Nevertheless, as in other countries in the region, new cases have recently picked up again, prompting travel restrictions to and from neighboring countries to limit the spread of new virus variants. The CBI has allowed the exchange rate to adjust, while preventing disorderly market conditions through discretionary foreign exchange intervention. BROU (the countryâs largest commercial bank, which is government-owned) will extend soft loans to enterprises. Reopening of the economy. The Ministry of Labor announced a plan to re-instate a one-year military service to help contain youth unemployment in the aftermath of the pandemic. Some of the measures including waiving or reducing of charges on mobile money transactions and suspension of listing of negative credit information for borrowers were reversed on January 1, 2021.The measures on loan restructuring and classification flexibility expired on March 2, 2021. In early December, the number of new weekly cases started to decline for the first time since the beginning of the second wave and reached safer levels in early January 2021. The NBU has postponed for two year the introduction of provision on considering in the structure of high-quality liquid assets in foreign currency not more then 80 percent of correspondent account balances in foreign banks with the rating beyond the investment grade. Commercial banks are assisting their customers affected by the COVID-19 virus on a case by case basis and depending on individual customersâ circumstances by: (i) reducing or suspending the principal loan repayments to interest only loan repayments; (ii) restructuring loans to businesses that have reduced business hours, in affected sectors such as tourism and related industries like transportation and to individuals who have been laid off; (iii) extending the terms of loans to reduce repayments; (iv) reducing loan interest rates on a case by case basis; and (v) providing access to short-term funding, if required. These include restricting large meetings and gatherings; closing schools and universities; closing borders suspending international and domestic flights; and intensifying communication through various channels including radio, TV and social media. On March 30, a partial lockdown of major urban areas was implemented. including providing mortgage forbearance for 12 months and waiving related As a result, commercial banks reduced the prime lending rate to an average of 7½ percent, from 9¼ percent previously. A TND 2.6 billion emergency plan (2.3 percent of GDP) was announced on March 21 , 2020. On November 23, the BOM cut the policy rate by 200 bps to 6 percent and lowered MNT reserve requirement by 250 bps to 6 percent, and further extended financial forbearance measures through end-June 2021. As of April 2st, Albania has administered a first dose 138.846 vaccines or 4.9 per 100 people. and term repos. On January 7, 2021, the lockdown in the border town of Phuentsholing was eased. It allowed a one-off 5 percent exchange rate depreciation in March and greater exchange rate flexibility to align the official rate with the market rate is also envisaged. On May 5, the BNM announced that banking institutions can use MGS and MGII to fully meet the SRR compliance until May 2021. Reopening of the economy and additional containment measures. The first three phases, covered by the COVAX facility, are expected to be completed in 2021. The exchange rate has been allowed to adjust, with the central bank intervening to limit undue volatility in the market. As of end-October, the authorities have adopted 24 support packages and, together with bank supports, allocated around 192.3billion AMD ($367m) to those. In March 2021, it will be phased out by reducing the scope of beneficiaries and fully abolished as of April 2021. The government on March 25 announced the creation of an emergency fund of about $80 million (1.1 percent of GDP) for urgent procurements of medical supplies and equipment; subsidies to 30,000 poor households; and financial support to small individual businesses. Further policy measures for the first half of 2021 Trinidad and Tobago was hit by the COVID-19 pandemic and the sharp decline in oil prices. The regulation imposed a night-time curfew between the hours of 10 p.m. and 5 a.m. and re-introduced a ban on all public gatherings and closure of all non-essential businesses, educational institutions, and places of worship. 12 billion cash assistance program for the disadvantaged elderly people, widows and female divorcees. Background. On 20 August 2019, Nigeria decided unilaterally to close the border with some neighboring countries, including Benin. Remittances through exchange houses increased throughout the months of lockdown. On the tax side, the PA is cancelling penalties for late submission of tax returns, extending the tax filing deadline to June, and the period of quittance issued by the value added tax from March 1 to April 15, 2020. Similarly, the budget includes cuts to the service turnover tax, environmental tax and departure tax. Most business activities are allowed to operate under both CMCO and RMCO, but inter-state travel is not allowed. transfers and point-of-sale outlets used by merchants and mobile money The Gambia has also benefited from debt relief under the catastrophe containment window of the Catastrophe Containment and Relief Trust (CCRT) approved on April 13, 2020, with an expected total relief of US$ 10.8 million, if resources are identified to extend the initiative for 24 months (US$ 5.9 million of the expected relief have already been approved). The national statistical office released the second advance estimate for FY2020/21 GDP growth to be -8%, in line with the January WEO projection. Until the end of April 2021, the government contributes 80 percent of wages (incl. Last November, the Council of Ministers approved additional measures to support the economy, introducing support program Apoiar.pt with â¬0.8 bn in grants to micro and small companies, and â¬0.8 bn in credit line guarantees, and expanded eligibility for affected companies to financial support for progressive recovery. Saudi Arabia has been hit by two shocksâthe spread of COVID-19 and the sharp decline in oil prices. Reopening of the economy. Revenue side: (i)tax relief through extended income-tax filingdeadlinesuntil December 31, 2020 (originally until July 17, 2020;(ii) some tax benefits and suspension of payments for public services (for 4 months, without interest) for taxpayerswith income belowUS$2,000 per month, retirees, or those displaced from the labor market;(iii) enabling 114 virtual procedures for taxpayers; and (iv) the National Assembly approved a new tax amnesty law on March 24, estimated to benefit 35,000 taxpayers and generate savings amounting to $29 million from the relief of interest, surcharges and fines that could be used to reactivate jobs and kickstart the economy. Entry and exit regulations are partly implemented with a mobile application. PM Shtayyeh announced new restrictions on February 28 in response to the recent surge in coronavirus infections, including from British and South African mutants. On December 7, The Palestinian Authority (PA) decided to close down the governorates of Nablus, Hebron, Bethlehem, and Tulkarem during December 10-17, including all commercial activities except for groceries, supermarkets, pharmacies and bakeries. Vaccine: The human trial of an Iranian COVID-19 vaccine started in December, with the first volunteers receiving the vaccine in Tehran at the end of December 2020. Reopening of the economy.All businessescan resume activities, but must abide by preventative measures and practice social distancing. In January 2021, the government set up a financial aid scheme for businesses forced to close. NBU has adopted a regulation that facilitates restructuring of loans to borrowers facing financial difficulties due to impact of the COVID-19. The full lockdown of certain cities ended in early June, while the curfews, notably in Algiers, were relaxed. As conditions for accessing support, businesses will be required to maintain employment, limit executive compensation, dividends, and other payouts, and share benefits from business normalization in the future. Background. Overall, in order to adjust to the new low oil price environment, the SFL plans for a reduction in current and capital spending by 5.7 percent (representing 2.2 percent of 2019 GDP) compared to the initial 2020 budget law. The number of reported new Coronavirus cases has resurged significantly since reopening borders on June 15 2020. As the impact of the Covid crisis deepened, Congress approved in November a revision in the escape clause, increasing fiscal deficit limits of the NFPS to 5 and 4 percent of GDP in 2020 and 2021. Restaurants, bars and places of worship have been allowed to re-open. Banks are required to sell 10% of foreign exchange received from remittances to CBSL. It includes (i) â¬400 million (3 percent of GDP) of infrastructure investment over the coming years, (ii) the extension of tax deferrals, estimated at â¬200 million (1.5 percent of GDP), (iii) the extension of wage subsidy schemes, (iv) subsidies for rent and electricity bills for businesses, (v) lower taxes for property transactions, (vi) cash vouchers redeemable at bars, restaurants, hotels and retail outlets, (vii) lower fuel price, (viii) tax refund for workers, (ix) additional in-work benefit and grants, and (x) various funds, grants and supporting schemes for businesses. These measures are subject to extension. These measures envisage rescheduling and refinancing of bank loans and a six-month grace period with extension of repayment terms. Many ECCU authorities have begun a gradual phased approach to easing containment measures and reopening the economy since early May, including the expansion of the list of businesses that are permitted to operate and more recently the reopening of borders. Background. Trade credit insurance for business-to-business transactions will receive up to £10 billion of government guarantees through the Trade Credit Reinsurance scheme, with the scheme available for nine months. Following the emergence of the new strains of Covid, Mauritius banned entry for all travelers who have been in Brazil, Japan, South Africa or the United Kingdom in the past 15 days. Reopening of the economy. In 2020, revenue shortfalls from deferral of tax payments and other forgone revenue measures are estimated at 17.2 billion euros (or 2.2 percent of GDP). The Eastern Caribbean Currency Union consists of eight members (Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines) with a common central bank (the Eastern Caribbean Central Bank). In addition, the BCEAO launched in April 2020 a special 3-month refinancing window at a fixed rate of 2.5 percent for limited amounts of 3-month "Covid-19 T-Bills" to be issued by each WAEMU sovereign to help meet immediate funding needs related to the current pandemic. The pre-crisis level of output would be recovered in end-2022 but output would remain about 4 percent below the pre-2020 trend in 2025. For furloughed employees, the scheme has been extended until end-October. Japan calls on other ember countries to follow quickly, and Japan will match an additional SDR 1.8 billion with their contributions. Reopening of the economy. The NBS has intervened heavily in the foreign exchange market to maintain a relatively stable exchange rate during the crisis period. was spent by mid-March 2021. At end-February 2021, the job retention grants were extended by another month. The amount of loans under guarantee could reach up to â¬780 million (6 percent of GDP). Vaccine rollout had a slow start, but the government is expecting to start mass vaccination from April 2021 after agreeing to purchase an additional 1 million vaccines from Pfizer. Other households which do not benefit from RAMED can claim cash support by registering online. On the same day, it announced that a credit facility of approximately SCR500 m would be set up to assist commercial banks with emergency relief measures to support businesses and individuals struggling with the financial impact of the pandemic. GDP declined by 5.2 percent y/y in 2020. The authorities subsequently announced a national quarantine from December 28 to January 18, including the shutdown of hotels, ski resorts, and shopping malls with limited exceptions. The central bank has temporarily relaxed the regulations in the securities and payments markets and extended the deadlines for data submission. A range of fiscal support measures have also been taken to limit the socio-economic impact of COVID-19. On October 14, 2020, the Bank of Algeria announced that the easing of prudential requirements for banks, announced in April 2020, would be extended through the end of the year. New makeshift hospitals were built to accommodate any potential surge in patients. These included strong support to the health sector and severely affected firms. On September 23, the government decided to distribute cash transfers for basic staple foods to eligible households, worth US $ 25 per month per household, lasting for 2 months (November and December). transactions for a period of three months. Through this special window banks shall be able to refinance all bonds with maturity of 3 years or more governments currently plan to issue on the regional financial market in 2021. 12 graders who returned to classes in early August are currenting sitting the regional West African high School Exams. The government adopted a revised 2020 budget to make space foran economic and social resilience program to respond to COVID-19 crisis; execution of the revised 2020 budget was marked by the robust implementation of measures covered by this program. It has also prohibited the collection of fees, commissions or additional interest on deferred payments. On July 16, the Parliament adopted the new COVID-19 law that combines and replaces two previous laws. With the recent outbreak, 28 of the 77 provinces were declared high risk, with new curbs on dining hours and bans on alcohol sales in restaurants. Phase 2 of government repatriations resumed in August and ended December 7, 2020. Employees must be working at least 33 percent of their usual hours; (ii) Extending the Self Employment Income Support Scheme for those continuing to actively trade but face reduced demand due to coronavirus, with the initial lump sum covering20 percent of three monthsâ worth of profits for the period from November to the end of January next year up to a total of £1,875 (an additional second grant, will be available for the period from February 2021 to the end of April); (iii) extending the temporary 15 percentage point VAT cut (from 20 to 5 percent) for the tourism and hospitality sectors to the end of March next year; (iv) allowing to pay VAT payments deferred until end-March to be paid in 11 installments and self-assessed income tax due in July 2020 and January 2021 to be paid in 12 installments, (v) extending the maturity of loans under the CBILS and BBLs to up to 10 years; and (vi) extending the application period for loans under the CBILS, CLBILS, and BBLS until end-November. Since the first reported cases on January 24, 2020, COVID-19 has spread across the EuropeanUnion (EU)with a severe impact.The first wave, which peaked in April 2020, resulted in a surge of infections and deaths in some euro area countries. By April 1, total vaccinations reached 6.3 million, with 11 percent of the population having received a first shot and 5 percent of the population having received both shots. Commercial air and passenger traffic resumed on October 12, 2020. Reopening of the economy. An Emergency Liquidity Assistance (ELA) framework has been introduced to support banks in the event of worsening liquidity conditions and to provide support to banks on a case-by-case basis. Some of the tax measures, including the reduction of top PAYE rate, corporate income tax rate and VAT were reversed effective January 1, 2021. The Central Bank of Iraq reduced its reserve requirement from 15 percent to 13 percent. About 50 percent of the economy is open during phase 1. In order to support the economy during the quarantine, the National Bank of Ukraine (NBU) eased monetary policy by cutting the key policy rate by 200bps down to 6 percent starting from June 12th, 2020. Funding for short-term work was increased from ⬠3 to ⬠5 billion on April 13, to ⬠10 billion on April 30, and again to ⬠12 billion on May 19 while the time frame for the submission of applications extended. The first confirmed COVID-19 case was reported on March 19, 2020. The RBNZ has reduced the banksâ core funding ratio requirement to 50 percent from 75 percent to help banks make credit available. The primary measures, which included bans on social gatherings and travel restrictions have been enhanced over time to closing all borders, the air space, imposing a night curfew and a full lockdown in Libreville since Easter Sunday, as cases started to increase. Multiple shifts to ensure adequate liquidity in the country, following a further 5 percent of financing! 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