comparison across members as responses vary depending on the nature of the shock and country-specific circumstances, not it represents views of the IMF on the country specific measures.
Policy Measures taken in Selected Countries52 Australia
Belgium
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Brazil
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China
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Italy
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Accommodative monetary policy to put downward pressure on borrowing costs for households and business Early childhood education and care relief and higher education package Funding supports for aged care and disability sector Increased income support for individuals, including Job Seeker Provide financial/tax and other relief for financially distressed enterprises Industry relation reform package to support business recovery and create jobs Increased flexibilities on work hours and leave flexibilities Liquidity support postponing social security & tax payments for companies and self employed Increased fiscal supports for those in temporary unemployment Increased tax deductions for donations to approved institutions A special Corona unemployment scheme for those who lost job, need to attend 2 days unemployment training and receive 70% of last capped salaries Additional budget to health care sector to create extra jobs and wage increase of existing staff Additional subsidies to affected firms and sectors facing substantial losses Corona parental leave for working parents with children below 12 years till 30th September'20 Expansion of heath spending, lowering taxes and import levies on essential medical supplies Employment support to vulnerable households, cash transfers to low income workers Labour Decomplications Program to provide favourable business environments to create jobs Website with information on Government's measures to protect migrants and refugees Central bank changed capital requirements for small financial institutions Reduced provisions for contingent liabilities allowed for banks to lent to SMEs Allocation of 1% of GDP by Government to SMEs and micro-businesses to cover payroll costs, working capital and investment. Discretionary fiscal measures like increased spending on epidemic prevention and control Tax relief and waived social security contributions Raised subsidies for basic medical insurance for rural and non-working urban residents New vocational skill training programs to stabilize employments for migrant workers Measures for favourable remuneration, reduce workplace violence, protection of physical and psychological health of medical workers Production of medical equipment Funds to strengthen the Italian health care system and civil protection Measures to preserve jobs and support income of laid-off workers and self-employed Support businesses, including tax deferrals and postponement of utility bill payments in most affected municipalities Cash transfers by Municipalities for the poor without income and pension Wage compensation to enterprises in cases of reduction of hours of work or activity. Extension of access to credits by micro enterprises Recruitment of 20,000 in health sector
52
International Monetary Fund (2020) "Policy Response to Covid19"(web: https://www.imf.org/en/Topics/imf-andcovid19/Policy-Responses-to-COVID-19#B); ILO -Country policy responses (web: https://www.ilo.org/global/topics/coronavirus/regional-country/country-responses/lang--en/index.htm)
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