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FACTBOX-Global economic policy response to the coronavirus crisis

    LONDON, Sept 1 (Reuters) - Governments and central banks around the world have rolled out
unprecedented fiscal and monetary support for economies that are reeling from the coronavirus
pandemic.
    The following is a summary of the main fiscal and monetary policy announcements made by
policymakers from the Group of 20 major world economies and others.
    For a separate FACTBOX outlining the response from global central banks since the crisis
began, see:
    
                                Major G7 economies with euro zone
 Country/Region    Fiscal policy                      Monetary policy / market operations
 United States     March 27 - $2.3 trillion aid       March 3 and March 15 - Fed cuts interest
                   package including: $500 billion    rates in two emergency meetings on March 3
                   to help hard-hit industries; $350  (50 basis points) and March 15 (100 bps),
                   billion for small-business loans;  taking the federal funds rate to 0-0.25%.
                   $250 billion for expanded          Cuts the discount window rate by 150 bps.
                   unemployment aid; at least $100                            
                   billion for hospitals and related  
                   health systems.                    March 18 - Fed rolls out third emergency
                                                      credit programme in two days; aimed to
                   April 23 - House of                ensure liquidity in money market mutual
                   Representatives approves $484      funds.             
                   billion coronavirus relief bill,   
                   funding small businesses and       March 23 - Fed promises unlimited,
                   hospitals.                         open-ended QE, including purchases of
                                                      corporate and municipal bonds.             
                   May 15 - House of Representatives  
                   passes $3 trillion relief          March 31 - Fed broadens access to dollars
                   package.                           with repo agreements for foreign central
                                                      banks. April 9 - Fed rolls out $2.3 trillion to
                                                      backstop "Main Street" local governments
                                                      and small and mid-sized businesses. April 27 - Fed broadens help for local
                                                      governments, offering to buy bonds of up to
                                                      three years' duration from counties with as
                                                      few as 500,000 residents and cities with as
                                                      few as 250,000 residents.             
 United Kingdom    March 11 - Introduces 30 billion-  March 11 and 19 - Bank of England cuts
                   pound stimulus plan.               interest rates in two emergency meetings on
                                                      March 11 (50 bps) and March 19 (15 bps),
                   March 17 - Says will launch a 330  taking the rate to a record low of 0.10%;
                   billion-pound lifeline of loan     announces 200 billion pounds of bond
                   guarantees to businesses.          purchases. Introduces new programme for
                                                      cheap credit and reduces capital buffer. March 20 - Offers to pay 80% of    
                   wage bills if staff put on leave,  March 17 - BoE corporate financing facility
                   up to a maximum of 2,500 pounds a  will buy commercial paper with a maturity
                   month. Businesses also allowed to  of up to 12 months from businesses that had
                   temporarily hold onto 30 billion   a pre-crisis investment-grade credit rating
                   pounds in VAT.                     or similar. March 27 - Pledges public money    April 2 - BoE says will double the size of
                   to cover national insurance and    its corporate bond purchase programme to at
                   pension contributions for          least 20 billion pounds.             
                   companies that temporarily ask     
                   employees not to work.             June 18 - Increases bond-buying programme
                                                      by 100 billion pounds.             
                                                      
                   April 17 - Furlough scheme         
                   extended by a month until          
                   end-June. May 12 - Furlough scheme extended  
                   by a further four months until     
                   end-October.                       
                                                      
                   May 13 - Says will temporarily     
                   guarantee business-to-business     
                   transactions until December for    
                   companies struggling to pay trade  
                   credit insurance.                  
                                                      
                   May 19 - Quadruples size of loan   
                   large businesses can borrow to     
                   200 million pounds.                
                                                      
                   May 22 - Extends mortgage payment  
                   holiday scheme for homeowners for  
                   another three months. July 8 - Announces an additional   
                   30 billion pounds of spending,     
                   funnelling money to employers,     
                   homebuyers and hospitality firms;  
                   gives tax break to housing         
                   market.                            
 Japan             March 10 - Announces 430.8         March 16 - Bank of Japan ramps up purchases
                   billion yen of extra spending.     of exchange-traded funds (ETFs) and other
                                                      risky assets, including corporate bonds. Is
                                                      also creating a new loan programme to
                   April 7 - Approves economic        extend one-year, zero-rate loans to
                   stimulus package equal to 20% of   financial institutions. Planned annual
                   economic output. Package totals    increase in the Bank's government bond
                   108 trillion yen and includes      holdings held at 80 trillion yen.
                   cash payouts worth more than 6     Introduces new lending facility worth 8
                   trillion yen to households and     trillion yen.             
                   small and midsize firms.           
                                                      April 27 - BOJ pledges to buy unlimited
                                                      amounts of bonds; will boost by three-fold
                   April 16 - PM Abe says to          the maximum amount of corporate bonds and
                   consider making cash payouts of    commercial debt it buys to 20 trillion yen.
                   100,000 yen to everyone.                        FACTBOX on key steps: April 20 - Says is boosting        May 22 - BOJ launches its own version of
                   economic stimulus package by 8%    the U.S. Fed's "Main Street" lending
                   to $1.1 trillion.                  programme to channel nearly $280 billion to
                                                      small businesses. Extends to March 2021
                   May 27 - Cabinet approves fresh    emergency relief announced in March and
                   $1.1 trillion stimulus package.    April. Extends the term of loans for a
                                FACTBOX on key        lending scheme to six months from three
                   spending:                          months. May 26 - BOJ offers to pump 1.7 trillion
                                                      yen into the economy under its lending
                                                      scheme.             
 Canada            March 18 - Says will provide C$55  March 12 - Bank of Canada announces
                   billion in additional aid to       temporary expansion to the list of eligible
                   businesses and households through  securities for its term repo operations.
                   tax deferrals; C$27 billion aid                
                   package for workers and            
                   low-income households.             March 26 - Canadian Mortgage and Housing
                                                      Corp bolsters the insured mortgage purchase
                                                      programme to C$150 billion from previously
                   March 30 - Says will cover up to   announced C$50 billion.             
                   75% of the wages of people         
                   working for small and              March 27, March 13 and March 4 - BoC cuts
                   medium-sized enterprises.          rates in three emergency meetings on March
                                                      4 (50bps), March 13 (50 bps) and March 27
                                                      (50 bps), taking the overnight interest
                   May 15 - Extends emergency wage    rate to 0.25%.
                   subsidy programme until                                                
                   end-August. March 27 - BoC says will buy Government of
                                                      Canada securities in the secondary market.
                                                      It will begin with purchases of C$5 billion
                                                      per week.             
 Euro zone         March 23 - EU finance ministers    March 12 - ECB cuts interest rate on
                   formally endorse suspension of     Targeted Long-Term Refinancing Operations
                   limits on EU government            (TLTROs) by 25 bps to -0.75%. Adds 120
                   borrowing.                         billion euros to existing asset-purchase
                   Considering allowing               programme of 20 billion euros a month.
                   precautionary credit line worth                
                   2% of national GDP from ESM        
                   bailout fund.                      March 19 - ECB adds another 750 billion
                                                      euros in QE, taking the total to about 1.1
                                                      trillion euros this year, adds Greek
                   April 9 - EU finance ministers     government debt to portfolio of bonds it
                   agree on half a trillion euros'    would purchase.             
                   worth of support, bringing EU's    
                   total fiscal response to 3.2       March 26 - ECB eliminates cap on how many
                   trillion euros.                    bonds it can buy from any single euro zone
                                                      country.             
                   April 23 - EU leaders agree to     
                   build a trillion euro emergency    April 30 - ECB lowers interest rates on
                   fund.                              long-term loans for banks (TLTROs) to as
                                                      little as -1.0%, launches a similar new
                   May 18 - France and Germany        loan scheme called Pandemic Emergency
                   proposes a 500 billion euro        Longer-Term Refinancing Operations or
                   Recovery Fund offering grants to   PELTROs.             
                   European Union regions and         
                   sectors hardest hit.               June 4 - ECB increases the size of its
                   May 27 - European Commission       Pandemic Emergency Purchase Programme to
                   proposes a 1.1 trillion euro       1.35 trillion euros from 750 billion euros
                   budget for 2021-27 and an          and extends it until June 2021 at the
                   attached recovery fund worth 750   earliest, pledges to reinvest proceeds
                   billion euros - 500 billion of     until at least end-2022.             
                   that will be made available as     
                   grants and the rest as repayable   
                   loans. July 21 - European Union leaders   
                   reach a deal on a 750 billion      
                   euro coronavirus pandemic          
                   recovery fund.                     
                                                      
 Germany           FISCAL STIMULUS:
                   March 23 - Package worth up to 750 billion euros including: 100 billion euros
                   for an economic stability fund that can take direct equity stakes in
                   companies; 100 billion euros in credit to public-sector development bank KfW
                   for loans to struggling businesses; stability fund will offer 400 billion
                   euros in loan guarantees to secure corporate debt at risk of defaulting.
                                           
                   
                   June 3 - Ruling coalition agrees to a 130-billion-euro stimulus package.
                               
 France            FISCAL STIMULUS:
                   March 16 - Guarantees up to 300 billion euros of corporate borrowing from
                   commercial banks.             
                   
                   March 17 - 45 billion euros of crisis measures to help companies and workers.
                               
                   
                   May 14 - Announces measures worth 18 billion euros to support tourism.
                               
 Italy             FISCAL STIMULUS:
                   March 16 - Emergency decree worth 25 billion euros, suspending loan and
                   mortgage repayments for companies and families and increasing funds to help
                   firms pay workers temporarily laid off.             
                   
                   April 6 - New emergency decree to offer more than 400 billion euros worth of
                   liquidity and bank loans to companies.             
                   
                   May 14 - Approves a 55 billion euro stimulus package.             
 Spain             FISCAL STIMULUS:
                   March 17 - 200 billion euro package; half in state-backed credit guarantees
                   for companies and the rest including loans and aid for vulnerable people.
                               
                   
                   March 31 - 700 million euro aid package, including a measure to suspend
                   evictions of vulnerable households for six months after the state of emergency
                   is lifted.             
                                    Other major G20 economies
 China             March 27 - Politburo says will     Feb 20 - People's Bank of China cuts
                   step up macroeconomic policy       one-year Loan Prime Rate by 10 bps to
                   changes and pursue more proactive  4.05%, after various liquidity injections
                   fiscal policy. Calls for           and other policy easing earlier in the
                   expanding the budget deficit,      year.             
                   issuing more local and national    
                   bonds, guiding interest rates      Feb 25 - PBOC offers easier funding for
                   lower, delaying loan repayments,   small and medium-sized businesses,
                   reducing supply-chain bottlenecks  increasing yuan re-lending and re-discount
                   and boosting                       quotas by 500 billion yuan; increases
                   consumption.                       policy banks' loan quota by 350 billion
                                                      yuan.             
                   Earlier in the year, Beijing       
                   introduced various small measures  March 13 - PBOC cuts amount of cash banks
                   and fiscal expenditure such as     must hold as reserves for the second time
                   tax breaks, reduced power charges  this year, releasing 550 billion yuan.
                   and fee reductions. March 30 - PBOC lowers the seven-day
                                                      reverse repo rate to 2.20% from 2.40%.
                                                                  . April 3 - PBOC says will cut reserve
                                                      requirement ratio (RRR) for small banks by
                                                      100 bps, releasing around 400 billion yuan.
                                                      It will be implemented in two phases -
                                                      first 50 bps cut will be effective April 15
                                                      and a second 50 bps cut will be effective
                                                      May 15. April 15 - PBOC says was lowering one-year
                                                      medium-term lending facility (MLF) loans to
                                                      financial institutions to 2.95%, down 20
                                                      bps from 3.15% previously. April 20 - PBOC cuts 1-year loan prime rate
                                                      by 20 bps to 3.85%, 5-year was cut by 10
                                                      bps to 4.65% from 4.75%. April 24 - PBOC cuts one-year interest rate
                                                      on its targeted medium-term lending
                                                      facility (TMLF) by 20 bps to 2.95% from
                                                      3.15%. May 10 - PBOC says will step up
                                                      counter-cyclical adjustments and make
                                                      monetary policy more flexible. June 18 - Cuts rate on 14-day reverse
                                                      repurchase agreements to 2.35% from 2.55%.
                                                                  
 Russia            April 1 - Earmarks nearly 1.4      April 24 - Central bank cuts key interest
                   trillion roubles to fight the      rate by 50 bps to 5.50%.             
                   economic fallout.                  
                                                      June 19 - Cuts key interest rate by 100 bps
                   April 16 - Says is set to spend    to 4.50%.             
                   more than 2 trillion roubles.      
                                                      July 24 - Cuts key interest rate by 25 bps
                                                      to 4.25%.             
 India             March 26 - Federal government      March 27 - Reserve Bank of India cuts
                   announces 1.7 trillion-rupee       benchmark repo rate by 75 bps to 4.40%.
                   stimulus plan providing direct                             
                   cash transfers and food security   
                   measures.                          April 17 - RBI cuts reverse repo rate by 25
                                                      bps to 3.75%.             
                   May 12 - Announces a 20 trillion-  
                   rupee economic support package     April 27 - RBI opens a special liquidity
                   including: 35 billion rupees on    facility of up to 500 billion rupees to
                   food for nearly 80 million         help tide over mutual funds facing a severe
                   migrant workers over the next two  liquidity strain.                 
                   months; 3 trillion rupees to       
                   small businesses; 700 billion      May 22 - RBI cuts benchmark repo rate by 40
                   rupees to support stressed         bps to 4.00%. Reverse repo rate was reduced
                   businesses; 900 billion rupees     by 40 bps to 3.35%.             
                   for power distribution companies;  
                   1 trillion rupees to set up        
                   agriculture infrastructure fund. Australia         March 22 - A$66.4 billion in       March 19 and March 3 - Reserve Bank of
                   assistance for companies and       Australia cuts rates in two steps (25 bps
                   welfare payments; A$17.6 billion   on March 3, 25 bps on March 19), taking the
                   in subsidies for apprentices,      cash rate to 0.25%; introduces first use of
                   small businesses, pensioners and   quantitative easing, setting a target of
                   others; A$130 billion to           around 0.25% for bond yields.             
                   subsidise wages of an estimated 6              
                   million people.                    
                                           [nL4N2BC1  March 19 - A$90 billion funding facility to
                   EE]                                banks at fixed rate of 0.25%; A$15 billion
                                                      purchase programme of residential
                                                      mortgage-backed and other asset-backed
                                                      securities; A$715 million support programme
                                                      for airlines. Sept 1 - Increases the size of its term
                                                      funding facility to around A$200 billion at
                                                      a fixed rate of 25 bps for three years.
                                                                  
 Indonesia         March 31 - Announces $24.9         Feb. 20 -  Central bank cuts key policy
                   billion in spending, including a   interest rate by 25 bps to 4.75%.
                   3 percentage-point reduction in                
                   the corporate tax rate to 22%.     
                   Other measures were expanding      March 19 - Bank Indonesia cuts seven-day
                   social welfare to benefit up to    reverse repurchase rate by 25 bps to 4.50%.
                   10 million households, food                    
                   assistance and electricity tariff  
                   discounts and waivers.             April 14 - Bank Indonesia cuts reserve
                                                      requirement ratio for banks by 200 bps and
                                                      50 bps for Islamic banks, tweaks other
                   May 18 - Says will revise its      liquidity rules, effective May 1.
                   2020 budget for a second time                  
                   this year to accommodate a $43     
                   billion stimulus package.          May 6 - Central bank chief pledges to
                   Programme includes tax breaks,     provide as much liquidity as needed.
                   subsidies for interest payments                
                   for small firms, liquidity         
                   support for the banking industry   June 18 - Cuts the 7-day reverse repurchase
                   to restructure loans, bailouts     rate by 25 bps to 4.25%.             
                   for state firms and other          
                   measures. It is an expansion of    July 16 - Cuts the 7-day reverse repurchase
                   the $25 billion spending response  rate by 25 bps to 4.00%.             
                   announced in late March. July 6 - Introduces a near $40     
                   billion financing scheme for its   
                   fiscal deficit.                    
 Brazil            March 16 - 150 billion reais       March 18 - Cuts interest rates by 50 bps to
                   budget boost to support most       3.75% and eases capital requirements for
                   vulnerable in population and       financial institutions.
                   jobs; presidential decree                                              [nL1N2B
                   declaring national emergency       G0DD]
                   allowing the government to waive   
                   fiscal targets and free up budget  March 23 - 1.2 trillion reais central bank
                   resources.                         programme to inject liquidity through
                                                      purchases of bank loan portfolios; new
                   April 1 - Launches a 51 billion-   rules allowing banks to offer firms and
                   reis programme that will allow     households increased loans and better
                   companies to reduce workers'       terms; central bank intervention in FX
                   salaries and hours, or             markets and repurchases of
                   temporarily suspend contracts, in  dollar-denominated sovereign bonds.
                   order to preserve jobs. May 6 - Cuts benchmark Selic rate by 75 bps
                                                      to a record low 3.00%. June 17 - Cuts benchmark interest rate by
                                                      75 bps to 2.25%. Aug 6 - Cuts benchmark interest rate by 25
                                                      bps to 2.00%.             
 South Korea       March 17 - Parliament approves a   March 16 - Bank of Korea cuts interest
                   supplementary budget of 11.7       rates by 50 bps to 0.75%.             
                   trillion won.                      
                                                      April 16 - Central bank sets up plan for
                   March 19 - Pledges 50 trillion     brokerages to borrow funds against
                   won in emergency financing for     collateral that includes AA- rated
                   small businesses and other         corporate bonds.             
                   stimulus measures.                 
                                                      May 13 - Central bank says will raise the
                   March 24 - Doubles its planned     ceiling for its special loans programme by
                   economic-rescue package to 100     5 trillion won to 35 trillion won to extend
                   trillion won. Package includes     support to small businesses.             
                   29.1 trillion won in loans to      
                   small and medium-sized companies,  May 28 - Bank of Korea cuts interest rates
                   while another 20 trillion won      by 25 bps to a record low of 0.50%.
                   will be used to buy corporate                  
                   bonds and commercial paper of      
                   companies facing a credit crunch. March 30 - Government will make    
                   emergency cash payments to all     
                   but the richest families,          
                   totalling 9.1 trillion won,        
                   drawing up a second supplementary  
                   budget in April. Initial           
                   supplementary budget worth 11.7    
                   trillion won; 50 trillion won in   
                   emergency financing for small      
                   businesses; key capital flow       
                   rules temporarily further          
                   loosened to encourage local        
                   financial institutions to supply   
                   more dollars.                      
                                           [nL4N2BC0  
                   M1] April 8 - Says will make an        
                   additional 36 trillion won of      
                   cheap loans available to           
                   exporters. Also fresh measures     
                   worth 17.7 trillion won would be   
                   rolled out to boost consumption    
                   and support domestic demand. April 30 - Parliament approves     
                   government's second supplementary  
                   budget at a revised 12.2 trillion  
                   won, bringing the government's     
                   total spending to 531.1 trillion   
                   won for this year. Will issue an   
                   additional 3.4 trillion won of     
                   deficit-covering bonds. Sept 1 - Unveils plan to increase  
                   spending by 8.5% to record 555.8   
                   trillion won next year.            
                                                      
 South Africa      April 6 - Says will set aside 1.2  March 19 - South African Reserve Bank cuts
                   billion rand to help small-scale   main lending rate by 100 bps to 5.25%.
                   farmers to support food                        
                   production.                        
                                                      March 25 - SARB announces a programme to
                   April 21 - Announces a 500         buy bonds on secondary market.
                   billion rand rescue                                        
                   package.                           
                                                      April 14 - SARB reduces main lending rate
                   July 27 - IMF approves $4.3        by 100 bps to 4.25%.             
                   billion loan.                      
                                                      May 21 - SARB cuts main lending rate by 50
                                                      bps to 3.75%. July 23 - SARB cuts main lending rate by 25
                                                      bps to 3.50%.             
 Mexico            April 5 - Introduces plans to      March 20 - Central bank cuts rates 50 bps
                   lift the economy, help the poor    to 6.50%.             
                   and create jobs.                   
                                                      April 8 - Financial authorities agree to
                   April 17 - Says will inject        apply looser liquidity rules on banks.
                   around $2.5 billion into the                   
                   economy in May.                    
                                                      April 21 - Central bank announces around
                   April 22 - Will increase spending  $31 billion in support for the financial
                   on social programmes and           system and cut borrowing costs.
                   infrastructure projects by $25.6               
                   billion.                           
                                                      May 14 - Central bank cuts key interest
                                                      rate by 50 bps to 5.50%. June 25 - Cuts key interest rate by 50
                                                      basis points to 5.00%. Aug 13 - Cuts key interest rate by 50 basis
                                                      points to 4.50%.             
 Argentina         March 23 - Says will make a        March 19 - Central bank says will lower
                   one-time payment of 10,000 pesos   reserve requirements for banks that extend
                   in April to low-income or          special credit lines to small and
                   informal workers unable to pay     medium-sized enterprises at a maximum
                   their bills.                       annual interest rate of 24%.             
                                                      
                   April 20 - Says will widen an      
                   economic aid package to 850        
                   billion pesos, equivalent to       
                   around 2.9% of the country's       
                   gross domestic product.            
                                                      
 
 (Compiled by Reuters Polls; editing by Lisa Shumaker, Nick Macfie, Andrew Heavens, Kirsten
Donovan, Larry King, Barbara Lewis)
  
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