To better understand how to activate Windows 11, I'll share one video. Microsoft announced it on June 24, and said it was the latest. June 13, S. M C. O B,. C C, M P. F. T W # @. S A P. M. F B # Download ReLoader Activator for free to crack Windows 10, Win 8, Win 7, Office , , , Etc on this Page.
June 13, 2021 - Free Activators -
How to upgrade to Windows 10 for free in
Editors Note: Windows 11 arrives this fall. Before getting too excited, see our Windows 11 system requirements guide to see if your laptop or desktop is compatible. Windows 11 will be a free upgrade, much like Windows If you can't wait to see the new OS, you can download a Windows 11 preview build. Be cautious though, we recommend doing this only on a system that doesn't contain valuable data.
Microsoft shut down its free Windows 10 upgrade program in November If you didn’t get your free version of its best operating system to date, you were pretty much out of luck. Or, so we thought. It turns out, you can still upgrade to Windows 10 without spending a dime.
It turns out there are several methods of upgrading from older versions of Windows (Windows 7, Windows 8, Windows ) to Windows 10 Home without paying the $ fee for the latest operating system.
Keep in mind that this workaround won't necessarily work all the time. If it doesn't, you'll need to pay the Windows 10 Home license fee or, if your system is older than 4 years, you might want to buy a new one (all new PCs run on some version of Windows 10). You will certainly need to upgrade from Windows 7 or Windows 8 if you are still running those legacy operating systems as Microsoft no longer supports them.
How to Upgrade to Windows 10 for free
1. Ensure you're using a genuine copy of Windows 7 or later. Anything older will not work (please, if possible, buy a new system if you're using Window XP or Vista). If you're using Windows 7, write down the activation key (you may need this later). A free tool like NirSoft’s ProduKey will help you find it.
2. This is a good stop to pause and back up anything you’d like to save on your current PC before continuing. Follow our Windows 10 backup instructions on how to do so.
3. Visit the Windows 10 download page. This is an official Microsoft page that may allow you to upgrade for free. Once you're there, open the Windows 10 Media Creation Tool (press "download tool now") and choose "Upgrade this PC now."
4. Accept the terms and choose the upgrade options that lets you keep your files and preferences. Again, having a backup ready at this point is very important so save everything to the cloud or to an SSD or USB.
5. Reboot your computer and connect it to the internet. Open Settings and choose "Update & Security" and click "Activation." From here, you can see if the Windows 10 upgrade worked. If not, press an "Activate" button (if there is one); this will create a digital Windows 10 product key. Try using your Windows 7 or Windows 8 license key.
Now that you know how to upgrade to Windows 10 for free, be sure to check out our other Windows 10 tutorials below, including tips on how to uninstall programs on Windows 10, how to find your MAC address in Windows 10, how to create a new folder in Windows 10 and more.
Why TCS National Qualifier Test?
Improved Employability Quotient
Build a competitive edge over others, with additional Industry NQT and Subject NQT Scores
Recognised by several corporates across industry segments
Opportunity to improve your score with additional attempts
Aligned with Industry
Designed by subject matter experts and in alignment with industry expectations
Standardised benchmark test for assessing general ability, attitudinal alignment and industry-specific skills
Improved Employability Quotient
Build a competitive edge over others, with additional Industry NQT and Subject NQT Scores
Recognised by several corporates across industry segments
Aligned with Industry
Designed by subject matter experts and in alignment with industry expectations
Standardised benchmark test for assessing general ability, attitudinal alignment and industry-specific skills
Opportunity to improve your score with additional attempts
Journey to a Dream Job
Buy TCS NQT Variant
Get a benchmark score with a validity of 2 years
Apply for corporate jobs as per their eligibility criteria
Mphasis, GSR - Global Leadership & Campus Hiring
“Our experience with TCS iON Virtual Job Carnival has been nothing short of excellent. The whole recruitment process was well planned and executed. The team kept in constant touch with us and supported in every step of the way. They took the extra effort to give us the exact profiles we were looking for from thousands of applicants.
Thank you TCS iON Team for helping us get quality young talent. We look forward to participating in more tech drives in the future with you.”
Talent Acquisition Specialist - Campus Hiring & Early Careers
“It was a pleasure to be associated with TCS iON Team for the 'early careers program initiative' of TVS Motor Company.
The TCS iON Job Listing Platform gave me great insights into the candidate profiles, and it was easy to navigate through the portal. We had multiple requirements for niche IT skillsets and were successful in hiring candidates through a single interview process with the help of the TCS National Qualifier Test (TCS NQT) results. Most of the shortlisted candidates matched our expectations and the hiring process went smooth.
We are delighted to have partnered with the team. Hoping to scale the hiring initiative to an annual intake plan for future requirements.”
ITC Infotech, Sr. Manager - TA, Campus Recruitment Leader
“It was a pleasure participating in the TCS iON campus hiring program. The team extended great support to us. Our virtual booth attracted + applications, and we were able to witness close to folks taking up our assessment tests. Overall test selection percentage was better than the other conventional channels of campus and off-campus hiring. We were able to select around candidates - few of them have already been onboarded and few are planned to come onboard in the next 3 months time frame along with our regular campus batches.
We thank you and the TCS iON leadership team for onboarding us as a corporate partner. We plan to continue this partnership in the coming years as well.”
Mphasis, GSR - Global Leadership & Campus Hiring
Talent Acquisition Specialist - Campus Hiring & Early Careers
ITC Infotech, Sr. Manager - TA, Campus Recruitment Leader
Belagapu Uma Sankar
Engineer, FS Application Software (Financial Services)
Have a Question?
If you want to know more about our products, pricing or anything else
theindy.us is TCS National Qualifier Test (TCS NQT)?+
- TCS National Qualifier Test (TCS NQT) is an Ability Test that assesses a candidate's competencies and skills. Each candidate who completes the TCS National Qualifier Test (TCS NQT) gets an NQT Score. The NQT (Cognitive Skills) Score is applicable for all industries and job roles. The TCS National Qualifier Test (TCS NQT) is planned to be conducted every quarter. Candidates can take the tests again to improve their previous scores, if desired. There are four Variants - NQT (Cognitive Skills), Attitudinal Alignment NQT (Psychometric Test), Industry NQT and Subject NQT.
- NQT (Cognitive Skills) is a mandatory test to be taken to register for Attitudinal Alignment NQT (Psychometric Test), Industry NQT and Subject NQT.
- All tests will be conducted in English language only and there will be no negative marking.
- Candidates who have appeared for NQT earlier and would like to improve their NQT Score, can purchase NQT Variant(s) and appear for it in the upcoming tests.
- Candidates will be able to view/edit their details and add test(s) on/before the application closure date.
theindy.us is NQT (Cognitive Skills)?+
- NQT (Cognitive Skills) is a General Ability Test that assesses a candidate in the following areas:
- Verbal Ability: This section assesses English grammar, appropriate usage of the same, and reading comprehension.
- Reasoning Ability: This section assesses identifying words and numeric patterns, problem-solving, figural and factual analysis, decision-making, propositional reasoning and visual-spatial reasoning.
- Numerical Ability: This section assesses number system, arithmetic, elementary statistics, data interpretation.
- The score of this test will be called as NQT (Cognitive Skills) Score.
theindy.us is Attitudinal Alignment NQT (Psychometric Test)?+
- Attitude is a broad component covering work styles, personality traits and dispositions relevant to the workplace. Attitudinal Alignment NQT (Psychometric Test) assesses the attitude alignment framework relevant for entry-level position and provides an assessment report. The score of this test will be called as Attitudinal Alignment NQT (Psychometric Test) Score.
- NQT (Cognitive Skills) Score is a prerequisite to appear for Attitudinal Alignment NQT (Psychometric Test).
theindy.us is Industry NQT?+
- Industry NQT assesses awareness and understanding on a specific industry in the following areas:
- Industry structure - domains/sub-domains
- Operative language, processes and practices
- Regulatory environment
- Specific business and technological trends
- Competitive landscape
- Each candidate who completes the Industry NQT gets an Industry NQT Score for that particular industry. For example, Industry NQT- Banking. Industry NQTs are planned to be conducted every quarter. The candidates can take the tests again to improve their previous scores, if desired.
- There are Industry NQTs for multiple industries. The candidates wanting to showcase their expertise in multiple industries can appear for as many Industry NQTs as desired.
- NQT (Cognitive Skills) Score is a prerequisite to appear for Industry NQT.
theindy.us is Subject NQT?+
- Subject NQT assesses knowledge and skill in specific subjects pertaining to job roles in the following areas:
- Test of Knowledge: Candidates will be assessed on Pseudocode, Algorithms, Programming constructs, basic Software Development Life Cycle (SDLC) and its stage-wise documents, implementation using C, C++ and Java.
- Test of Application: Candidates can code in any one of the programming languages like C, C++, Java, Python3, and PERL.
- Hands-on Exercise.
- Each candidate who completes the Subject NQT gets a Subject NQT Score for that particular subject. For example, Subject NQT - IT Programming. Subject NQTs are planned to be conducted every quarter. The candidates can take the tests again to improve their previous scores, if desired.
- There are Subject NQTs for multiple subjects. The candidates wanting to showcase their expertise in multiple subjects across industries can appear for as many Subject NQTs as desired.
- NQT (Cognitive Skills) Score is a prerequisite to appear for Subject NQTs.
6.I have purchased the product, can I transfer or use the Hall Ticket for the next exam?+
- No, the Hall Tickets can neither be transferred nor can be used for the next exam.
theindy.us and how many times will TCS NQT be conducted in a year?+
- TCS NQT will be conducted once every quarter, i.e., 4 times in a year. Once you register for TCS NQT, the exam date and time will be communicated through the Hall Ticket, 2 days prior to the exam. You can check the TCS NQT exam dates on the respective variant pages.
theindy.us will the applications close for the TCS NQT exam?+
- For every TCS NQT exam session, applications will close 15 days prior to the first exam date in that session.
theindy.us do I apply for TCS NQT?+
- 1. Click on the "Buy Now" or "Activate Now" button on the TCS NQT - Variants section.
- 2. Login with your TCS iON Digital Learning Hub credentials or sign up as a new user.
- 3. After login/sign up, you will be asked to share your details required to complete your registration process. This includes your name, email ID, phone number, mode of assessment and other details.
- 4. In case of Buy Now: On successful submission of the registration form, you need to proceed to make the payment by clicking on "Click to Proceed". The Hall Ticket will be issued only on the successful purchase of the exam.
- 5. In case of Activate Now: A pop-up window will open, where you need to enter the Licence Code and click on the "Activate Now" button. Once you click on the "Close" button, you will be automatically redirected to "My Dashboard".
- 6. You will receive a successful registration message on your registered email ID/mobile number.
- 7. The assessment will be conducted in two modes online Remote Proctored Assessment and In-Centre Assessment.
- Online Remote Proctored Assessment, you will receive the login credentials on your registered email ID, 2 days prior to the assessment.
- In-Centre Assessment, you will receive the Hall Ticket on your email ID, 2 days prior to the assessment.
- 8. Repeat the process from step 4 for the purchase of every new TCS NQT Variant.
Who can apply for the TCS National Qualifier Test (TCS NQT)?+
- Candidates eligible to apply for the TCS National Qualifier Test (TCS NQT) should meet the below eligibility criteria:
- UG, PG and Diploma students who are in their pre-final and final year of study during the period
- Candidates who have passed out in the year , with a degree and specialisation
- Freshers with less than 2 years of experience
- Age limit - minimum 18 years and maximum 30 years
Do I need to apply separately on the company/corporate portal for recruitment?+
- Yes, TCS iON is the exam conducting organisation for the TCS NQT exam. TCS iON will publish the TCS NQT score to the candidate. TCS NQT score is valid across multiple participating companies/corporates. Candidates who wish to apply to a specific company/corporate need to apply separately on the corresponding company/corporate’s job portal. Applications for recruitment will be called for independently by the recruiting company/corporate as per their standard process and eligibility norms. You can also update your profile by clicking on Edit profile in My Dashboard (profile completion to be %) and apply for jobs posted on the TCS iON Job Listing Portal.
I have appeared for the previous NQT (Cognitive Skills). Can I appear for the same variant again to secure a better score?+
- Yes, you can purchase and reappear for the NQT Variant, if you wish to improve your score. Only your best score will be mentioned on the score card.
- Note that, you may reappear for TCS NQT - any variant, to secure a better score.
What are the different modes of assessment available?+
- TCS National Qualifier Test (TCS NQT) will be conducted in 2 modes:
- Online Remote Proctored Assessment
- In-Centre Assessment at TCS iON Authorised Exam Centres PAN India
- If there are restrictions due to COVID, In-Centre mode of exam will be postponed and Online mode will be the only option to appear for the test. Candidates who have chosen In-Centre can change their mode to Online before the application closure date, if they can make necessary arrangements for the required infrastructure. Candidates who retain their choice of In-Centre mode will be given another chance to appear when the next In-Centre exam is scheduled, once the COVID restrictions are lifted.
When should I opt for Online Remote Proctored Assessment or In-Centre Assessment modes?+
- You should opt for Online Remote Proctored Assessment, if you want to take it online using a laptop/desktop. Please make sure the following requirements are met. Mobile devices are not supported for this assessment.
- Windows/Ubuntu OS
- Google Chrome browser
- Internet connectivity of 2 to 5 mbps
- A working webcam
- If you do not have the required infrastructure for the Online Remote Proctored Assessment, you can choose In-Centre option to appear for the test physically from TCS iON Authorised Exam Centres available PAN India.
When and how will I receive the Hall Ticket/login credentials?+
- Once you complete your application process, either by making the online payment or by using the Activation Code, you will receive the Hall Ticket/login credentials based on the chosen mode of exam:
- If you have opted for "Online Remote Proctored Assessment", you will receive the login credentials on your registered email ID, 2 days prior to the assessment. In case you do not receive your login credentials, you can connect with us through Live Chat or Help Desk for immediate response. You will not receive the Hall Ticket for this mode of assessment.
- If you have opted for "In-Centre Assessment", you will receive the Hall Ticket on your registered email ID, 2 days prior to the assessment. In case you do not receive your Hall Ticket 2 days prior to the assessment, you can connect with us through Live Chat or Help Desk for immediate response.
Where can I view my completed application details?+
- You can view the completed application details from “Click here to view updates on your NQT details” link given below the TCS NQT logo on "My Dashboard".
- You can also view the application details on the TCS NQT product webpage post login by clicking on ‘View Details’ button.
- You can edit your application for each exam session on or before the application closure date for the respective exam session (15 days prior to the exam date).
Can I change my mode of test, from Online Remote Proctored Assessment to In-Centre or vice versa?+
- You can view the application details from 'View Details' on 'My Dashboard', using your TCS iON Digital Learning Hub credentials.
- You can edit your application On or Before the application closure date, and change the mode of test from Online Remote Proctored Assessment to In-Centre Assessment and choose your city preference for the test.
- Similarly, you can also change mode of test from In-Centre Assessment to Online Remote Proctored Assessment.
I have applied for multiple NQT variants. Will all tests happen on the same day or the same slot?+
- While the tests may be scheduled either on the same date or on different dates, the date and time slots will not overlap with the other tests that you choose. The details will be communicated through email for online and along with the Hall Ticket for In-Centre, 2 days prior to the exam.
I appeared for NQT, can I take Subject NQT and Industry NQT now?+
- Yes, you can appear for the other TCS NQT Variants. Please follow from step 4 for the purchase of every new TCS NQT Variant, as given in FAQ 9.
- NQT (Cognitive Skills) Score is a prerequisite to appear for Subject NQTs and Industry NQTs.
Some of the details in my application form are incorrect. Can I edit my submitted application, or should I apply again?+
- No, you do not need to apply again. Login with your TCS iON Digital Learning Hub credentials and go to ‘My Products’ under ‘My Dashboard’. The TCS NQT products that you have purchased will be displayed and you can click on product details to go to the individual product pages. Click on the ‘Buy Now’ button, to open your application form in Edit mode and make the necessary changes. Click on the Submit button for the changes to reflect.
- You can also navigate to the individual products pages from the product stamps on the TCS NQT product webpage. Click on the ‘Buy Now’ button, to open your application form in Edit mode and make the necessary changes. Click on the Submit button for the changes to reflect.
- In case you face any issues, you can connect with us through Live Chat or Help Desk for immediate response.
How will the results be communicated?+
- After you complete the test, results will be processed and your scores will be shared to your registered email ID provided during the application.
Is there any cut-off score or percentage to pass the TCS NQT?+
- There is no cut-off score or PASS/FAIL criteria set to report your performance. You will be given a score that indicates your current ability in the topics that are assessed.
What are the next steps after getting NQT Score?+
- You can apply to any company that recognises the NQT Score and indicate your NQT registration number and score in the job application form of that company.
- Depending on the NQT Score you have secured, you can apply to companies and job roles that accept such level of NQT Scores.
- You can view the list of corporates who have acknowledged the TCS National Qualifier Test (TCS NQT) Score on the product webpage.
- You can directly apply to the corporate for jobs with your NQT Score if you meet their eligibility criteria.
- You can apply on the TCS iON Job Listing Portal.
- Only candidates who have an NQT Score will be eligible for the above mentioned.
Will TCS iON share my score with all the companies to help me get a job? Will TCS iON arrange job interviews for me?+
- TCS iON will not arrange for any job interviews. You need to apply to the companies yourself. Your NQT Scores will be shared only with those companies that you have applied for a job and when they ask for it.
- You can view the list of corporates who have acknowledged the TCS National Qualifier Test (TCS NQT) Score on the product webpage.
- In addition, you can apply on the TCS iON Job Listing Portal, as this privilege is given only for the candidates who have appeared for TCS NQT.
- Each company's eligibility/filtering/selection criterion is based on the rules defined by them on the levels of different abilities required for a job and may also have additional eligibility/filtering/selection criteria.
How long will my score be valid? Can I take another attempt to improve my NQT Scores?+
- Your NQT Score is valid for 2 years from the date of result publishing.
- There is no limit on the number of attempts. You can write the next TCS NQT (as and when it is announced) to improve your NQT Scores. The highest score from among your attempts, will be considered as your current NQT Score.
I have chosen Online Remote Proctored Assessment. How do I get familiarised and make sure that my computer is suitable for me to take the test?+
- If you have selected your test mode as "Online Remote Proctored Assessment", TCS iON Infrastructure Readiness Check (IRC) for Cognitive Skills OR IT Programming will be made available under “My Dashboard” -> “My Products” to check the system compatibility of your computer. Click on the IRC and then click on “Click Here” to Launch Infrastructure Readiness Check. You can launch and take the test to get familiarised with the system. If you face any issue(s) during IRC check, you can reach out to us through Live Chat on IRC event login page.
- You can take upto 10 attempts of IRC; if you face any issue(s) which do not get resolved, you can edit your application form and select the mode of test as "In-Centre Assessment".
What happens if I am unable to appear for TCS NQT in Online/In-Centre mode OR not able to complete the exam successfully in Online mode?+
- If you are not able to appear for the exam due to any reason solely attributable to you, on the allotted date and time, no refund will be issued, and no retest will be conducted. You can repurchase and take the next TCS NQT, in the next cycle as and when the dates are announced.
- If you are not able to complete the exam successfully due to any reason solely attributable to you, no refund will be issued, and no retest will be conducted. You can repurchase and take the next TCS NQT, in the next cycle as and when the dates are announced.
- Even for travel restrictions imposed by the Govt. in the last minute due to COVID or other reasons, it is your responsibility to choose the preferred mode of test, while filling the application form, keeping such risks in mind.
How is proctoring conducted in Online Remote Proctored Assessment?+
- When you are taking the Online Remote Proctored Assessment, the computer will record your images randomly multiple times during the test. These images will be compared with the image that you have captured during the initial registration process. If any malpractice is detected, your test will be treated as NULL and VOID, and your NQT Scores will be WITHHELD and not shared with you.
What happens to candidates who had indulged in malpractice?+
- Candidates who had indulged in any type of malpractice will not be permitted to take the test for a period of 1 year.
What is a Postpaid Licence Code?+
- Colleges/Universities partner with TCS iON to get TCS NQT exams at a discounted price. You will receive a Postpaid Licence Code on your email ID, and you will have to make the payment to enable the Licence Code to activate the TCS NQT exam. The price of the exam will be the price at which the TCS NQT Variants have been offered to your Institution by TCS iON.
International COVID Stimulus and Relief
As of June 13, , more than million people have been infected with COVID and nearly million people have died worldwide. This has been further compounded by an economic crisis caused by the disease’s disruption to the world economy, resulting in millions of people losing their livelihoods, exacerbating global poverty and inequality.
The International Monetary Fund (IMF) estimates that the world economy, as measured by real gross domestic product (real GDP), shrank by as much as % in The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI), which tracks large-cap and midcap companies in 50 developed and emerging countries around the world, fell into a bear market during March and didn’t pass its pre-COVID high until late August
As of April , the IMF estimated that the world economy will grow by 6% in and % in
In response to this crisis, governments and central banks worldwide have enacted sweeping and sizable stimulus measures to counteract the disruption caused by the coronavirus and provide relief to those suffering from the pandemic.
After unprecedented stimulus measures, U.S. Federal Reserve (Fed) Chair Jerome Powell said in a March interview with NPR that the U.S. economy was on the path to recovery, comparing combined stimulus efforts by the Fed and Congress to the World War II battle of Dunkirk.
But the battle for the health of the global economy was not limited to the United States. We have compiled below a list of what each country or region has been doing. We divided each response into monetary policy, managed by central banks, and fiscal policy, managed by central governments.
In this article, for the sake of ease of comparison, all amounts have been converted to U.S. dollars using the exchange rate at the time of this writing.
Researchers with the World Health Organization (WHO) are still investigating the exact origins of COVID But according to an investigation headed by the WHO, we do know that live-animal markets, including the Huanan market in Wuhan, likely played a role at the start of the pandemic. Wuhan was the site of the first large-scale outbreak.
China, the world’s second largest economy, responded with stimulus and relief efforts earlier than most countries. As a result, the Chinese experience has become a bellwether for many countries around the globe in terms of its COVID response, lockdown measures, and economic stimulus, as well as the speed of the recovery.
China Monetary Policy
The People’s Bank of China (PBOC) was the first major central bank to act during the crisis. The PBOC refers to liquidity injections through repurchase agreements as “reverse repo operations,” though most other central banks refer to them as “repo operations.” They will be referred to as “repo operations” here for the sake of consistency.
The PBOC has cut a number of interest rates since the beginning of the crisis. It cut its benchmark one- and five-year prime rates twice—once on Feb. 16, , and again on April 19, This brought the one-year rate down from % to % and the five-year rate down from from % to %. It also cut its one-year medium term lending facility (the rate at which it lends to banks) twice—once on Feb. 16, , and again on April 15, This brought the interest rate for the lending facility down from % to %, the lowest level since it was introduced in On April 23, , it lowered the interest rate on its targeted medium-term lending facility (TMLF), a loan program meant to shore up struggling parts of the economy, from % to %. On April 10, , it cut its standing lending facility interest rates by %. On March 29, , the PBOC cut the rate on its seven-day repo agreements from % to %. On June 17, , it cut the rate on its day repo agreements from % to %.
China first expanded repo operations on Feb. 3, Through both the repo operations and its medium-term lending facility, the central bank injected approximately $ billion of liquidity into the economy as of June 11, , according to the IMF. The PBOC has also expanded relending and rediscounting facilities by $ billion as of June 11, , to increase lending, especially to micro-, small-, and medium-sized firms and the agricultural sector.
On March 13, , the PBOC lowered bank reserve requirements, freeing up about $79 billion to be lent out. Reserve requirements were cut again on May 25, The PBOC cut the reserve ratio for small and medium-sized banks on April 3, It also cut the interest rate that it pays on excess reserves.
China Fiscal Policy
Data has been somewhat scarce when it comes to the exact nature of China’s official government stimulus and relief response.
While China had the only major economy that expanded last year, continued pace of growth is interdependent with broader global economic recovery.
After a year of sweeping stimulus measures and subsidies to support the economy and boost consumer spending, the Chinese government’s statements indicate that we can expect a phase of belt-tightening and a shift away from debt-driven growth.
As soon as mid-March , many local governments in China began issuing prepaid spending vouchers to boost consumer spending, but the amounts are reportedly relatively small. The Chinese government asked banks to extend the terms of business loans and commercial landlords to reduce rents. Regional and local governments also have been increasing subsidies for certain auto purchases and raising the cap on the number of cars that can be owned in each locality. The government asked lenders to give smaller companies debt deferments from Jan. 25, , to June 30, Banks have been asked to give forbearance on mortgage and other personal loans. On May 22, , Chinese Premier Li Keqiang said banks could allow small businesses to only pay the interest on loans until the end of March
On May 22, , the Chinese government unveiled a $ billion stimulus package, which also contained funding for local governments to stop the spread of COVID and business tax cuts. This was accompanied by the issue of special treasury bonds by Beijing for the first time since , along with increasing the limit on special bonds that can be issued by local governments.
As of June 3, , according to the IMF, an estimated $ billion in discretionary fiscal measures, with another $ billion in “support outside the budget” such as tariff and fee cuts as well as loan guarantees to small- and medium-sized businesses, have been announced, including total funding to fight the virus, and which includes:
- Increased epidemic prevention spending.
- Production of medical equipment.
- Moving up unemployment payments.
- Social security tax relief.
Overall, the Chinese government is following a “cautious approach to the withdrawal of fiscal policy support as they look to ensure the economy’s sustained recovery from the coronavirus shock,” according to Fitch Ratings. Analysts estimate that the country’s consolidated fiscal deficit will be % of GDP in , compared to 9% last year. Fitch Ratings also forecasts the government debt-to-GDP ratio will increase to about 57% by the end of the year.
In a departure from previous years, in March , the Chinese government called for closer scrutiny of the debt-to-GDP ratio and reduction of debt levels at the local government level in particular.
Hong Kong was already facing tough economic headwinds before the pandemic because of unrelated public protests throughout Hong Kong rolled out stimulus fairly early, including a universal cash payments, similar to the one later included in the U.S. Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Hong Kong Monetary Policy
The Hong Kong Monetary Authority (HKMA), while not technically a central bank, sets monetary policy for Hong Kong. The HKMA links the value of the Hong Kong dollar to the fixed exchange rate against the U.S. dollar within a certain range. This means that the HKMA follows interest rate changes by the U.S. Fed to maintain the currency peg.
On March 4 and March 16 in , the HKMA announced reductions in the benchmark interest rate, by % to % and % to %, following the Fed’s interest rate reductions. Also on March 16, , the HKMA lowered capital requirements to allow banks to lend more.
On April 29, , the HKMA spokesman said the market expected the move by the U.S. Fed to keep rates unchanged.
In , the Hong Kong economy shrunk by %, an economic contraction that the HKMA acknowledged was the “most severe one on record” in an annual report published on April 28,
Hong Kong Fiscal Policy
Hong Kong released three major fiscal stimulus and relief packages in the first half of , with some smaller additional stimulus measures in the fall. The first, on Feb. 21, , established the $ billion Anti-Epidemic Fund and included the following efforts:
- $ billion for subsidies to the retail, restaurant, and transportation sectors.
- $ million for increased hospital funding.
- $ million for increased mask production.
- $ million to purchase masks internationally.
Hong Kong announced a $ fiscal stimulus package as part of its – budget on Feb. 26, It includes:
- A $1, cash subsidy to all adult permanent residents. (This was extended to low-income and nonpermanent residents on March 3, )
- Paying one month’s rent for people living in public housing.
- Cutting payroll, income, property, and business taxes.
- Low-interest, government-guaranteed loans for businesses.
- An extra month’s worth of payments to people collecting old-age or disability benefits.
On April 8, , a $ billion stimulus and relief package was announced, including:
- $10 billion to provide wage subsidies to employers of 50% of an employee’s monthly wages for six months, capped at $1,
- $ billion to support particularly hard-hit sectors of the economy.
- A six-month, 75% rent reduction to people and companies renting from the government.
- Deferred payroll and business profit taxes for three months.
On June 11, , the wage subsidy in the April relief package was expanded to include construction workers who were excluded from the original package because they were not official full-time employees, even though they were working on a long-term basis in the sector. This would give $ million in wage subsidies to employers provided that they do not lay off these employees for six months after receiving the money. Employers can receive up to $4, per employee.
On Sept. 14, , Hong Kong announced an additional $ billion in stimulus spending. This includes direct spending to support impacted industries, new spending on preventive health measures, and rent support payments.
On April 28, , Hong Kong lawmakers approved a budget providing an additional $ billion in stimulus funding to support economic recovery from COVID These measures include electronic spending vouchers for city residents and additional healthcare spending.
Continued stimulus plans have cut into Hong Kong’s reserves, but analysts at Fitch Ratings project a “gradual reduction” in fiscal deficit.
“Fitch forecasts the [Hong Kong fiscal] deficit will moderate to % of GDP in FY21 and % in FY22, excluding bond proceeds, following a record deficit of % in FY20,” according to Fitch’s report on April 15,
Japan entered the pandemic with a somewhat depressed economy, already struggling with deflation and low growth, so the pandemic has only compounded its problems. The economy contracted % in , the first in over a decade.
More than a year into the pandemic, the world’s third-biggest economy remains proactive in supporting companies and households with additional stimulus measures.
Japan Monetary Policy
The Bank of Japan (BOJ), the nation’s central bank, launched a raft of major stimulus provisions as early as March 16, It substantially increased quantitative easing (QE), doubling the rate at which it was purchasing exchange-traded funds (ETFs) from $56 billion a year to $ billion. It also increased purchases of corporate bonds and commercial paper. On the same day, the BOJ announced a new program of zero-interest loans to increase lending to businesses impacted by the virus.
A second wave of monetary stimulus was introduced on April 27, The stimulus consists of three parts. First, the central bank increased its holdings of corporate bonds and commercial paper from $65 billion to $ billion. The BOJ said it would increase the maximum amount of corporate bonds and commercial paper that it would purchase from each issuer. And the bank would now purchase bonds with up to five years of remaining maturity, up from three. Second, the BOJ expanded the new lending program that it announced in March to include more potential participants and allow more types of collateral. Finally, the central bank said it would purchase as many government bonds as needed with no upper limit.
On May 22, , the BOJ’s lending program was expanded to provide one-year zero-interest loans to financial institutions to either lend to small- and medium-sized businesses that have been affected by COVID or make loans as part of government relief measures.
Among corporate bond purchases, commercial paper purchases, and its special lending programs, the BOJ said it would provide just over $1 trillion in liquidity.
On April 27, , the BOJ signaled extending the pandemic relief program beyond September, in response to a third state of emergency in Tokyo and other cities and the threat of prolonged economic recovery. The BOJ kept the short-term interest rate target at −%.
Japan Fiscal Policy
On the fiscal end, Japan passed four spending bills. The first provision, a package of small business loans worth $ billion, passed in February
On March 11, , the second spending bill of $15 billion passed, increasing funding for business loans. It also included $4 billion for programs to boost mask production and to prevent the virus from spreading in nursing homes.
The third stimulus package of $ billion passed on April 7, Its most prominent provision was a $ payment that any resident of Japan could apply for. Small- and medium-sized businesses, as well as freelancers, could apply for payments of up to $18, if their incomes had been significantly affected by the virus. The package also included $ billion in tax deferments for businesses and increased funding for medical supplies.
The fourth stimulus package of $ trillion was announced on May 27, It included the following provisions:
- Rent subsidies for individuals and for small- and medium-sized businesses.
- A one-time $1, payment to each frontline medical worker.
- Additional subsidies to businesses hit by the pandemic.
- The creation of a $93 billion emergency fund for a possible second wave of infections.
In December , Japan unveiled an additional $ billion spending plan, which included loan guarantees for small businesses as well as spending initiatives meant to cut down carbon emissions and foster digital innovation.
On April 30, , Japan’s government said it would boost aid to firms with large-scale facilities, such as department stores and malls. These facilities will receive $1, per building, with each shop receiving $18 per day, and movie theaters getting $ per screen day.
Japan’s total spending to support its economy in the aftermath of the COVID pandemic is estimated at approximately $3 trillion.
European Union (EU)
A rise in new cases in the fall of resulted in new restrictions and business closures in countries across Europe, including Germany, France, Austria, Spain, Italy, and others. In turn, renewed restrictions have sparked protests in some countries over the economic destruction already imposed by previous lockdowns, and increased demands for further stimulus and relief measures.
EU Monetary Policy (European Central Bank)
Unlike the U.S. Fed, the European Central Bank (ECB) has had little room to lower interest rates. Its deposit interest rate is negative, and its refinancing interest rate is at zero. This means that it had to rely on other monetary policy tools to respond to the current pandemic.
While its benchmark interest rates have remained the same, on March 12, , it lowered the interest rate on, and eased lending requirements for, its targeted longer-term refinancing operations (TLTRO III), a program of long-term loans to banks to keep liquidity steady. It followed up with a second TLTRO III interest rate cut on April 30, This is not one of its benchmark interest rates. To further boost credit, on April 30, , it announced a new series of longer-term refinancing operations called “pandemic emergency longer-term refinancing operations” (PELTROs) to provide additional lending liquidity.
Throughout the spring and summer of , the ECB activated or created currency swaps with the central banks of Denmark, Croatia, Bulgaria, and Romania. All of these are European countries that do not use the euro, and the swaps help ensure that there are enough euros available in those countries for euro-denominated financing. On June 25, , the ECB created the Eurosystem repo facility for central banks (EUREP), which provides euro-denominated liquidity for central banks outside the eurozone, in addition to what is provided by the aforementioned swaps. It will last until the end of June
Also, the ECB has substantially increased its bond-buying program. On March 12, , it announced an additional $ billion in bond purchases during Then, on March 19, , it announced an asset-purchase program called the Pandemic Emergency Purchase Program (PEPP), purchasing roughly $ billion in bonds and commercial paper throughout One notable feature is that Greek government bonds will be eligible for purchase as part of this program. These bonds are normally excluded from bond-buying due to Greece’s credit rating. On June 4, , the ECB announced that PEPP would be expanded by $ billion to a total of $ trillion, and that the length of the program would be extended at least until the end of June At the time, the ECB said that it planned to “conduct net asset purchases under the PEPP until it judges thatthe coronavirus crisis phase is over.”
The ECB also took steps to increase liquidity. On March 12, , it temporarily lowered the level of capital that banks need to hold to allow them to increase lending. On April 7, , it broadened what could be used as collateral for ECB refinancing operations. The ECB said these measures were temporary and would be “re-assessed before the end of ” On April 22, , it allowed assets that have had their credit rating downgraded after April 7, , to be used as collateral for ECB refinancing operations until September
On Dec. 10, , the ECB announced another raft of stimulus, including the following measures:
- Expanding the PEPP by $ billion, to a total of $ trillion.
- Extending the purchasing horizon for the PEPP until at least the end of March
- Extending reinvestment of payments from maturing bonds in the PEPP until at least the end of
- Extending the period of more favorable TLTRO III refinancing by 12 months until June 22, , and conducting three additional operations from June to December
- Raising the borrowing limit that counterparties in TLTRO III can borrow from 50% to 55% of all their eligible loans.
- Extending “collateral easing measures” to allow banks more liquidity until June 22,
- Offering four additional PELTROs in
The ECB issued a statement on April 22, , saying it will “continue to conduct net asset purchases under the PEPP program with a total envelope of $ trillion until at least the end of March ”
It also kept the interest rates on the main refinancing operations, marginal lending facility, and deposit facility unchanged. And the ECB will continue net purchases under the asset purchase program (APP) at $24 billion per month.
EU Fiscal Policy
On May 27, , the European Union unveiled its first fiscal stimulus proposal, funded by bonds issued by the EU rather than by the governments of its member states. This $ billion package is called “Next Generation EU.” After negotiations, the final package included $ billion in grants and $ billion in loans. The package initially was approved on July 21, , but was held up in review by the vetoes of Poland and Hungary. The package was finally fully passed on Dec. 9,
More than a year into the pandemic, Germany is still struggling to keep a new wave of infections under control. In April , the German parliament approved amendments to the Infection Protection Act to enable the federal government with more power over regional curfews and other measures.
Germany Fiscal Policy
As a eurozone country, Germany’s monetary policy is conducted by the ECB. The only Germany-specific relief items passed by the government are related to fiscal policy. To that end, Germany rolled out a broad series of aggressive fiscal stimulus and relief measures. Its efforts are, by far, the largest of any country in Europe in overall size and as a percent of the country’s overall GDP.
Its largest relief measure by far was its Economic Stabilization Fund, announced on March 23, This $ billion fund offers $ billion in loan guarantees, $ billion to buy equity stakes in struggling companies, and $ billion to the German Development Bank to refinance loans to businesses. This was accompanied by an expansion in the types of loans that the development bank can offer.
Also on March 23, , Germany passed a $ billion supplementary budget, suspending existing government debt rules, to help fund additional COVIDrelated spending, including the following:
- A $54 billion emergency liquidity program for small businesses, self-employed people, freelancers, and farmers. Those categories of people and companies can apply to receive up to $16, to cover operating costs.
- Increased spending on personal protective equipment (PPE), vaccine research, and other public health measures.
- Expanded childcare benefits for low-income parents and easier access to welfare for the self-employed.
- Expanded funding of worksharing payments. (Worksharing is where companies lower employee hours as an alternative to layoffs. Employees are then partially, or fully, compensated by the government.) In August , the government extended these wage subsidies through the end of
On June 3, , the German government announced another stimulus package worth $ billion. Among other things, the package includes the following:
- A value-added tax (VAT) cut. The normal VAT rate will be cut from 19% to 16% on all goods. The new rate took effect on July 1, , and lasts until Dec. 31, The reduced VAT rate, which applies to essentials such as food, was cut from 7% to 5%. These tax cuts are estimated to cost about $ billion.
- $ billion to give parents one-time cash payments of $ per child.
- $6 billion to shore up the German social safety net programs.
- $ billion in reductions to renewable energy fees for and
- $9 billion in business tax cuts.
- $ billon in aid to small- and medium-sized businesses to make up for virus-related losses.
- $ billion in aid to cultural and nonprofit organizations.
- $ billion in aid to local governments.
- $ billion in aid to schools.
On March 19, , the German Ministry of Finance announced that taxpayers who can prove they are directly and significantly affected by the COVID pandemic can apply to defer or lower their taxes that they would owe through Dec. 31, In addition, on May 6, , the VAT for restaurants and catering services was reduced from 19% to 7%.
On April 27, , the German government adopted the German Recovery and Resilience Plan (DARP), with the country expecting to receive grants of about $ billion to support energy-efficient transportation and buildings as well as digital transformation policies.
India has suffered from an extremely severe second wave of the pandemic, with new daily cases spiking to a record-breaking , in early May The second wave was likely exacerbated by the more infectious Delta variant of the virus, which seems to have first emerged in India. This has led to a wave of new lockdowns.
India Monetary Policy
India’s monetary policy has been less constrained than its fiscal policy, because it is not as tied to India’s standing with foreign credit agencies.
On March 27, , India’s central bank, the Reserve Bank of India (RBI), lowered its repo rate, the bank’s benchmark interest rate, by % to %, and lowered the reverse repo rate by % to 4%. On April 17, , it further lowered reverse repo rates, by % to %. The RBI followed this up with another % cut to both rates at its May meeting, reducing the repo rate to 4% and the reverse repo rate to %, along with reiterating an explicit commitment to maintain an accommodation monetary policy stance for as long as necessary. At the same meeting, it also lowered the interest rate of its Marginal Standing Facility (MSF) by %. The MSF is another short-term liquidity line to banks.
The bank injected $49 billion into the financial system on March 27, , by a combination of loosening capital restrictions and reserve ratios, as well as launching a “targeted long term repo operation” (TLTRO). The TLTRO allows repurchase agreements on investment-grade bonds, commercial paper, and another debt instrument called nonconvertible debentures (NCDs).
The RBI increased its lending facility for state governments on April 1, , and raised the ability of state governments to overdraft on April 7, Another $ billion TLTRO—TLTRO , targeted at smaller financial institutions—was launched on April 17, It followed this up on April 27, , with the creation of the Special Liquidity Facility for Mutual Funds (SLF-MF), which will lend up to $ billion to purchase mutual funds.
The RBI has also extended special liquidity facilities for national lending institutions. On April 17, , the RBI established special refinance facilities totaling $ billion for the National Bank for Agriculture and Rural Development (NABARD), the Small Industries Development Bank of India (SIDBI), and the National Housing Bank (NHB). In May , the RBI extended the facility for SIDBI by $ billion and established a line of credit worth $ billion to the Export-Import Bank of India to support its U.S. dollar funding activities. On Aug. 6, , the RBI extended its special lending facilities to NHB and NABARD each by $ billion.
The RBI allowed all banks to permit three-month deferments of payment for loans on March 27, In May , it extended this period through Aug. 31, On April 17, , the bank allowed a moratorium from March 1, , to May 31, , on the classification of assets as nonperforming. Normally, loans are classified as nonperforming after 90 days of being overdue on payments.
On May 5, , the RBI announced an additional round of COVID stimulus funding, with the central bank opening a liquidity window of $ billion with tenors of up to three years at the repo rate that will be available until March 31, , according to the central bank. This new stimulus would allow Indian banks to lend money to hospitals, manufacturers and distributors of COVID vaccines as well as providers of medical oxygen and other COVID relief. The RBI’s measures also included helping micro-, small- and medium-sized businesses, allowing some borrowers to extend their repayment period.
India Fiscal Policy
Rather than increasing government spending, India’s stimulus packages have leaned heavily on measures to increase liquidity, such as loosening bank lending restrictions or sending tax rebates early. Actual new spending has made up only a small portion of the Indian government’s stimulus.
On March 26, , the Indian government announced a $ billion spending plan to help the nation’s poor cope with the pandemic. It included the following provisions:
- Free grain and other staples for poor families for three months.
- Expanded insurance for healthcare workers.
- One-time cash payments of $ to 30 million senior citizens.
- Expedited scheduled cash payments to 87 million farmers as part of an existing program.
- Free cooking gas to women in rural areas for three months.
- Establishing a fund to help construction workers affected by the quarantine.
On May 13, , Prime Minister Narendra Modi announced a new stimulus package called the “Self-Reliant India” program. While he claimed it would be $ billion, that total included previously spent money and monetary stimulus. The package was to be released in five separate parts, some of which included general reform measures and law changes not related to the pandemic.
The first part was focused on small- and medium-sized businesses. It included direct extensions of loans to businesses, full and partial loan guarantees to different types of businesses, extending various tax filing deadlines, and a reduction in payroll taxes.
The second portion addressed the needs of the poor, especially migrant and farm workers. It included extensions of more credit to farmers, programs to provide food for migrant workers and allow them easier access to welfare benefits, and reforms to make minimum wage laws apply to more workers more uniformly.
The third related to agriculture in general and included funding for farm supply chain and infrastructure improvements, as well as reform of agricultural regulation to make it easier for farmers to stockpile and sell crops.
The fourth part targeted modernizing India’s economy, including loosening regulations in the coal and mineral mining sector to increase private-sector involvement, changing military procurement regulations, easing airline and airport regulations, and privatization of power utilities.
The fifth part focused mainly on reforming business regulation, increasing state government borrowing limits, increasing funding to a work program for rural workers.
On June 12, , the Indian government halved the interest that taxpayers owed on late goods and services taxes (GST) for the months of February, March, and April in The interest cut applied to filers with tax balances of up to $, as long as they filed by September In addition, the deadline for filing May, June, and July returns was extended to September without any fees or interest.
On June 30, , the Indian government announced that it would spend $ billion to extend the the free grain distribution program until the end of November Modi said this would provide good aid to million Indians.
On Oct. 12, , India announced a $10 billion package of new relief spending. Measures included $ billion in direct infrastructure spending, $ billion in interest-free loans to Indian states, and a plan to allow public-sector employees to cash out leave time to spend on consumer goods in an effort to boost consumption spending.
On Nov. 9, , India approved $19 billion in tax incentives over the next five years for companies building new manufacturing and export businesses in India.
On Nov. 12, , India announced $ billion in additional stimulus measures, including subsidies to companies that hire new employees, tax breaks for homebuyers, and government-subsidized bank loans to sectors of the economy that were most affected by the pandemic, such as the auto industry.
According to The Times of India, the Indian government is planning another relief package to help with the second wave.
United Kingdom (U.K.)
Unlike Germany, France, and Italy, where monetary policies are set by the ECB, the United Kingdom has its own central bank.
As the U.K. tightened restrictions on the population and the economy in the face of rising COVID cases along with other European nations, it also had Brexit to grapple with. When the pandemic began, the U.K. was still renegotiating its trade relationship with the EU and undergoing a massive change to its laws and trading relations, which further complicated the country’s response to the pandemic. All of this took a heavy toll on the U.K.’s economy. The U.K. economy shrank by 10% in , the largest decline in over three centuries.
U.K. Monetary Policy
The Bank of England (BoE) has taken a number of steps to try to mitigate the pandemic and the resulting economic crisis, using all of its tools, and bringing rates down to record lows.
The BoE cut its benchmark interest rate twice: on March 11, , from % to %, and on March 19, , from % to %.
On March 24, , the BoE activated its Contingent Term Repo Facility (CTFR), an additional three-month repo operation on top of existing ones. A one-month facility was added on March 30, Both the one- and three-month facilities were subsequently extended, but later allowed to expire. The one-month facility held final operations on June 26, , and the three-month facility held final operations on May 28,
On March 19, , the BoE announced it would restart QE with $ billion in government and nonfinancial, investment-grade corporate bonds. On June 5, , the BoE expanded what kinds of bonds it could purchase in its QE program. The BoE expanded its bond purchases by another $ billion on June 18, On Nov. 5, , the BoE expanded its target for government bond purchases by an additional $ billion.
The BoE has launched a number of additional lending and asset-purchasing programs to extend credit during the crisis. On March 11, , the BoE announced the Term Funding Scheme, which offers additional incentives for small- and medium-sized enterprises (TFSME). This scheme offers loans from the BoE to banks using the banks’ loans to businesses as collateral for the central bank. Banks will receive more money if they lend to small- and medium-sized businesses. The TFSME began operating on April 15,
On March 17, , the BoE launched the Covid Corporate Financing Facility (CCFF), which will purchase commercial paper for at least 12 months. There is no stated limit on the purchases. The program was updated on May 19, , allowing businesses to repay the debt early. The new rules say that any businesses that want to issue commercial paper with a maturity past May 19, , need to draw up a plan showing how they’ll reduce dividends, buybacks, and executive pay while the debt is still outstanding.
As for regulatory changes, on March 11, , the BoE allowed banks to use a reserve they call a “countercyclical capital buffer.” The buffer is money kept in reserve to increase banks’ resistance to global financial shocks, allowing nearly $ billion in new loans. It also canceled the bank stress test. However, on July 28, , the Prudential Regulatory Authority of the BoE also reiterated its expectation that banks suspend dividends, buybacks, and cash bonuses to senior staff through the end of and announced plans to assess financial firms’ distribution plans beyond as well.
On April 9, , the BoE announced that it would lend directly to the government if bond markets are insufficient to meet fiscal requirements during the COVID crisis.
At the start of May , the BoE slowed the pace of its bond buying without expanding the size of its stimulus program, as a result of successful vaccination efforts, Reuters reported. The BoE also kept its benchmark interest rate at %. The BoE also expects the U.K. economy to grow by % in compared to 5% projected earlier.
U.K. Fiscal Policy
The U.K. fiscal policy has come in six packages. The first, announced on March 11, , allocated nearly $37 billion in fiscal stimulus and relief in the U.K. budget. Among other things, it included:
- A tax cut for retailers.
- Cash grants to small businesses.
- A mandate to provide sick pay for people who need to self-isolate, and a subsidy to cover the costs of sick pay for small businesses.
- Expanded access to government benefits for the self-employed and unemployed.
The second round, unveiled on March 17, , included $ billion in business loans and loan guarantees. These loan schemes have been divided into the Coronavirus Business Interruption Loan Scheme (CBILS), for small- and medium-sized businesses, and the Coronavirus Large Business Interruption Loans Scheme (CLBILS), for larger businesses. This package also contained $23 billion in business tax cuts and grant funding to businesses hit worst by the virus, such as retail and hotel businesses.
The third package, announced on March 20, , included the following:
- A program to issue grants to companies covering up to 80% of workers’ salaries if companies keep them on payrolls rather than lay them off. It will be up to $3, a month per person. The program is backdated to March 1, , and will last three months unless it is extended. It is expected to cost $ billion.
- $ billion to increase the tax credits for the poor and unemployed, giving each person roughly $1, more a year.
- $ billion in additional funds to increase the low-income housing benefit.
- Deferring the next quarter of VAT, estimated to be about $ billion.
The fourth package, announced on March 26, , gave cash grants of up to $3, for self-employed people making up to $61, a year. The payments will continue monthly for at least three months.
A fifth stimulus and relief package worth $ billion was announced on July 8, Among other things, it contains:
- $ billion to create a job program for people under age The program would create six-month government subsidized job placements for people under age 25 who are currently on unemployment.
- Up to $ billion offering businesses a $1, bonus for each employee whom they bring back from furlough.
- $2 billion in training and apprenticeship programs.
- A six-month sales tax cut from 20% to 5%.
- A program called “Eat Out to Help Out” that discounts certain restaurant meals by up to $ a person from Monday to Wednesday during August
- $ billion investment in green infrastructure.
- $ billion in construction and general infrastructure.
- A measure that raises the value of homes that can be purchased without paying taxes on the transaction, from $, to $,, until March
The sixth package, announced on Sept. 24, , includes wage subsidies of up to $ a month for workers facing reduced hours, the extension of Self Employment Income Support Scheme grants to small businesses through April , the extension of the loans under previous packages through the end of November , and the extension of the 15% VAT cut for hospitality and tourism businesses through March
The U.K. also passed a handful of smaller measures throughout the spring of On March 23, it announced a measure ensuring that no commercial tenant can be evicted if they miss a payment through June 30, On April 3, Transportation Secretary Grant Shapps announced that $ billion of additional funding would be provided to keep bus service running. On May 2, Communities Secretary Robert Jenrick announced that $80 million will be given to support charities for survivors of domestic abuse, sexual violence, vulnerable children and their families, and victims of modern slavery.
According to Chancellor Rishi Sunak. The government plans to increase the corporate tax rate from 19% to 25% in April
In March , the U.K. government announced that there would be $ billion in new COVID stimulus and relief over the – fiscal year, including the following:
- A boost to social security and welfare payments through September
- $ billion in new business grants to help them reopen.
- Incentive grants to businesses that delay opening as COVID restrictions are eased.
- Extension of the 5% VAT reduction through Sept. 30,
- Extension of the job retention scheme through the end of September.
This brings the total of U.K. pandemic-related stimulus spending to $ billion.
France Fiscal Policy
As a eurozone country, France’s monetary policy is conducted by the ECB. The only France-specific relief items passed by the government are related to fiscal policy. France’s biggest COVID relief measure is a package of loan guarantees to help businesses survive the crisis. The current package includes $ billion in loan guarantees, with the overall cost of COVID estimated to total at $ billion by the end of
On April 17, , all business tax filings for May were postponed until June 30, , and businesses may request deferment of payment for May taxes. Large companies will be granted deferments only if they issue no dividends or buybacks until the end of The tax filing calendar for individuals has been pushed back by 10 days.
On March 17, , French Finance Minister Bruno Le Maire announced a $49 billion aid package, which was expanded to $ billion on April 15, The aid package includes the following:
- $ billion in increased spending on health supplies and bolstering the healthcare system.
- $26 billion in increased funding for work-sharing wage supports.
- $ billion in direct payments for the self-employed and very small businesses.
- Postponement of rent and utilities for small- and medium-sized enterprises.
- Extending unemployment benefits.
- Funds for bailout loans to businesses.
On June 10, , the French government increased the size of its stimulus package further, to $ billion. The additional fund will go to wage supports, tax deferrals, and support to sectors that have been hurt particularly badly by the pandemic, such as tourism and aerospace.
On Sept. 3, , France announced another $ billion in stimulus. The stimulus package will be spent over two years and focuses on supporting economic growth. It includes $ billion for businesses to “make the French economy more competitive,” and $ billion to transition the French economy away from fossil fuels. The remaining money will be spent on job support and training programs to promote consumer confidence and create , jobs.
On Oct. 29, , Le Maire announced another $ billion in aid to small businesses, wage subsidies for furloughed workers, and extended funding for direct and guaranteed loans to businesses through June
French public investment bank Bpifrance estimates % to % of France’s COVID loans will default.
On May 26, , French officials committed an additional $ billion in emergency funds, which are aimed to support the restaurants, hotels and other industries most impacted by COVID and tourism.
Still, the government is eyeing a “gradual exit” and return to normalcy. Le Maire said in early May that the government is targeting 5% economic growth this year and ruling out a second stimulus package.
Italy Fiscal Policy
As a eurozone country, Italy’s monetary policy is conducted by the ECB. The only Italy-specific relief items passed by the government are related to fiscal policy. Italy has launched four separate stimulus packages.
The first stimulus and relief package was unveiled on March 16, , with the Italian government announcing it and calling it the Cura Italia (Care Italy) law. It contained roughly $27 billion in provisions, focused on four main “pillars.”
The first was $ billion to strengthen the Italian healthcare system and address the shortage of PPE. The second was $ billion to help protect workers. It included raising unemployment benefits, providing a $ allowance to the self-employed and seasonal workers for March , extending parental leave or $ in babysitting pay, and extending paid leave for those taking care of disabled relatives. Also included in this pillar were funds for hiring 1, additional doctors and for overtime police payments. Families could also apply for a suspension of mortgage payments if the pandemic threatened their livelihood.
The third plan involved $ billion to increase business and household liquidity. This included, among other things:
- A moratorium on loan repayments for small- and medium-sized enterprises (SMEs).
- Increasing the SME Guarantee fund that helps SMEs get credit.
- $ million in loan guarantees for the Italian state investment bank for large businesses to get loans.
The fourth pillar includes $ billion for suspending tax payments and giving out tax incentives. All businesses, the self-employed, and individual taxpayers who work in sectors hit by the pandemic had taxes and social security contributions suspended in March Withholding taxes on the salaries paid to self-employed people with a revenue less than $, a year was suspended for both March and April of
Audits, tax litigation, and coercive collection of taxes were suspended until June All expenses for sanitation, worker protection, or virus containment were eligible for a 50% tax credit. Stores and small businesses closed due to the emergency received a tax credit equal to 60% of March rent. Among those who were still employed, workers making less than $43, a year were eligible to receive a $ bonus payout.
The law also included $ billion to support “Central and Local Public Administrations, including Municipalities.”
The second, considerably larger stimulus package followed on April 6, This “Restore Liquidity” law offered $ billion in loan guarantees from the government and from the state investment bank and export bank.
The third, $ billion package was approved on May 13, It included the following provisions:
- $ billion in benefits for employees and the self-employed. This included additional funding for wage support and payments of $ to $ a month for those with no income and otherwise not covered by social welfare programs.
- A measure allowing undocumented migrants to get temporary work papers to work as farm laborers or carers.
- $ billion in regional business tax cuts.
- Up to $ billion in loan guarantees for bonds to support banks to support financial stability.
On Oct. 26, , Italy passed a fourth stimulus package worth $ billion. It included $ billion in one-time payments to businesses, subsidies and tax cuts for rent and housing, and an week extension of wage supports enacted under the prior stimulus plan.
On May 20, , Italy approved a new economic stimulus of $49 billion, $21 billion of which will be grants to companies most impacted by the pandemic. Other measures in the bill include additional healthcare funding and tax breaks to companies to encourage hiring.
Brazil had a number of statutory limitations on its fiscal spending, so fiscal relief and stimulus packages required significant alteration of the country’s existing fiscal rules. After case numbers fell in the summer and fall of , a severe second wave of the virus hit Brazil in late and has not subsided.
Brazil Monetary Policy
On March 18, , the Central Bank of Brazil (BCB) lowered the benchmark interest rate by % to %. It was lowered again on May 6, , by % to 3%, a record low number. Over the summer, the BCB continued to lower its target for the benchmark interest rate, to % on June 17, , and to % on Aug. 5,
On March 26, , the BCB announced a series of measures that would add $ billion in liquidity to credit markets. These include:
- Lowering reserve requirements.
- Expanding one-year repo operations.
- Announcing a set of dollar-denominated repo operations.
- New lines of credit to banks.
On March 27, , the BCB further reduced capital requirements, both by reducing a required capital buffer and by lowering the loan-loss provision required for refinancing loans for the next six months.
On April 24, , the BCB expanded the lending limit for lenders involved in its Special Temporary Liquidity Line backed by Guaranteed Financial Letters (LTEL-LFG). It also extended the settlement period for foreign exchange transactions related to imports and exports.
On May 5, , the BCB raised its benchmark interest rate by 75 basis points to % and signaled another hike in June.
On May 27, , the BCB issued a regional report saying the “maintenance of monetary stimuli” and the “lessening impacts of the health crisis, even as a result of ongoing vaccination, should sustain the recovery at the national level.”
Brazil Fiscal Policy
Brazil announced $30 billion in fiscal stimulus on March 16, The package isn’t new spending. The Brazilian government said it would not relax its tight fiscal rules, so the package is made up of deferrals, payments that are moved up in the year, and money that will need to be moved from elsewhere in the budget. Included in this plan is:
- Moving payments for retirees up to May from December.
- Three-month deferral for small- and medium-sized businesses.
- Expansion of cash aid to the poorest families.
On March 18, , Brazil announced that it would pay $40 a month for three months to informal workers, the unemployed, and self-employed people who are part of low-income families. This program was expanded to $ a month on March 24, , and is estimated to transfer roughly $9 billion to upward of 24 million people. In addition, the import duties on medical supplies were reduced to zero.
Things significantly expanded when the Brazilian government officially declared a state of calamity on March 20, (it was first requested on March 18, ), allowing the government to spend past its previously set spending limits.
On March 22, , the Brazilian Development Bank suspended payments for small businesses and expanded its credit to small businesses by $1 billion, as well as increasing the credit limit for each borrower. On March 24, , it provided $11 billion in additional liquidity and granted six-month extensions for repayment of debts. On March 27, , it announced $1 billion in credit for start-ups.
On March 23, , the federal government announced a $ billion plan to support state and local governments, including additional funding for public health services and suspension or renegotiation of state and local debts. This was expanded by another $ billion on April 14,
On March 27, , the Brazilian government announced $8 billion in credit to small- and medium-sized companies to pay wages as long as they don’t lay off employees. Some 85% of that money originated with the government, and 15% came from private banks.
In April , the Brazilian government enacted several additional policies to offer relief to the public. For instance:
- On April 8, , low-income families were exempted from paying their electricity bills for three months.
- The next day, Brazil allocated approximately $ billion for housing credits, incentives to renegotiate mortgages, and to cover day mortgage deferments.
- Brazil allocated $ million to support indigenous Brazilian communities on April 13,
- On April 20, , the Brazilian government announced a $ billion credit line to small-sized, micro-sized, and individual entrepreneurs.
- On April 22, , a day deferment on installment payments was extended to people who are behind on taxes.
On May 28, , Brazil established a new program directing $ billion in aid to state, local, and federal district governments for efforts to combat the coronavirus.
In June , the Brazilian government launched two new business loan guarantee programs—the Emergency Credit Access Program, and the Operations Guarantee Fund—together guaranteeing up to $ billion in new small-, medium-, and micro-sized enterprise loans.
On July 24, , Brazil authorized the release of up to $ billion in worker severance and social security funds to allow workers to access some of their publicly managed retirement funds immediately as cash.
In March , Brazil approved another $8 billion stimulus package to support its economy.
Canada, the world’s 10th largest economy, has made several major moves to combat the economic stresses of COVID Its central bank has embarked on its first-ever QE program, while its government has rolled out a major $75 billion relief package that includes expanded unemployment insurance and wage subsidies.
Canada Monetary Policy
Canada’s central bank, the Bank of Canada (BOC), has cut its benchmark interest rate three times since early March Specifically, these cuts, which each lowered the rate by %, occurred on March 4, March 13, and March 27 of , bringing the rate from % to %. On July 15, , the BOC reiterated its intent to maintain the current interest rate and QE policies until it achieves its % inflation target.
On March 12, , the BOC added six- and month repo operations, in addition to its existing one- and three-month repo agreements. On March 18, , the BOC expanded the types of securities that could be used as collateral for repo operations. Then on March 20, , it announced it was increasing the frequency of its repo operations to at least twice weekly, from once a week. On April 3, , the BOC announced it was activating its Contingent Term Repo Facility, which offers extra one-month repo agreements and is activated to “counter severe market-wide liquidity stresses.”
A bank lending program, called the Standing Liquidity Facility, was expanded. It provided loans to a wider array of banks and accepted a wider array of collateral than repo programs. It also launched a program, originally announced in , called the Standing Term Liquidity Facility, which would provide loans to an even wider array of banks and accept an even wider array of collateral than the Standing Liquidity Facility. In June , based on improving economic data, the BOC began to slow the pace of its repo and bank asset purchase operations.
The BOC has announced its first-ever QE programs. Throughout March , the BOC announced programs to purchase $ billion in government bonds each week until “the economic recovery is well underway.” Throughout the month, it announced a series of open-ended purchasing programs for purchasing mortgage bonds, bankers acceptances, money market securities from provincial governments, and commercial paper. In April , it announced a provincial government bond buying program that will hold up to $ billion in bonds and a $ billion corporate bond buying program, both of which started in early May
On March 18, , the BOC asked retailers to continue accepting cash to ensure no disruption in the cash supply. In addition, the Office of the Superintendent of Financial Institutions (OSFI), Canada’s financial regulatory body, lowered bank reserve requirements, thus allowing banks to lend an additional $ billion.
Canada Fiscal Policy
Canada has launched an escalating series of fiscal stimulus and relief measures. The first, announced on March 11, , contained $ million to support research, help provincial governments, and invest in public health measures such as mask purchases. On March 13, , the government announced a $ billion business loans program. It announced a $75 billion relief package on March 25, It contained, among other things, the following:
- Sending a monthly $1, payment every four weeks for up to 28 weeks to people who have lost their income due to COVID
- Increasing the Canada Child Benefit for by $ per child.
- One-time $ payment to low-income individuals.
- Extension on filing both U.S. and corporate income taxes until June 1, , and payment of taxes until Sept. 1,
- Allowing lenders to offer payment deferrals for up to six months for government-insured mortgages.
- A program lasting from March 15, , to June 6, , covering 75% of wages up to $ a week for businesses that have suffered a revenue decline of 15% or more.
- A 10% wage subsidy for small businesses not eligible for the above subsidy.
- 75% rent relief for small businesses that have had to close or lost 70% of their revenue from COVID
- Deferred sales tax and import duty payments until June 30,
In addition, the Canada Mortgage and Housing Corporation (CMHC), a government-owned corporation that works to provide housing, announced on March 16, , that it will purchase up to $ billion in insured mortgages. This amount was increased to $ billion on March 26,
In April , Canada’s government allocated $ billion in new spending over three years to support economic recovery. More than half of this year’s budget will be allocated to COVID recovery measures like wage and rent subsidies. The budget also includes a new program to help companies with recruitment.
The Russian economy contracted by an estimated % in , with Fitch Ratings forecasting a GDP growth of % this year due to the ongoing impact of COVID and the latest wave of U.S. sanctions.
“Lockdown measures have been less far-reaching than in many countries, and a sizeable fiscal stimulus, positive contribution from net trade, and Russia’s relatively small service sector helped cushion the impact of a sharp fall in domestic demand and drag from oil production cuts under the OPEC plus agreement,” according to Fitch analysts.
Russia continues to be an important oil supplier, making up one of the top five sources of U.S. total petroleum imports in Given the role of the Russian energy sector in Europe, any additional EU sanctions are unlikely to have a crippling impact on the Russian economy, according to most analysts.
Russia Monetary Policy
Over the past year, Russian regulators have implemented a series of measures to support the economy through the COVID crisis.
On April 24, , the Russian central bank, the Bank of Russia, cut its benchmark interest rate by % to %. After holding the key rate steady in May , the bank cut it to % in June and % in July The Bank of Russia raised its benchmark interest rate by % to % in March , citing recovering demand in a number of sectors. On April 23, , and again on June 11, , the benchmark rate was twice raised by %—first to %, and then to %.
On March 27, , the Bank of Russia allocated $2 billion from its SME lending facility to specifically help banks make loans to small- and medium-sized enterprises so that those SMEs can pay wages to their employees during the crisis.
On April 3, , this lending program allowed banks above a certain credit rating to be given loans without collateral. The interest rate for this lending facility was lowered from 4% to % on April 24, The bank allocated another $ billion to SME emergency lending on May 15, , and cut the rate to % in June , then to % in July
In March , the Bank of Russia implemented regulatory changes to increase lending, including allowing banks to hold a lower capital buffer. These were followed up on April 3, , by further lowered capital requirements, expanded collateral that banks can use for central bank refinancing, and suspended enforcement actions against securities traders for violating disclosure requirements from March 1, , to Jan. 1, On April 10, , banks were given the option to not reassess the creditworthiness of loans in sectors hurt badly by the pandemic for the purpose of balance sheet quality, as well as allowing nongovernmental pension funds to not reassess the value of assets acquired before March 1,
Following the announcement of the latest U.S. sanctions on Russia’s sovereign debt market, analysts at Morgan Stanley expect the central bank to raise interest rates by 50 basis points at its next meeting.
The new sanctions, which ban American financial institutions from participating in the primary market for Russian sovereign bonds, went into effect on June 14,
Inflation, which accelerated to % in March , remains a risk. Analysts view devaluation of the ruble as the likely outcome of the sanctions for Russian consumers. Natalia Milchakova, a deputy director of Alpari’s analytical department, estimates the ruble will fall to 78–79 to a dollar, and other analysts forecast even further devaluation within a month.
Russia Fiscal Policy
Russia announced it was creating a $4 billion fund to help its economy during the COVID crisis on March 20, On April 7, , President Vladimir Putin announced that families with children would receive monthly payments of $67 per family through June
On April 15, , the Russian government announced a second stimulus package including:
- $a-month payments to SMEs for each employee in April and May, provided they keep 90% of their workforce.
- $ billion for regional governments.
- $ million for airlines.
On June 2, , Russia announced a third round of stimulus spending valued at $ billion. The plan includes business tax holidays, funding already announced expansions to social welfare payments, government guarantees for loans to SMEs, fiscal transfers to regional governments, and direct spending on infrastructure. However, it is not clear how much of this plan represents new spending and how much is existing spending reallocated from other parts of the budget or pushed up to be spent sooner.
Russia borrowed a record $ billion in from its sovereign wealth fund.
The Russian government said it allocated $ billion to small- and medium-sized business to support their recovery.
South Korea was struck by and responded to the COVID pandemic of early, when some Western nations had not yet seen large infection rates. South Korea avoided a general lockdown of the economy and instead pursued a campaign of aggressive testing and local containment of infection clusters.
South Korea Monetary Policy
The Bank of Korea (BOK), the South Korean central bank, cut interest rates by % on March 17, , down to %. It also lowered the interest rate on its Bank Intermediated Lending Support Facility from %–% down to %. On May 28, , the BOK lowered its benchmark rate another % to %.
On March 26, , the BOK adopted a weekly repurchase facility with no limit to how much liquidity it will supply. It also broadened the collateral that can be used for repo operations, and it expanded the list of banks and nonbank institutions to which it would offer repo agreements. It further broadened the allowable collateral for repo operations on April 10,
On Feb. 27, , it raised the ceiling on its Bank Intermediated Lending Support Facility by $ billion to promote loans to small- and medium-sized enterprises. It also allocated $ million to increase bank loans to startups. It says that this liquidity will lead to twice that amount in increased bank lending. It launched a new lending facility, the Corporate Bond-Backed Lending Facility, on April 16, It authorized lending up to $ billion to banks, using corporate bonds as collateral. This program initially was set to run for three months, but it was extended repeatedly until it ended in February
On March 12, , the BOK expanded the types of collateral that banks can provide for BOK loans. On March 26, , it loosened the restrictions and regulations on foreign exchange trading to expand capital flows. On March 31, , it lowered the capital and reserve requirements for South Korean banks.
South Korea Fiscal Policy
South Korea announced a $ billion stimulus and relief package on March 3, Among other things, it includes:
- $ billion to medical funding for hospitals and quarantine efforts.
- $ billion in small- and medium-sized business subsidies to help companies pay workers.
- Childcare subsidies.
- Job retraining for people who have lost their jobs (it is unclear if this is specific to COVID job losses).
On March 23, , South Korea launched an $80 billion package to rescue failing companies, a package that had doubled in size since it was originally proposed on March 18, The full package included $43 billion in loan guarantees and low-interest loans to South Korean companies and $37 billion in asset purchases and loans to stabilize the stock and bond markets.
On March 30, , the South Korean government announced that it would defer or exempt payment for pension and health industry contributions, as well as electrical bills for low-income families, small- and medium-sized enterprises, and some self-employed people. It included payments of up to $ per family for individuals and families in the lower 70% of income brackets.
On April 8, , South Korea unveiled $ billion of additional financing for exporters and $ billion in additional liquidity for domestic companies, including prepaying for government contracts and purchases.
On April 22, , the South Korean government announced another $70 billion stimulus and relief package. It included:
- $ billion for a program of loans, loan guarantees, and investments in businesses in sectors hit worst by the pandemic.
- $ billion in additional support for financial markets to increase corporate bond purchases, including companies with lower credit ratings, as well as offering liquidity to “micro-business owners.”
- $ billion to shore up unemployment benefits.
The South Korean parliament passed a third round of fiscal stimulus on July 3, , which will provide $ billion in additional relief funding.
On Sept. 22, , South Korea approved a fourth supplemental budget package of $ billion, which includes $ billion for small business relief and $ billion for employment subsidies.
As South Korea is following a K-shaped recovery and ongoing concerns about the pace of normalization, the government continues to provide fiscal and monetary support. The South Korean government approved additional targeted measures, which make up % of the GDP.
After managing to flatten the curve of infection earlier in , Australia’s government began relaxing the lockdown in May However, renewed fears over the summer led to harsh regional lockdowns in hotspots, including Victoria and the city of Melbourne. As of the second quarter of , Australia officially entered recession for the first time in almost 30 years.
Australia Monetary Policy
Australia’s central bank, the Reserve Bank of Australia (RBA), has taken fewer steps than some other countries to address the financial volatility in light of the pandemic. It lowered its three-year Australian Government Bond Yield Target rate twice in March , down from % to %.
On Nov. 3, , the RBA again cut its target overnight, interbank cash rate down to %. It also cut its three-year government bond yield target and interest rate on the Term Funding Facility down to %, and the Exchange Settlement interest rate down to 0%. At the same time, the RBA announced a new QE program to purchase $ billion in Australian government, state, and territorial bonds over the next six months.
On March 16, , the RBA announced significantly expanded repo operations. On March 19, , it started a $58 billion Term Funding Facility to make loans to banks to allow them to expand business lending, especially to small- and medium-sized businesses. It also announced expanded bond purchases to lower the three-year treasury bond interest rate. On Sept. 1, , the RBA extended and expanded the Term Funding Facility to $ billion total available funding, which borrowers will now have access to through June
On March 20, , the Australian Banking Association announced that Australian banks would defer loan payments for six months for small businesses that had suffered from the pandemic. This came one day after the Australian Prudential Regulation Authority lowered capital requirements.
Australia Fiscal Policy
The Australian government launched three relief packages worth a total of roughly $ billion. The first, announced on March 12, , contained $ billion in spending on the following:
- $ billion in payments of up to $16, to small- and medium-sized businesses, to encourage hiring.
- $ billion in one-time, $ payments to people collecting government benefits, including the elderly, the poor, and veterans.
- $ million in business subsidies to businesses in industries, such as tourism, that have been hit hardest by COVID
The second package, announced on March 22, , contained $43 billion in spending. Among other things, it authorized another $ billion in payments of up to $65, to small businesses to cover wages and $ billion to guarantee loans of up to $, to small businesses. It also contained an additional $ welfare payment.
The third stimulus package, containing $85 billion in spending, was announced on March 30, ; its landmark feature is a “JobKeeper payment.” This is a $ payment made to employers every two weeks to cover wages.
On July 21, , the Australian government announced the extension of the JobKeeper subsidy through March 28,
On Oct. 6, , the Australian Treasury released its – budget, which calls for a record budget deficit and $ billion in stimulus spending. Measures in the budget include:
- $ billion in personal income tax cuts.
- Expansion of the First Home Loan Deposit Scheme to guarantee home loans for an additional 10, home buyers.
- % deductibility of asset depreciation through June and loss carrybacks through for businesses under $ billion in annual turnover.
- $ billion in spending on broadband and 5G infrastructure.
A $ million relief package for the tourism industry was announced on March 10, The program offered subsidies to Australians who traveled within Australia, to boost business for the industry. The package also contained loans and financial aid to tour companies and airlines.
As of May , the Australian government had committed to spending $ billion to economic stimulus and relief programs during , and another $ billion to support its healthcare system.
On March 15, , the central banks of Canada, the U.K., Japan, the U.S., Switzerland, and the European Central Bank all agreed to lower the price of U.S. dollar liquidity swap line arrangements. These are a type of foreign currency swap that helps central banks ensure there is money available for people and businesses wanting to take out loans denominated in dollars, as opposed to the local currency. By decreasing the price of these swaps, it makes it easier and cheaper to borrow money in dollars outside the U.S. On March 19, , the U.S. Fed announced it was establishing similar swaps with the central banks of Australia, Brazil, Denmark, South Korea, New Zealand, Singapore, and Sweden. On June 16, , the program was extended through Dec. 31,
The International Monetary Fund has, as of April 8, , provided the following stimulus and relief efforts:
- Doubled access to its Rapid Credit Facility and Rapid Financing Instrument to allow emergency funding to meet the expected $ billion demand.
- Offered debt service relief from its Catastrophe Containment and Relief Trust to 29 of the poorest member nations.
- Called on bilateral creditors to allow the world’s poorest countries to suspend debt service payments.
- Established a short-term liquidity line for additional lending.
- Called for the creation of $ billion in new special drawing rights (SPRs).
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