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COVID-19 Government Initiatives & Support in Asia
The COVID-19 pandemic continues to wrought unprecedented disruption in Asia with lockdowns currently in place in Bangladesh and the Lao PDR while various restrictions in place in Cambodia, Indonesia, the Philippines, Thailand and Vietnam accompanied by continued economic uncertainty and border restrictions. In response, government officials and leading financial institutions across South and Southeast Asia have issued various initiatives, stimulus measures and relief efforts within their respective countries in an attempt to shore up the hardest hit sectors of their economies and extend support to various industries and vulnerable groups directly affected by the COVID-19 pandemic.
Some of these measures have included liquidity injections for certain at-risk banks, relaxation on terms and conditions of loan repayments by vulnerable borrowers, refinancing and restructuring arrangements, deferral or postponement of tax payments and extended filing deadlines, among others.
We hope that this publication provides a helpful overview of the key measures, exemptions and initiatives being pursued in an effort to mitigate the effects of the COVID-19 pandemic throughout the region.