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Government and institution measures in response to COVID-19.

Government and institution measures in response to COVID-19.

Return to homepage  |  Last updated: 27 April, 2020

General Information

The National Assembly approved a package of revenue and expenditure measures to fight the COVID-19 outbreak in the country and to minimize its negative economic impact. Additional health care spending to respond to the virus, estimated at US$40 million, was announced.

Tax measures – Direct and Indirect

(e.g. payment deferrals, rate reductions…)

Click to see a comprehensive summary of jurisdictional tax measures and government reliefs in response to COVID-19.

Employment-related measures

(e.g. state compensation schemes, training…)


Economic stimulus measures

(e.g. loans, moratorium on debt repayments…)

Monetary policy 

  • On March 27, 2020, the central bank (BNA) reduced the rate on its 7-day permanent liquidity absorption facility from 10 percent to 7 percent.
  • In addition, the BNA announced the equivalent of 0.5 percent of GDP to be provided as liquidity support to banks and created a liquidity line (in local currency, equivalent toUS$186 million) for the purchase of government securities from non-financial corporations.
  • The BNA has expanded its credit-stimulus program that allows banks to deduct from their reserve requirement obligations the amount of credit extended to selected sectors targeted by an ongoing import substitution/export promotion program.
  • From March 30th, financial institutions that carry out credit operations are allowed to grant their clients a moratorium of 60 days for servicing the debt.
  • On April 3, the BNA announced that the minimum allocation of credit to promote the production of a set of priority products would increase from 2 percent to 2.5 percent of the commercial banks net assets.
  • To mitigate risks of shortages of essential goods, which are predominantly imported, on April 18, the BNA instructed banks to provide credit in local currency to assist importers.

Main sources of information