide repayment flexibility (e.g. allowing temporary interest-only payments and
lengthening the repayment period) to other individuals and all SME borrowers affected by COVID-19.
3. On November 6 2020, the central bank announced the establishment of
- MYR 2 billion Targeted Relief and Recovery Facility (TRRF)
- MYR 500 million High Tech Facility (HTF)
- MYR 110 million enhancement to the existing Micro Enterprise Facility.
1. A package of economic measures was announced to ease liquidity constraints on ailing firms, including an
SMEs-support guarantee fund, clearing the budget spending float, granting tax deferral and relief to ease liquidity
constraints on the hardest-hit companies, especially in the hospitality sector (hotels, restaurants, transportation).
2. In June 2020, the West African Development Bank (BOAD) decided to create a CFAF 100 billion window for
extending 5 to 7 year refinancing of banks' credit to SMEs in the eight WAEMU member countries.
The government approved a direct grants scheme of EUR 5.3 million to support investment in research and
development related to the coronavirus outbreak, and a rent subsidy scheme for SMEs with a budget allocation of
EUR 2.5 million, covering February 2020 to December 2022.
On May 6 2020, the government approved additional health, medical supplies, social protection, SME support,
foodstuff stocks, and security-related expenditures to address the pandemic (about USD 260 million).
1. The central bank announced a Special Relief Amount of MUR 5.0 billion, to be made available through
commercial banks for the period 23 March 2020 to 31 July 2020, to meet cash flow and working capital
requirements of local economic operators directly impacted by COVID-19, including SMEs. This facility is for a
period of 30 months, of which there will be a moratorium of 6 months on capital and interest payments. The funds
will be made available to customers at an interest rate of 1.5 percent per annum.
2. The Government is extending loans to SMEs, which will be secured up to 60 percent by the State Investment
Corporation. Further, the portion of claims secured by the Corporation will be risk weighted at 0 percent when
calculating the corresponding capital adequacy ratios.
3. The central bank also introduced a Special Foreign Currency (USD) Line of Credit for an amount of USD 300
million targeted to local economic operators that have foreign currency earnings, including SMEs. The line of credit
is available through commercial banks from 24 March 2020 until 30 June 2020.
4. A COVID-19 ‘Plan de Soutien’ Cell has been set up by parastatal bodies to support SMEs and other businesses
through a series of measures including:
- Creation of a Revolving Credit Fund of MUR 200 million to assist small enterprises until 31 December 2020. A
working capital facility up to a maximum of MUR 1 million will be offered and advances will be interest free for
repayments made within nine months.
- A loan under the Revolutionary Credit Fund without interest payments until December 2020 for small companies
having to pay rents to private firms.
- An Enterprise Modernisation Scheme for small enterprises with reduced interest rate and a grant of 15 percent
capped at MUR 150,000.
- Facilities with reduced interest rate under the SME factoring scheme and Leasing Equipment Modernization
Scheme.
- Quasi-Equity Financing with a reduced dividend rate to assist SMEs to overcome financial difficulties.
5. New schemes have been launched by SME Mauritius, namely: (a) Internal Capability Development Scheme; (b)
Technology and Innovation Scheme; (c) SME Marketing Support Scheme; (d) Inclusiveness and Integration
Scheme; and (e) SME Utility Connection Assistance Scheme.
6. On September 7, the central announced the extension of the moratoriums granted to economic operators
(including Small and Medium Enterprises), households and individuals under its COVID-19 Support Program till the
end of the calendar year.
1. Measures and guarantees amounting to 0.7 percent of GDP, include:
- Lending programs for the self-employed and SMEs that maintain employees on payroll.
- Lending by development banks to small- and medium-scale enterprises (SMEs).
2. The Ministry of Economy is granting loans with optional repayments to 1 million SMEs that maintain employees
on payroll, self-employed and domestic workers (MXN 25,000 per loan), and another 1 million loans to family
businesses previously registered in the Welfare Census (MXN 25,000 per loan).
3. The central bank is opening financing facilities for commercial and development banks (MXN 350 billion) to
enable them to channel resources to micro, small and medium-sized enterprises and individuals affected by
lockdown measures after the COVID-19 pandemic.
As part of the comprehensive set of fiscal measures announced on March 27 2020, the government propose an
increase in credit guarantees to SMEs and soft loans from the development bank to cashmere producers.
As part of the second set of economic measures announced on April 24 2020, a subsidy of 70 percent of the gross
minimum wage of newly employed workers in SMEs for six months if these workers are registered as unemployed
was announced.
1. Morocco has established a funding for lending facility (Damane Oxygene) which provides loans to (V)SMEs at
subsidized interest rates with a guarantee of 95 percent from the Central Guarantee Fund. On May 15, this
program was extended to end-2020, and collateral requirements were removed to improve access for (V)SMEs.
17,500 companies have benefitted from this facility, for a total outstanding amount of MAD 9.5 billion.
2. A sovereign guarantee of 95 percent will be provided to SMEs, for an equivalent of up to ten percent of annual
turnover.
3. To support companies, loan payments are suspended for small and medium-sized businesses and self-
employed people until June 30.
4. To promote the recovery of both public and private companies the Government has launched new credit
products.
COVID-19 Fund worth MMK 400 billion has been established at the Myanmar Economic Bank to provide soft loans
to affected business (particularly the priority garment and tourism sectors and SMEs) at reduced interest rates.
In August, the central bank announced that it will participate in the operationalization of the loan guarantee
program, providing NAD 50 million in capital targeted to SMEs.
1. On March 29, the central bank increased the size of the Refinance Fund to provide subsidized funding for banks
willing to lend at a concessional rate to priority sectors including small and mid-size enterprises affected by the
pandemic.
2. On May 28 2020, a lending program for cottage, small and medium-sized enterprises and those in the tourism
sector was announced.
1. The SME credit guarantee scheme (BMKB) has been extended to deal with the economic consequences of the
corona crisis:
- Businesses can use the BMKB for a bridging credit, or to increase their overdraft (how much they are allowed to
be in the red) on their current account.
- The credit guarantee has been increased from 50% to 75%. This enables banks to extend credit more easily and
quickly, and businesses to lend more money faster.
- The BMKB interest percentage is lowered from 3.9% to 2%.
- The BMKB guarantee budget is increased from EUR 765 million to EUR 1.5 billion.
- Accreditation becomes available to financiers other than banks, to enable them to finance their clients using this
extended BMKB scheme.
2. Due to the coronavirus outbreak, entrepreneurs who have a loan from microcredit provider Qredits do not have
to repay their loan for a period of 6 months. During this period, the interest will be reduced to 2%.
3. The Business loan guarantee scheme has been extended (GO) to help businesses deal with the corona crisis.
The amount for which the government stands as guarantor has been increased to EUR 150 million. The maximum
guarantee percentage has been increased from 50% to 80% for large companies (public limited companies, nv)
and to 90% for SMEs. The GO guarantee ceiling has been raised to EUR 10 billion.
1. The financial support package includes a six-month principal and interest payment holiday for mortgage holders
and SME customers whose incomes have been affected by the economic disruption from COVID-19.
2. A NZD 6.25 billion Business Finance Guarantee Scheme has been implemented for small and medium-sized
businesses.
3. In addition, the Small Business Cash Flow Loan Scheme which the government provides loans to SMEs with 50
or fewer full-time employee should be added.
4. The government, the central bank, and the New Zealand Bankers Association have also announced a number
of financial measures to support SMEs and homeowners. These include six-month principal and interest
repayment deferrals to mortgage holders and SMEs affected by COVID-19 and the BFGS.
extending 5 to 7-year refinancing of banks' credit to SMEs in the 8 WAEMU member countries.
The central bank established a NGN 50 million targeted credit facility for households and SMEs particularly hardly
hit by the COVID-19 crisis.
1. Exemption from advanced monthly payments of corporate income tax from March through June 2020 for
companies and individuals who have business activity in sectors affected by corona virus crisis, including SMEs.
Subsidy for the social security contributions for affected companies (including SMEs), subject to maintaining
employment at the pre-virus level.
2. Additional funding has been allocated to the Development Bank in amount of about EUR 14 million, allowing it to
establish a credit line to affected micro, small and medium-sized enterprises at favorable terms and a zero interest
rate.
3. A wage subsidy equal to the minimum wage for April and May to affected companies (including SMEs) to help
them maintain jobs. An additional EUR 50 million will be made available from the Development Bank to commercial
banks at favorable terms.
4. National Bank of the Republic of North Macedonia has cut its policy rate to support the economy, and reduced
the base for the reserve requirement in domestic currency by the amount of newly extended or restructured loans
to firms in affected sectors, including SMEs. It has also revised its credit risk regulation with regulatory changes
allowing banks to restructure debts of the high-quality borrowers affected by the pandemic, thus providing for more
favorable credit terms and easing of financial strains. Regulatory changes refer to all high-quality borrowers -
households and non-financial companies, including SMEs.
Norwegian government to offer companies at least NOK 100 billion as loan guarantees and bond issues. Half of
this is for SMEs. The Government has temporarily lowered VAT, postponed tax-filing deadlines, and added worker
and business protection of USD 24 billion.
On March 19 2020, the government announced several measures including:

- The suspension of municipal taxes and some government fees (till end-August) and rent payments for
companies in industrial zones (for the next three months),
- Reduction of port and air freight charges.
- Postponement of loan servicing for borrowers of Oman Development Bank.
- SME support fund for six months.
1. Financial support to SMEs and the agriculture sector (PKR 100 billion) in the form of relief on electricity bill
payments, bank lending support, as well as subsidies and tax incentives.
2. Increase the regulatory limit on extension of credit to SMEs by 44 percent to PKR 180 million.
1. Caja de Ahorros finalized agreements with Citi and BBVA, for credit lines (guaranteed by MIGA), to finance a
USD 400 million fund, to be used for preferential housing loans, as well as loans to SMEs affected by the COVID-
19 pandemic.
2. Increase in social spending, includes payments to affected workers and small business owners through the
"Panama Solidarity Plan" with in-kind transfers and several programs (such as Opportunity Banking, Guarantee
Fund, and the Soft Loan program) jointly valued at USD 235 million. These are aimed at supporting the micro,
small and medium-sized companies in restarting operations and enable them to continue to employ workers.
3. The Global Credit Program for the Defense of the Productive Fabric and Employment trust fund, aims to support
micro-, small, and medium-sized enterprises (MSMEs) in the face of the COVID-19 crisis. The initial funding will
amount to US$150 million from the IDB and will be replenished in a second phase in 2021.
On April 2 2020, the government announced a K5.6 billion economic stimulus package. Support for businesses
includes K200 million in guarantees for loans to SMEs.
1. National Emergency Special Credit Facility (FCE) was created to channel up to USD 760 million in liquidity
support to SMEs. The government has also allowed banks to automatically refinance loans to private sector
companies that are in repayment difficulties, and postponed collection of taxes and user fees for 2 months.
2. The Development Finance Agency (AFD) has started programs to help refinance home loans for a period of 60
months, and to help SMEs finance working capital needs. A USD 500 million MSME Guarantee Fund has been set
up to support credit creation in the SME sector.
1. The government has approved a three-month extension for the income tax declaration for SMEs and is granting
flexibility to enterprises and households in the repayment of tax liabilities.
2. The government has also approved the creation of a PEN 800 million fund to help qualified SMEs to secure
working capital and/or refinance debts.
3. On October 2nd, a proposal to issue guarantees partially backing loan restructurings for households and SMEs
was approved.
1. Financial assistance will also be provided to affected MSMEs and vulnerable households through specialized
microfinancing loans and loan restructuring.
2. To encourage extension of loans to enterprises, particularly, MSMEs, the BSP allowed loans to MSMEs to be
counted as part of banks’ compliance with reserve requirements, temporarily reduced their credit risk weights to 50
percent, and assigned zero risk weight to loan exposures guaranteed by the Philippine Guarantee Corporation.
1. Polish Financial Supervisory Authority (PFSA) announced measures related to provisions and reclassification of
loans to existing SMEs/micro enterprises to allow distributing the impact of credit losses over a longer period.
2. On November 4 2020 the anti-crisis shield 6.0 was announced which was approved on December 15 2020. The
key measures include:
- Co-financing of fixed costs for SMEs in the industries most affected by the restrictions. Subsidies under the PFR
Financial Shield of up to 70 percent of fixed costs not covered by revenues, provided that revenues decreased by
30 percent compared to the same period in 2019.
- Writing-off of the subsidies and the repayable part of the PFR liquidity loans to micro firms and SMEs, which are
affected by the new sanitary restrictions if their revenues in March-2020 to March-2021 drop by at least 30 percent
year on year.
- Continuation of de minimis guarantees for SMEs and liquidity guarantees for large companies, which requires
coordination with the European Commission on the possibility of subsidies to cover installments for loans with
maturity of 6 years for industries affected by the restrictions.
1. On March 9, 2020, the government earmarked EUR 200 million in loans to support SMEs, which was increased
to EUR 400 million on March 26, 2020.
2. Credit lines were made available through the banking system and guaranteed by the State, totaling EUR 6.2
billion to support SMEs in specific sectors most affected by the outbreak. These credit lines will be increased to the
maximum amount approved by the European Commission, which approved two schemes totaling EUR 13 billion to
provide direct grants and public guarantees on loans to help SMEs and large companies cover investment and
working capital needs, during the outbreak.
3. Additional policy measures to support SMEs include:
- Tax and social security contribution deferrals for companies.
- An employee furlough scheme.
- One-off payments for business that are reopening.
- Debt moratorium on credit agreements with bank customers until the end of March 2021.
4. Further policy measures for the first half of 2021 comprise:
- Employment support measures via an extension of the support for progressive resumption of economic activity
for micro, small and medium-sized enterprises (50% reduction in social contributions, with wages for hours not
worked paid at 100%, up to the limit of three monthly minimum wages), and renewed incentives for the
normalization of activity (up to 2 national minimum wages per worker) for micro-companies with a drop in turnover
above 25 percent.
- Enlarged and more flexible business support programs, such as an expansion of Apoiar.pt program (non-
repayable subsidies) to medium- and large-size enterprises and easing of the access qualifications.
- Support for payment of non-housing rents (for businesses with a drop in turnover above 25 percent), via non-
repayable subsidies up to a limit of 50% of the rent
- Tax deferrals, specifically monthly or quarterly VAT in the first half of 2021 for businesses with a drop in turnover
above 25 percent.
- New and expanded credit lines, targeting SMEs (EUR 750 million), exporters (EUR 1,050 million, with loans up
to EUR 4,000 per worker, of which 20 percent can be converted into a non-refundable subsidy if jobs are
maintained), large companies in affected sectors (750 million), tourism sector, including microcredit to small
companies (EUR 400 million).
1. Effective March 16, all banks and finance companies to postpone the repayment of loan installments and
interest for the affected sectors (including SMEs), for a period of 6 month. Customers should not be charged any
commissions or late fees and this should not impact their credit rating.
2. A repurchase window (Repo) of QAR 50 billion at a zero interest rate, has been allocated to provide liquidity to
banks. This will enable them to reduce interest rate for customers from affected sectors and sanction new loans
without fees with interest rate not exceeding 1.5 percent, provided that these loans are repriced after the end of a
period of 6 months (from March 16) or the end of the repo facilities, whichever being announced first.
3.The cabinet allocated guarantees to local banks worth QAR 3 billion.
- The guarantees are in line with the decision to provide financial and economic incentives worth QAR 75 billion for
the private sector.
- The money will be used for granting soft loans without commission or fees for the affected companies to support
salaries and rents through guarantees issued by the QDB to banks.
4.National Guarantee Program for Private Sector: Companies that are wholly owned by the private sector and
affected by the COVID-19 pandemic as defined by QDB will benefit from this program.
- The program shall finance for a maximum 6 months the salaries due and rents payable. The maximum funding
limit will be QAR 7.5 million for each Qatar ID, with a maximum of QAR 2.5 million per month.
- The program will provide a guarantee of 100 percent of the total financing by the QDB on behalf of the
government without the relevant banks bearing any fees or commissions.
- The loan shall be repaid over a maximum of 3 years, starting from the last installment, so the first year will be a
grace period.
- Banks shall calculate the interest on balance of the finance are amended as: (a) To support the private sector,
government of the State of Qatar through QDB shall pay the full interest/return for the first year at a rate not
exceeding 1.5 percent for the first 6 months of the finance and (1 percent + central bank lending rate) for the
remainder of the grace period; (b) The customer shall bear the interest on the remaining period (2 years) at a rate
not exceeding (2 percent + central bank lending rate).
1. Measures to support businesses including covering in part the wages of self-employed and workers in danger of
being laid off for an initial period of one month, deferral of utilities payments for SMEs.
2. The government has provided RON 15 billion of guarantees for loan guarantees and subsidized interest for
working capital and investment of SMEs.
3. In addition, another guarantee scheme of about RON 1.5 billion was adopted to support the procurement of
work equipment by SMEs.
1. The central bank has introduced a new RUB 500 billion facility for SME lending (in addition to the already
allocated RUB 150 billion to provide loans to SMEs to support and maintain employment). Another RUB 50 billion
will be allocated for similar purposes to borrowers who do not have SME status.
2. On April 27, the interest rate on central bank loans aimed at supporting lending to SMEs, to support and
maintain employment, was reduced from 4.0 to 3.5 percent.
3. Parliament approved a law that guarantees the possibility for affected citizens and SMEs to receive deferrals of
loan payments for up to six months.
4. Fiscal measures includes:
- Interest rate subsidies for SMEs and systemically important enterprises.
- Tax deferrals for most affected companies on most taxes.
- Deferrals on social contributions for SMEs in affected sectors for 6 months.
- Social contributions by SMEs on wages in excess of the minimum wage permanently reduced; social
contributions and CIT permanently reduced for IT firms.
- Tax holiday on all taxes (excluding VAT) and social contributions for Q2 for SMEs, sole proprietors, and NGOs
providing social services
- Deferrals on rent payments to all levels of government until the end of the year plus zero rent to the federal
government for three months for SMEs in affected sectors.
- Budget grants for SMEs in affected industries to cover salaries at the rate of one minimum salary per employee
for two months plus subsidized and forgivable loans for all enterprises in affected industries to pay minimum wages
for 6 months.
- Guaranteed loans to SMEs and affected industries.
1. A fund to support affected businesses through subsidized loans from commercial banks and MFIs, and credit
guarantees was launched. It targets SMEs and hard-hit sectors such as the hospitality industry.
2. Tax deferral and relief measures include fast-tracking of VAT refunds to SMEs,
1. The central bank has encouraged commercial banks to reduce some banking fees and grant a temporary
moratorium on debt repayments for fundamentally sound businesses affected by the crisis.
2. The central bank is working on options to increase liquidity to banks so that they will be able to grant credit to
the economy and have established, in coordination with AfDB, a new credit line for banks to provide lending to
small and medium enterprises affected by the pandemic.
The stimulus package includes SAR 50 billion for SMEs.

- Loan deferral program: SAR 30 billion will be allocated for banks and financing companies to delay loan
payments due from SMEs for six months.
- Lending program: SAR 13.2 billion will be used to provide bank loans to SMEs.
- Loan guarantee program: SAR 6 billion used to relieve SMEs from the finance costs of KAFALA program in order
to reduce finance costs and facilitate access to finance.
In June 2020 the West African Development Bank (BOAD) created a CFAF 100 billion window to extend 5 to 7
year refinancing of banks' credit to SMEs in the 8 WAEMU member countries.
1. Wage subsidies, including payment of minimum wages for all SME employees and entrepreneurs for three
months (RSD 93 billion) and payment of 50 percent of the net minimum wage for three months for employees in
large private sector companies and for employees who are currently not working (RSD 4 billion).
2. Other measures include a 3-month moratorium on enforcement and interests on tax debt under rescheduling
agreements and 10 percentage points reduction of the interest rate on tax debt.
3. A state guarantee scheme for bank loans to SMEs has been approved (RSD 240 billion), as well as new loans
to SMEs from the Development Fund (RSD 24 billion).
4. A second round of measures was adopted in late July, including wage subsidies for SME employees for another
two months (RSD 36 billion), and deferment of labor taxes and social security contributions for all private
companies for an additional month (RSD 30 billion).
In May 2020, a credit facility was established to assist commercial banks with emergency relief measures to
support small- and medium-sized enterprises and another credit facility to support large enterprises was
established. As of Nov 26 2020, 11.5% of SCR 500 million allocated for MSMEs and 6.37% of SCR 750 million
allocated for large enterprises has been used.
The Quick Action Economic Response Program (QAERP) seeks to mitigate the broader socio economic impact by:
ensuring a stable supply of essential commodities and food; providing support to affected SMEs; and scaling up
social protection and planned public works for the most vulnerable.
1. MAS announced the launch of the MAS SGD Facility for extending loans in partnership with Enterprise
Singapore (ESG). The Facility will lend at an interest rate of 0.1% per annum to eligible financial institutions, to
support affordable lending to SMEs under the ESG Loan Schemes.
2. On October 5, the MAS and the financial industry announced extended support for individuals and SMEs that
need more time to resume loan repayments. Individuals with residential, commercial and industrial property loans
who are unable to resume making full loan repayments can apply to make reduced instalment payments pegged at
60 percent of their monthly instalment, and eligible SMEs may opt to defer 80 percent of principal payments on
secured loans. These measures will gradually expire in 2021.
On April 19, the authorities published the Sint Maarten Stimulus and Relief Plan (SSRP) that elaborated fiscal
measures for the second quarter of 2020. The direct relief measures included soft loans to SMEs (NAf 33 million).
1. The economy ministry, in co-operation with the Slovak Investment Holding (SIH), launched a loan guarantee
scheme for SMEs on April 20, featuring at the moment EUR 100 million from unused EU funds to be provided by
banks, along with their own resources - commercial banks (nine joined the project) are ready to increase the
package to EUR 250 million, with the ministry considering to provide further EUR 200 million in round two. EUR 18
million guarantees have been drawn as of May 20.
2. Slovak Investment Holding launched a programme to provide bridging loans for SMEs on March 30, which,
under the condition that they maintain employment amid the Covid-19 outbreak, can be combined with an interest
rate subsidy. The allocation for the program is EUR 38 million.
3. A new bill passed on April 8 allows SMEs to ask banks for postponement of their payment schedule for
instalments of loans by nine months at most, with banks being obliged to comply with such requests.
Government guarantees and credit lines available for financial support to the affected businesses, particularly
SMEs (EUR 600 million).
1. Funds are available to assist SMEs under stress, mainly in the tourism and hospitality sectors, and small-scale
farmers operating in the poultry, livestock, and vegetables sectors. A new loan guarantee scheme is helping
companies with turnover below a certain threshold to get bank financing for the payment of operating expenses.
2. The objective of the small, medium, and micro enterprises (SMME) debt relief financing scheme was to help with
working capital during the current environment. The scheme was initially allocated ZAR 200 million, but was later
increased to ZAR 500 million.
3. The revenue administration is accelerating reimbursements and tax credits, allowing SMEs to defer certain tax
liabilities, and has issued a list of essential goods for a full rebate of customs duty and import VAT exemption. A 4-
month skills development levy tax holiday is also being implemented.
1. The government is extending up to EUR 100 billion loan guarantees, including to cover loans to self-employed
and SMEs for up to 80 percent.
2. Additional loan guarantees for SMEs and self-employed through the Compañía Española de Reafianzamiento
(EUR 1 billion).
3. Extension of the deadlines for filing tax returns and self-assessment for SMEs and self-employed.
4. Flexibility for SMEs and self-employed to calculate their income tax and VAT installment payment based on the
actual profit in 2020 (EUR 1.1 billion).
5. Tax payment deferrals for SMEs and self-employed for six months, with the first four months exempt from
interest.
6. Extension of the deadlines for filing tax returns and self-assessment to May 30 for SMEs and self-employed;
flexibility for SMEs and self-employed to calculate their income tax and VAT installment payment based on the
actual profit in 2020 (about EUR 200 million).
1. Income tax arrears of SMEs have been partially waived off, more relaxed payment terms have been approved
and legal actions against non-payers have been frozen.
2. There is a debt repayment moratorium, including a six month moratorium on bank loans for the tourism,
garment, plantation and IT sectors, and SMEs, with the central bank providing refinancing and concessional
lending facilities of 1 percent of GDP, partially supported by a central bank guarantee.
Suspends rental payments for six months for small, medium & micro enterprises renting from the government.
1. The National Debt Office has set up a government guarantee programme for bank loans to small and medium
size companies impacted financially by the coronavirus crisis. Debtors utilizing the guarantee can also apply for
postponed repayments on other loans.
2. The government controlled company Almi is offering bridge-loans to small and medium companies that have
been impacted financially by the coronavirus crisis.
3. Under certain conditions, companies affected economically by the corona crises can be granted to postpone
payment of taxes, although interest is charged on the respite amount.
Liquidity support to SMEs through guaranteed bridge loans is a concerted effort across different institutions,
including, for instance, guarantees by the federal government, a Covid-19 refinancing facility established by the
SNB, and some temporary regulatory adjustments by the Swiss Financial Market Supervisory Authority (FINMA).
Swiss companies affected by the COVID-19 crisis can make use of bridging credits guaranteed by the federal
government since March 26th, 2020.
- During the first wave of the pandemic, the Federal Council announced a series of federal-level support
packages, which included CHF1 billion for financial aid to particularly-affected firms and CHF580 million for loan
guarantees for SMEs
- A second package included a guarantee program up to CHF20 billion to support bridging loans to SMEs .
Measures taken by the government include financial support to SMEs and subsidizing food for population.
To support the private sector, the authorities indicated that they expedited the payment of verified expenditure
arrears with priority given to the affected SMEs, paying USD 376 million in March 2020.
The Bank of Thailand and The Revenue Department issued several measures as follows:
1. Loan payment holiday scheme of 6 months for all SMEs with credit line not exceeding THB 100 million.
2. Soft loans for SMEs with credit line not exceeding THB 500 million, with 2% per annum concessional interest
rate (interest-free for the first 6 months).
3. Postponement of Corporate Income tax filing and payment for companies or juristic ordinary partnerships
unlisted with the Stock Exchange of Thailand.
4. Postponement of the submission of tax returns and payments for entrepreneurs who have their businesses
closure due to COVID-19.
1. BSD 20 million to support business loans to SMEs with an additional BSD 5 million allocated to grants to assist
with payroll expenses.
2. BSD 60 million to provide tax deferrals and credits to companies with a minimum of 25 employees and annual
sales of BSD 3 million that retain at least 80 percent of staff.
The government introduced moratorium credit for period of three months for individuals and enterprises.
extending 5 to 7 year refinancing of banks' credit to SMEs in the 8 WAEMU member countries.
The fiscal package of March 23 2020 included VAT and income tax refunds to individuals and SMEs.
A new Turkish Lira lending facility for SMEs in the export sector was established to support trade finance.
1. Fiscal Policy Interventions including delayed payment of Corporation tax for Corporations and SMEs; deferred
payment of PAYE by affected sectors such as tourism and floriculture; waiver of interest on tax arrears; expedited
payment of outstanding VAT refunds and reduction in domestic arrears.
2. Supporting agro-processing and value chains and establishing special purpose financing schemes’ for SMEs to
cushion them from the negative effects of the COVID-19 pandemic.
On April 15, the Government enhanced and expanded the 5-7-9% Affordable Loans program (aimed at supporting
SMEs).
Measures taken by the central bank include:

- 15-25 percent reduction in provisioning for SME loans.
- Limiting bank fees for SMEs.
1. The Coronavirus Business Interruption Loan Scheme provides government-backed loans of up to GBP 5 million
to small and medium businesses with a turnover of up to GBP 45 million. Interest payments and any lender-levied
fees for businesses will be covered for an initial period of up to twelve months. The government will guarantee
loans up to 80% to boost the confidence of lenders to finance SMEs.
2. The Bounce Back Loan Scheme provides a 100 percent government guarantee. Businesses can borrow
between GBP 2,000 and GBP 50,000 for up to 6 years. The government will pay interest and fees for the first 12
months and no repayments will be due in the first 12 months. The scheme is available until November 4, 2020.
3. To improve the transmission and monetary policy, on March 11, the central bank launched a new Term Funding
Scheme (TFSME) with special incentives for banks to expand lending to SMEs. The TFSME will, over 12 months,
offer four-year funding of at least 10% of participants’ stock of real economy lending at interest rates at, or very
close to, Bank Rate. Additional funding will be available for banks that increase lending, especially to small and
medium-sized enterprises.
The central bank introduced the Main Street Lending Program to purchase new or expanded loans to small and
mid-sized businesses
The fund guaranteeing loans for SMEs will be expanded from USD 50 million to USD 500 million (utilizing financing
from international organizations). This will allow to guarantee the SME loans totaling USD 2.5 billion.
On March 31, a first-stage fiscal package worth roughly 4.5 percent of GDP was announced. It includes:
- deferred and cancelled taxes, license fees and charges for businesses in 2020 (796 million vatu).
- backdating to start of 2020 some reductions resulting from forthcoming business license reforms.
- the Employment Stabilization Payment (ESP) (reimbursing employers 30,000 vatu per employee per month for
four months, plus an additional 12 percent to the employer, for a total of 2.5 billion vatu).
- SMEs (turnover of less than 200 million vatu) will also receive the value of their business license fees (roughly
400 million vatu).
1. The Palestine Monetary Authority (PMA) launched an SME fund to provide soft loans to SMEs impacted by the
crisis. Loans will be at 3% interest rate over 36 months. The size of the SME fund will be USD 300 million of which
USD 210 comes from the PMA (they have yet to raise USD 90 million).
2. On 25 August 2020, the PMA announced that $32m in credit facilities had been extended to SMEs affected by
the COVID-19 pandemic through the ‘Estidama’ (sustainability) program.
1. On May 4, 2020, the authorities announced a larger COVID-19 economic recovery and stimulus package
including measures to provide liquidity support to several sectors, including agriculture (ZWL 6 billion), mining
(ZWL 1 billion), tourism (ZWL 0.5 billion), SMEs (ZWL 0.5 billion), and arts (ZWL 0.02 billion).
2. ZWL 1 billion was set aside for supporting empowerment programs for SMEs, youths, artists and sports, through
respective financial institutions such as Empowerment Bank, Zimbabwe Women Microfinance Bank, People’s Own
Savings Bank and Small and Medium Enterprises Development Company.
cument and is updated on a regular basis. This version of the tracker was updated on January 21, 2021. The information therein, may not b
F Policy Tracker, please refer to the website for more information.
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Yes Yes Yes Yes
Yes Yes
Yes
Yes
Yes
Yes
Yes Yes
Yes
Yes
Yes Yes Yes Yes
Yes
Yes
Yes
Yes
Yes
ation therein, may not be exhaustive.

Source
http://www.financa.gov.al/miratohet-vkm-per-instrumentin-e-garancise-shteterore-te-huave-me-terma-preferenciale-per-pagat-e
https://www.argentina.gob.ar/produccion/medidas-pymes-covidIMF Policy Tracker: https://www.imf.org/en/Topics/imf-and-covid
IMF Policy Tracker: https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19

Australian authorities: https://treasury.gov.au/coronavirus/businesseshttps://treasury.gov.au/coronavirus/sme-guarantee-schem
https://investinaustria.at/en/blog/2020/03/covid-19-support-measures-companies.phphttps://www.bmf.gv.at/public/top-themen/c

https://www.belgium.be/en/news/2020/
additional_socio_economic_and_health_measures_fight_against_covid_19additional_socio
African Department, IMF.


Chinese authorities:
Circular of PBOC on Releasing Special Relending Fund to Support Matters Related to the Prevention and Control of
COVID-19 Outbreak (中国人民银行关于发放专项再贷款支持防控新型冠状病毒感染肺炎疫情有关事项的通知) promulgated
and effective on January 31, 2020.;
Circular of PBOC on Re-lending and Re-discounting to Promote Orderly Resumption of Operations and Production (中国
人民银行关于加大再贷款、再贴现支持力度促进有序复工复产) promulgated and effective on February 26, 2020.
http://www.xinhuanet.com/politics/2020-03/20/c_1125738395.htm
PRC State Council, PBoC, and CBIRC (banking regulator) websites:
http://www.gov.cn/
http://www.pbc.gov.cn/
http://www.cbirc.gov.cn/cn/view/pages/index/index.html
Asia Pacific Department, IMF.
https://dapre.presidencia.gov.co/normativa/decretos-2020/decretos-marzo-2020 https://www.banrep.gov.co/es/medidas-banrep

Cypriot authorities: http://mof.gov.cy/gr/γραφείο-τύπου/γραφείο-τύπου-υπουργού/πρόγραμμα-στήριξης-δημοσιονομικής-φύσεω
https://vf.dk/en/financing/covid-19-guarantee-smes/
Egyptian authorities:
https://www.cbe.org.eg/en/Pages/HighlightsPages/Circular-dated-15-March-2020-regarding-the-precautionary-measures-
to-counter-the-effects-of-COVID-19-Virus.aspx
https://www.cbe.org.eg/en/Pages/HighlightsPages/Circular-dated-16-March-2020-following-up-the-precautionary-
measures-to-counter-the-effects-of-COVID-19-Virus.aspx
https://www.cbe.org.eg/en/Pages/HighlightsPages/Circular-dated-22-March-2020-regarding-the-explanatory-memo-of-
postponing-credit-installments-for-6-months.aspx
http://www.mof.gov.eg/Arabic/MOFNews/Media/Pages/release-a-11-5-2020.aspx
https://en.amwalalghad.com/cbe-issues-guarantees-worth-egp100bln-for-banks-to-boost-loans/
http://www.mof.gov.eg/Arabic/MOFNews/Media/Pages/release7_1-4-2020.aspx
https://dapre.presidencia.gov.co/normativa/decretos-2020/decretos-marzo-2020
https://www.banrep.gov.co/es/medidas-banrep-covid-19
Middle East and Central Asia Department, IMF.

https://www.finnvera.fi/eng/growth/current-news-for-smes/current-news-for-smes#contact_your_bank_in_timeIMF Policy Tracke
https://www.bpifrance.com/News-Insights/Covid-19-Bpifrance-emergency-planhttps://www.economie.gouv.fr/covid19-soutien-en

https://www.bmwi.de/Redaktion/EN/Pressemitteilungen/2020/20200327-altmaier-unprecedented-support-programme-for-emplo
Honduran authorities:http://banhprovi.gob.hn/BANHPROVI/covid19.htmlIMF Policy Tracker: https://www.imf.org/en/Topics/imf-a
Hong Kong authorities:
https://www.info.gov.hk/gia/general/202004/08/P2020040800810.htm
https://www.hkma.gov.hk/eng/key-functions/banking/banking-regulatory-and-supervisory-regime/riding-out-the-covid-19-
challenge/


Indonesian authorities: https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_222220.aspxhttps://www.ojk.go.id/id/regulas
Iraqi authorities: https://gds.gov.iq/iraqi-government-finance-schemes-to-support-smes-and-business-innovation/

https://ec.europa.eu/commission/presscorner/detail/en/ip_20_530IMF Policy Tracker: https://www.imf.org/en/Topics/imf-and-co

Kuwaiti authorities
Latvian authorities:https://www.altum.lv/en/news/covid-19-skartie-uznemeji-no-sodienas-var-pieteikties-altum-atbalsta-programm
https://www.mfdp.gov.lr/index.php/component/edocman/proposed-recast-national-budget-fiscal-year-2019-2020?Itemid=0 Afric
https://meco.gouvernement.lu/dam-assets/dossiers/Tableau-stab-9avril-EN.pdfhttps://gouvernement.lu/fr/actualites/toutes_actu

Mauritian authorities:
http://www.govmu.org/English/News/Pages/Covid-19-Government-extends-financial-assistance-schemes-.aspx
https://www.bom.mu/media/actions-regarding-covid-19/bank-mauritius-covid-19-support-programme-additional-measures-
support-households-and
https://www.mcci.org/media/245211/support-measures-to-enterprises-affected-by-covid-19.pdf
https://www.edbmauritius.org/media/3100/plan-de-soutien_13-march-2020.pdf
Moroccan authorities:
https://www.challenge.ma/reprise-economique-damane-relance-bientot-operationnel-142803/

Dutch authorities: https://business.gov.nl/subsidy/bmkb/https://business.gov.nl/corona-dutch-government-measures-overview/h
https://www.rbnz.govt.nz/news/2020/03/mortgage-holiday-and-business-finance-support-schemes-to-cushion-covid-impactshttp
https://www.cbn.gov.ng/Out/2020/FPRD/CBN POLICY MEASURES IN RESPONSE TO COVID-19 OUTBREAK AND SPILLOV
North Macedonian authorities: https://www.finance.gov.mk/en/node/8639https://www.nbrm.mk/ns-newsarticle-soopstenie-18320

http://www.oecd.org/cfe/COVID-19-SME-Policy-Responses.pdf
https://www.hacienda.gov.py/web-hacienda/index.php?c=972&n=12605

Portuguese authorities:
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_599
https://ec.europa.eu/commission/presscorner/detail/en/IP_20_609
[Only available in Portuguese; information regarding the increase in State-guaranteed credit lines, amongst other
measures]
https://pees.gov.pt/empresas/
[English version now available, provided below]

https://www.bportugal.pt/en/comunicado/covid-19-moratorium-credit-agreements-bank-customers-entered-force
https://www.bportugal.pt/en/comunicado/covid-19-amendments-public-moratorium-applicable-loan-repayments
European Department, IMF.

Qatari authorities:
http://www.qcb.gov.qa/English/SupervisionandControl/Documents/Gov%20opening%20statement%20-%20staff
%20fhandbook%202020_.pdf
http://www.qcb.gov.qa/English/SupervisionandControl/Documents/loans%20finance%20companies%205-2020.pdf
http://www.qcb.gov.qa/English/SupervisionandControl/Documents/7-2020E.pdf
http://www.qcb.gov.qa/English/SupervisionandControl/Documents/21-2020.pdf

http://www.sama.gov.sa/en-us/news/pages/news-514.aspxMiddle East and Central Asia Department, IMF.

Singaporean authorities: https://www.mas.gov.sg/news/media-releases/2020/mas-sgd-facility-for-esg-loans
https://www.employment.gov.sk/sk/ministerstvo/vyskum-oblasti-prace-socialnych-veci-institut-socialnej-politiky/analyticke-kome
http://www.dsbd.gov.za/wp-content/uploads/2020/03/SMME-Debt-Relief-Scheme.pdfIMF Policy Tracker: https://www.imf.org/en

https://www.reuters.com/article/us-health-coronavirus-spain-measures/spain-to-guarantee-up-to-80-of-sme-bank-lending-to-eas
http://www.govt.lc/media.govt.lc/www/pressroom/news/attachments/social-stabilization-plan-april---june0.pdfWestern Hemisphe
Swedish authorities:
https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2020/debt-office-extends-
eligibility-period-for-government-guarantee-programme-for-companies/
https://www.almi.se/en/in-english/
https://www.skatteverket.se/servicelankar/otherlanguages/inenglish/businessesandemployers/
informationforcompaniesinconnectiontothecoronavirus.4.1c68351d170ce55452715e4.html
https://covid19.easygov.swiss/en/for-media/#anchor-1European Department, IMF.

https://www.bot.or.th/English/PressandSpeeches/Press/2020/Pages/n2063.aspxAsia Pacific Department, IMF
Decree Law No. 22/2020 June 5 : Moratorium on Compliance with Obligations Emerging from Credit Grant Agreements
within the scope of the Economic Policy in Response to COVID-19
https://www.kmu.gov.ua/en/news/uryad-zbilshiv-do-3-mln-grn-sumu-kreditu-za-programoyu-dostupni-krediti-5-7-9
https://www.gov.uk/government/news/coronavirus-business-support-to-launch-from-todayhttps://www.bankofengland.co.uk/mar


S.No. Jurisdiction Institution
1 Albania Central Bank
2 Argentina Central Bank
3 Bangladesh Central Bank
4 Bolivia Government
5 Brunei Darussalam Monetary Authority
6 China Central Bank
7 Colombia Government
8 Costa Rica Central Bank

9 Egypt Central Bank
10 France Central Bank
11 Guinea Central Bank
12 India Central Bank

13 Indonesia Central Bank
14 Iraq Central Bank
15 Kuwait Central Bank
16 Liberia Central Bank

17 Mauritius Central Bank
18 Morocco Central Bank
19 Mozambique Central Bank
Dutch Banking
Association & Dutch
20 Netherlands
Payments
Association
21 Paraguay Central Bank
22 Portugal Central Bank
23 Qatar Central Bank
24 Saudi Arabia Monetary Authority
25 Timor-Leste Central Bank
26 Tunisia Central Bank

27 Ukraine Central Bank
West African Economic Central Bank of

28 and Monetary Union West African States
(UEMOA) (BCEAO)
Measures
1. Effective 10 April 2020, commissions applied by banks on the non-paper based credit transfers in Albanian
Leke (ALL) from their clients, as well as the fees charged to participants in AIPS and AECH systems operated
by the Bank of Albania have been removed.
2. In addition, the Bank of Albania has eliminated the commission applied to banks on the use of the payment
systems operated by the Bank of Albania, with the aim of balancing costs.
On March 28th 2020, the Central Bank of Argentina decided that Payment Service Providers (PSPs) are to
allow their customers to send (as well as receive) money transfers between bank accounts and other PSP's
payment accounts using the Uniform Virtual Code as customers' ID whenever possible.
1. The daily transaction limit on contactless debit and credit cards increased from approximately USD 35 to
USD 60.
2. Waiver of charges to merchants accepting debit and credit card payments for medicine and other essentials,
upto approximately USD 180 per day and USD 1,200 per month.
The use of electronic payments for the purchase of goods and services is being promoted. For this purpose, an
electronic signature will be enough to carry out financial transactions, without any restrictions on financial
contracts or remote purchases, following the security measures established by the financial intermediation
entities.
Online local interbank transfer fees and charges have been waived for a period of six months for all customers.
1. The People's Bank of China and other relevant agencies have strengthened their efforts to ensure the
smooth functioning of electronic payment services. Banking financial institutions and non-bank payment
institutions are encouraged to conduct users access evaluation and daily inspection through video and
telephone during the pandemic, and strengthen risk management by monitoring transactions.
2. Clearing institutions, banking financial institutions and non-bank payment institutions are encouraged to offer
preferential payment service charges to users in specific fields or specific regional users.
3. Banking financial institutions and non-bank payment institutions should ensure the smooth functioning of
electronic payment channels, flexibly adjust the amount limits according to specific cases, and guide customers
to complete payment and settlement through electronic channels such as electronic commercial bill system,
personal online banking, enterprise online banking, mobile banking, payment service APP, etc.
Special regulatory guidelines have been established to promote the use of digital channels to carry out
transactions. These provisions include financial services, distribution of pension, and the newly designed
government cash-transfers programs delivery. Other benefits include:
1. Elimination of VAT charges for mobile services (up to USD 18) .
2. Continuity of internet services, even for those clients that cease to pay or are late on their payments.
3. Access of internet services for vulnerable population through low-cost plans that include a set of basic free
internet services or transactions.
Regarding the payment system, the Board of Directors of the Central Bank of Costa Rica (BCCR) increased the
limit for fast payments with credit, debit or prepaid cards to CRC 30,000.
On 20th March 2020, Central Bank of Egypt issued a circular with the following emergency measures and
regulatory changes:
1. Allow mobile payments service providers to apply electronic customer identification procedures for
onboarding of new customers given that the customer has to visit one of the agent branches to complete the
KYC process in 3 months from the onboarding. This will be in effect till end of June 2020.
2. Waive all commissions and fees related to deposits, transfers and cash withdrawals from ATMs and creation
of virtual card numbers for 6 months.
3. Waive all fees paid by merchants for QR payment transactions for 6 months.
4. Allow transfers between any bank account and any mobile money account at another bank.
5. Increase monthly transaction limits for mobile money wallets to EGP 200,000 and EGP 100,000 for
merchants and individuals respectively.
6. Increase daily transaction limits for mobile money wallets to EGP 40,000 and EGP 30,000 for merchants and
individuals respectively.
7. Increase the maximum limit of electronic money units issued to each service provider to EGP 500 million.
8. Ensure operational efficiency of the various electronic channels continuously and raising the level of cyber
security monitoring of the systems as well as monitoring the unusual activities suspected to lead to illegal
operations.
9. Educate customers and merchants about new services and exemptions, and urging customers, through
various appropriate communication channels, to use electronic payments as an alternative to banknotes in
order to maintain their safety during the time of the pandemic.
Effective May 11, the minimum amount for a contactless payment will drop from EUR 30 to EUR 50.
Identification requirements for e-money accounts have been eased and companies are encouraged to reduce
e-money transfer fees.
1. Close monitoring of all payment systems and infrastructure to ensure availability and accessibility.
2. Advisories to payment system operators to ensure availability of payment systems (including participants) to
ensure that business is run as normal.
2. Campaigns and messages from top management of Reserve Bank of India (RBI) to use digital payment
options in the interest of safety and social distancing.
4. Facilitating smooth handling of Direct Benefit Transfer (DBT) transactions under various schemes.
5. Exploring various options to increase contact-less mode of conducting digital transactions.
1. Support government programs to accelerate non-cash social aid program (bansos) disbursements to
members of the public in conjunction with payment system service providers by expediting the electronification
of relevant social programs, including the Family Hope Program (PKH), Noncash Food Assistance Program
(BPNT), Pre-Employment Card and Indonesia Smart College Card (KIP).
2. Increase public dissemination, in collaboration with payment system service providers, to increase the use of
non-cash payment instruments through digital banking, electronic money and broader Quick Response Code
Indonesia Standard (QRIS) acceptance.
3. Relax credit card policies by lowering the upper limit for credit card interest, minimum payment requirements
and the penalty for late payments, while supporting credit card issuer policy to extend the due date for
customers.
4. Encourage the use of non-cash payment channels by reducing the cost of the National Clearing System
(SKNBI) from the banking industry to Bank Indonesia from IDR 600 to IDR 1 and from customers to the banking
industry from a maximum of IDR 3,500 to IDR 2,900. (Effective from 1st April 2020 until 31st December 2020)
5. Provide hygienic currency fit for circulation, alternative cash and backup services, and urging the public to
prioritize non-cash payment transactions.
6. Suspend cash payment system services that involve social interaction, such as currency services through
mobile cash services in urban and rural areas as well as exchange services for mutilated and/or damaged
banknotes and verification of counterfeit banknotes for the public and banking sector from 16th March 2020.
7. Ensure that rupiah currency in circulation has been subjected to special treatment in order to minimize the
transmission of COVID-19 as follows:
- Quarantine all currency received from the banking industry for a period of 14 days before disinfecting prior to
recirculation.
- Enhance the hygiene of human resources in charge of rupiah currency handling and the equipment used in
rupiah currency management.
- Coordinat3 with the banking industry to implement rupiah currency management in accordance with
occupational health and safety aspects in terms of human resources and rupiah currency management
equipment.
1. The Central Bank of Iraq (CBI) is working with the government to increase usage of electronic payment
systems for retail payments instead of cash.
2. CBI has issued instructions to mobile electronic payment service providers to facilitate opening electronic
wallets through obtaining personal data of the customer remotely during the curfew period.
3. CBI has issued instructions to banks and electronic payment service providers stating that the deductible
commission on financial transactions made through POSs is zero for the merchant for 6 months starting 17
March 2020. Also all banks and electronic payment service providers should encourage merchants to use
electronic payment instruments by adopting incentive systems, extending credit, and adopting AL-WALLAA
system when using cards or electronic wallets.
1. Increased the limit on contactless payments from KWD 10 to KWD 25.

2. Removed charges and commissions on POS, ATM and online banking transactions for three months.
3. For exchange companies that provide services through applications and online, compliance with certain
requirements will activate the following:
- Allow exchange companies to open accounts using eKYC. The maximum amount of transfer should not to
exceed KWD 1,500 per month.
- Allow link payment through SMS for existing clients. The maximum amount of transfer should not to exceed
KWD 1,500 per month.
The Central Bank of Liberia has suspended for three months, all charges on the Automated Clearing House
(ACH), Direct Credit (DC) and Real Time Gross Settlement System (RTGS). Commercial banks are accordingly
required to suspend all charges to customers related to these Electronic Payment Channels.
1. The central bank encouraged the public to use internet banking facilities and other electronic modes of
payments, such as cards and mobiles.
2. Banks have agreed to waive the fees applicable on shared ATM services. This will enable customers to have
access to the ATM of any bank regardless of the issuer of the card without having to pay any fee.
1. The central bank has temporarily relaxed (until the end of June 2020) the procedures for opening payment
accounts and eased the requirements by local merchants to accept mobile payments.
2. Banks and payment institutions requested to comply with recommendations on new technologies in the
context of opening remote accounts.
On March 30, the central bank announced measures to facilitate payment system transactions and liquidity
conditions by lowering fees and charges for digital transactions through commercial banks, mobile banking and
e-currency, for a period of three months.
Merchants encourage, or sometimes limit, payments to be made through contactless payments – i.e. through
Near Field Communication technology with cards, phones, or wearables. As such, the usual monetary limit (25
euro) at which no PIN needs to be provided is temporarily increased to 50 euro, which limits the frequency at
which payment terminals have to be contacted by customers.
The National Government is providing subsidies to independent workers and low-income population through
mobile money payments using electronic wallets. All registered e-money providers are supporting these
Government programs performing these transactions without charging fees.
1. Higher maximum limit for contactless transactions (from EUR 20 to EUR 50).
2. Suspension of minimum fees for businesses on POS payments and no minimum value for payment
transactions.
3. Suspension of commissions and fees charged for the use or conduct of payment transactions via digital
channels (namely home banking or payment applications) for bank customers affected by the COVID-19
pandemic until 30 June 2020.
1. Cancellation of all fees and commission charged for using payment systems between banks and exchange
houses in Qatar, including POS fees and ATM withdrawal fees.
2. No fees or commissions to be charged on external transfers. However, fees and commissions, if any,
charged by the outside correspondent will be collected.
3. Permitted banks and exchange house to file E-KYC for customers with Central Bank's permission.
4. Directed banks and exchange houses to provide:
- Money transfer service through ATM machines.
- Provide money transfer service through applications on mobile phones for all customers regardless to the
amount of the salary.
- Commercial companies can carry out cross-border transfers on behalf of their staff upon request regardless
their registration status of the Wages protection system.
5. All banks to provide banking services (including electronic banking services) to domestic workers.
Allocation of SAR 800 million as a direct subsidy of transaction fees to support points of sales and electronic
payment.
Banks are required to increase the daily limit of ATM money withdrawal to USD 1,000. Withdrawals less than
USD 1,000 to be done at ATMs, while those more than USD 1,000 to be done at the bank teller.
On March 20, the central bank asked banks to suspend any fees for electronic payments and withdrawals.
1. The central bank has cancelled tariffs of the System of Electronic Payments (SEP) for the quarantine period.
2. The central bank has approved a uniform approach to the generation and use of QR-codes for settlements
(namely credit transfers) to simplify and speed-up payments.
3. The central bank is planning to provide remote access to its credit register. This will enable applicants –
individuals and legal entities – to obtain information from the credit register conveniently and quickly.
1. Free nationwide transfers of electronic money between people for amounts less than or equal to XOF 5,000,
including transfers from bank accounts to electronic wallets, and vice versa.
2. Reduction of 50% by commercial banks in commissions paid by the merchants by card in the network of the
Interbank Monetary Union of the West African Economic and Monetary Union (GIM-UEMOA).
3. 50% reduction in the fees applied to customer bank transfers, processed via the UEMOA's Interbank
Automatic Clearing System (SICA-UEMOA).
4. An increase in the ceiling for recharging the electronic wallet from XOF 2 million to XOF 3 million and a
monthly cumulative recharge from XOF 10 million to XOF 12 million. This measure is applicable only to
identified customers.
5. A 50% drop in bank card withdrawal fees in the GIM-UEMOA regional network.
nt and is updated on a regular basis. This version of the tracker was updated on January 21, 2021. The information therein, may not be exh
cy Tracker, please refer to the website for more information.
Increased
Reduced Simplified
balance & Flexible KYC
transaction transaction
transaction onboarding
fees processes
limits
Yes
Yes
Yes Yes
Yes
Yes
Yes
Yes
Yes
Yes Yes Yes
Yes
Yes
Yes
Yes Yes
Yes Yes Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes Yes
Yes Yes Yes
Yes
Yes
Yes Yes
Yes Yes
ion therein, may not be exhaustive.

Source
Albanian authorities: https://www.bankofalbania.org/Press/Press_Releases/Decisions_by_the_Supervisory_Council_8_April_20
Argentinian authorities: http://www.bcra.gov.ar/noticias/coronavirus-BCRA.asp
https://home.kpmg/xx/en/home/insights/2020/04/bangladesh-government-and-institution-measures-in-response-to-covid.html
Bolivian authorities.
IMF Policy Tracker: https://www.imf.org/en/Topics/imf-and-

covid19/Policy-Responses-to-COVID-19
Chinese authorities and Asia Pacific Department, IMF.
Colombian authorities: https://www.superfinanciera.gov.co/jsp/10103679
Costa Rican authorities: https://activos.bccr.fi.cr/sitios/bccr/ComunicadosPrensa/Docs_Comunicados_Prensa/CP-BCCR-012-2

French authorities: https://www.larevuedudigital.com/le-paiement-sans-contact-porte-a-50-e-a-partir-du-11-mai/

Indian authorities: https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49521https://youtu.be/Wm7EbyRIbPA

Indonesian authorities: https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspxhttps://www.bi.go.id/en/ruang-m
Iraqi authorities.
Kuwaiti authorities.
Liberian authorities:
https://cbl.org.lr/2press.php?news_id=203&related=7&pg=sp
https://www.bom.mu/media/actions-regarding-covid-19/
change-opening-hours-bank-branches-thursday-26-march-
2020-covid-19-context
https://www.bom.mu/media/actions-regarding-covid-19/
ensuring-continuity-banking-services-during-confinement-
period-mesures-pour-assurer-le
Moroccan authorities

Dutch authorities: https://www.betaalvereniging.nl/en/actueel/nieuws/contactless-payments-without-pin-temporarily-up-to-50-eu
Paraguayan authorities: https://www.hacienda.gov.py/web-hacienda/index.php?c=972&n=12605
Portuguese authorities:
https://www.bportugal.pt/en/comunicado/contactless-
payments-eu50-will-be-reality
https://www.bportugal.pt/en/comunicado/covid-19-affected-
customers-may-use-digital-channels-make-feeless-
payments-until-june-30
Qatari authorities: http://www.qcb.gov.qa/English/SupervisionandControl/Documents/banks%206-2020.pdf http://www.qcb.gov.
http://www.sama.gov.sa/en-us/news/pages/news-514.aspxMiddle East and Central Asia Department, IMF.
Timorese authorities.

Ukrainian authorities
https://bank.gov.ua/en/news/all/qr-kodi-dlya-zdiysnennya-
kreditovih-perekaziv-sprostyat-ta-prishvidshat-rozrahunki
https://bank.gov.ua/en/news/all/otrimati-dostup-do-
kreditnogo-reyestru-natsionalnogo-banku-mojna-bude-
distantsiyno
European Department, IMF.
https://www.bceao.int/fr/reglementations/avis-ndeg-004-03-
2020-relatif-aux-mesures-de-promotion-des-paiements-
electroniques

2020 FAS Covid 19 Policy Response TrackerSMEs and Mobile Money 01 21 2021

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Note: This version includes updates to the mobile money tab

1 Bangladesh Central Bank

2 Botswana Central Bank

4 Ghana Central Bank

5 Kenya Central Bank

7 Liberia Central Bank

8 Malawi Central Bank, MNOs

9 Mozambique Central Bank

10 Myanmar Central Bank

11 Nigeria Central Bank

12 Paraguay Central Bank

13 Qatar Ooredoo Qatar

15 Tanzania Central Bank

16 Uganda MTN, Airtel Uganda

West African Economic and Central Bank of West

18 Zambia Central Bank

Actions by the MNOs:

Actions by the Reserve Bank of Malawi:

2. As of October 10, 2020, the following measures will cease to be in effect:

Yes Yes Yes

n therein, may not be exhaustive.

https://assets.kpmg/content/dam/kpmg/bd/pdf/KPMGBangladeshCOVID-19-23Apr2020.pdfAsia Pacific Department, IMF.

Central Bank of Myanmar

Qatari authorities: https://thepeninsulaqatar.com/article/15/03/2020/Ooredoo-launches-StayHomeWithOoredoo-campaign-to-su

https://www.bot.go.tz/Adverts/PressRelease/en/20200610213039114.pdfMonetary and Capital Markets Department, IMF.

10 Benin Central Bank

16 Brunei Darussalam Government

18 Burkina Faso Central Bank

19 Cabo Verde Government

25 Côte d’Ivoire Government

30 Dominican Republic Government

39 Georgia Central Bank

43 Guinea Central Bank

44 Guinea-Bissau Central Bank

46 Hong Kong SAR Government

51 Iraq Central Bank

59 Kuwait Central Bank

60 Kyrgyz Republic Government

61 Lao P.D.R. Government

67 Macao SAR Government

68 Malawi Central Bank

79 Namibia Central Bank

83 Nigeria Central Bank

84 Nigeria Central Bank

90 Papua New Guinea Government

São Tomé and

101 Saudi Arabia Monetary Authority

102 Senegal Central Bank

103 Serbia Government

105 Sierra Leone Government

106 Singapore Monetary Authority

107 Sint Maarten Government

108 Slovakia Government

109 Slovenia Government

110 South Africa Government

112 Sri Lanka Government

113 St. Lucia Government

114 Sweden Government

115 Switzerland Government

116 Tajikistan Government

117 Tanzania Government

119 The Bahamas Government