Policy Measures taken in Selected Countries- A brief

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 - 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 JobSeeker - 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 Belgium - 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 Brazil - 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 createjobs - 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. China - 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

Italy

- Funds to strengthen the Italian health care system and civil protection - Measures to preserve jobsand 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)

Japan - Additional spending on preventive measures against the spread of infection and strengthen treatment capacity - Emergency microcredit to troubled households - Enhance rent support to low income households and request to landlords to consider rent deferment - Special loans from emergency funds for households facing income decline - Enhancing financial support with concessional loans to micro, small and medium sized business - Reduction or exemption of local property tax on machinery and building for affected SMEs South Korea - Providing zero-interest loan to construction workers to help their livelihood - Emergency livelihood aid to workers on unpaid leave and on leave of absence - Strengthening financing for living expenses and vocational trainings for job seekers - Emergency Employment Stability Subsidy for small business owners, contract employees, freelancers and SME workers - Creation of 1.9 million public sector jobs - Supplying masks to workplaces with high risk of exposure Germany - Supplementary budgets for spending on healthcare equipment, hospital capacity and R&D (vaccine) - Temporarily expanded duration of unemployment insurance and parental leave benefits - Short term work subsidy to preserve jobs and workers’ incomes - Interest free tax deferral and special grants to small business owners and self-employed persons severely affected by the COVID-19 outbreaks - Payment of unemployment benefit extended for 3 additional months

Russian Federation

- Increased compensation for frontline medical staff as well as health and safety inspector - Standard unemployment benefit equal to the minimum wage for five months; minimum unemployment benefit tripled until end-August - Additional lumpsum benefits for children up to 3 years of age for 3 months; one-time lumpsum benefit for all children in 3-16 years; additional lumpsum benefit for each child for up to 6 months if a parent lost their job - Interest rate subsidies for SMEs and systemically important enterprises - Tax holiday on all taxes (excluding VAT) and social contributions for SMEs, sole proprietors, and NGOs providing social services - Budget grants for SMEs in affected industries to cover salaries at the rate of one minimum salary per employee for two months Spain - Special benefit for Domestic workers who lost job during pandemic - Reduction of working hours for employees to take care of their dependent relatives - Subsidy for the unemployed people over 52 - Tax relief and Social Security Contribution Relief - Measures to strengthen the health system through contingency fund - Additional funds to guarantee the basic right to food for children in vulnerable situations France - Streamlining and boosting health insurance for the sick or their caregivers - Increased spending in Health supplies - Postponement of rent and utility payments for affected microenterprises and SMEs - Extension of expiring unemployment benefits until the end of the lockdown - Support for wages of workers under the reduced-hour scheme - Direct financial support for affected microenterprises, independent workers, as well as for low-income households

USA

- Allocation from Disaster Relief Fund to provide extra unemployment benefits - Loan payment relief for students