This policy tracker summarizes the key economic responses governments are taking to limit the human and economic impact of the COVID-19 pandemic. The tracker includes 193 economies.
Follow the link for updated information: Policy Tracker
NOTE: The tracker focuses on discretionary actions and might not fully reflect the policies taken by countries in response to COVID-19, such as automatic insurance mechanisms and existing social safety nets which differ across countries in their breadth and scope. The information included is not meant for comparison across members as responses vary depending on the nature of the shock and country-specific circumstances. Adding up the different measures—tax and spending, loans and guarantees, monetary instruments, and foreign exchange operations—might not provide an accurate estimate of the aggregate policy support. The tracker includes publicly available and does not represent views of the IMF on the measures listed.
Tackling coronavirus (COVID‑19)
Contributing to a global effort
What are the impacts and consequences of the coronavirus pandemic on our lives and our societies – and what are some of the solutions we can find to boost our healthcare systems, secure our businesses, maintain our jobs and education, and stabilise financial markets and economies?
Follow the link for updated information: Tackling Coronavirus
Coronavirus EU economic response
Follow the link for updated information: European Commission website
The European Commission adopted an amendment to its State Aid Strategy already amended on April 3rd due to the Covid-19 crisis
The new documents list a number of measures that Member States are allowed to take in terms of recapitalisation and loan guarantees and State aid rules management.
A point worth noting for Credit Reference Providers, is the call to get transparent information published by each Member State about temporary aids granted (see below point 86):
38. Point 44 is renumbered as point 86 and is amended as follows: ’86. Except aid granted under sections 3.9, 3.10 and 3.11, Member States must publish relevant information on each individual aid granted under this Communication on the comprehensive State aid website or Commission’s IT tool within 12 months from the moment of granting. Member States must publish relevant information on each individual recapitalisation granted under section 3.11 on the comprehensive State aid website or Commission’s IT tool within 3 months from the moment of the recapitalisation. The nominal value of the recapitalisation shall be included per beneficiary.’
You can see the whole document here : https://ec.europa.eu/competition/state_aid/what_is_new/sa_covid19_2nd_amendment_temporary_framework_en.pdf
Recovery plan for Europe
On 27 May 2020 , to kick-start the European recovery, protect lives, livelihoods and jobs, the European Commission proposed a major €2,4 trillion recovery plan which is based on using the full potential of a powerful, modern and revamped EU budget to deliver a more sustainable, digital, inclusive and fair Europe. Commission President Ursula von der Leyen said: “Europe’s next generation will reap the benefits of tomorrow. These investments will not only preserve the outstanding achievements of the last 70 years but will also ensure that our Union is climate natural, digital, social and a strong global player in the future. This is about all of us. It is way bigger than any of us. This is Europe's moment.”
The proposal includes a two-fold response with an additional €750 billion Recovery Instrument to combat the impact of the coronavirus crisis and a reinforced long-term budget of the EU for 2021-2027.
Called “Next Generation EU”, it rolls out on the 3 following pillars:
The European Commission is also adjusting its 2020 Work Programme to focus on major items, such as the European Green Deal, the Digital Single Market, fair and inclusive recovery and constructing a more resilient Union.
Source: European Commission
With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
The World Bank Group and COVID-19
Follow the link for updated information: World Bank Coronavirus information
The World Trade Organization — the WTO — is the international organization whose primary purpose is to open trade for the benefit of all.
COVID-19 and world trade
The COVID-19 pandemic represents an unprecedented disruption to the global economy and world trade, as production and consumption are scaled back across the globe.
Follow the link for updated information: WTO Coronavirus website
US Government Response to Coronavirus, COVID-19
Follow the link for updated information: US Government Coronavirus website