Information about certain measures taken by governments in the Kinstellar jurisdictions in relation to the COVID-19 situation This table reflects the situation on 16 April 2020 South Eastern Europe
Bulgaria Romania Serbia Turkey
1. Travel Restrictions
1.1 Incoming Closed borders for foreigners Not allowed to fly from Spain, State of emergency in place – Land borders closed with from third countries and Italy, France, Germany, Austria, entry prohibited to all foreign Bulgaria, Greece, Iran, Georgia, individuals regardless of their Belgium, Swiss Confederation, citizens with the exception of Azerbaijan and Iraq. citizenship arriving from the United States of America, United diplomats accredited in Serbia, Passenger sea crossings following EU Member States and Kingdom of Great Britain and foreigners with residence between Greece and Turkey are members of the Schengen area: Northern Ireland, Kingdom of the permits, crew of cargo vehicles, also closed. Italy, Spain, France, United Netherlands, Turkey and Iran to cargo ships and airplanes, crew Kingdom and Northern Ireland, Romania, except for several of trains entering border Germany, Switzerland, Austria, situations. stations, persons provided by a Belgium, Iceland, Liechtenstein, Mandatory self-isolation at home special permit of the Serbian Luxembourg and the Netherlands. or quarantine, as the case may Government and persons Some categories such as be, for all persons entering escorting humanitarian convoys. individuals with extended, long- Romania, with several exceptions. All Serbian citizens entering term or permanent residence Prohibition of foreign citizens and Serbia are subjected to the 28- permit status, medical and social stateless persons to enter day mandatory quarantine. professionals and workers, Romania, with several exceptions. transport personnel, foreign International road transport of officials etc., are excluded from persons from Italy, Spain, France, the scope of the restriction. Germany, Austria, Belgium, Swiss There is a general prohibition of Confederation, the United passenger traffic with several Kingdom of Great Britain and exemptions with regard to country Northern Ireland, the Kingdom of the Netherlands and Turkey to
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Bulgaria Romania Serbia Turkey of departure, residence permit Romania during the state of etc. emergency is suspended. Mandatory quarantine for all Temporary closure of parts of the incoming Bulgarian citizens and border. foreign individuals regardless of the country of departure. The same applies for cargo transport drivers incoming from countries with registered COVID-19 cases, airplane crew with registered COVID-19 case among the passengers. Organized trips and holidays of foreign citizens in Bulgaria are suspended.
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Bulgaria Romania Serbia Turkey
1.2 Outgoing All training and business trips are No flights allowed to Spain, Italy, Medical staff is advised to avoid All international flights are prohibited. France, Germany, Austria, travelling to main COVID suspended. Traveling outside Bulgaria is not Belgium, Swiss Confederation, affected areas. prohibited, but the government United States of America, United Majority of border crossings with advises citizens to withhold Kingdom of Great Britain and neighbouring countries are traveling and to postpone or Northern Ireland, Kingdom of the closed. cancel booked holidays. Netherlands, Turkey and Iran, except for several situations. Organized tourist trips and holidays of Bulgarian citizens International road transport of abroad are suspended. persons from Romania to Italy, Spain, France, Germany, Austria, Citizens who decide to travel Belgium, Swiss Confederation, outside Bulgaria must conclude the United Kingdom of Great health insurance. Britain and Northern Ireland, the Kingdom of the Netherlands and Turkey during the state of emergency is suspended. Temporary closure of parts of the border.
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Bulgaria Romania Serbia Turkey
2. Other Restrictions
2.1 Free Restricted to going to work, Limitation and prohibition of Curfew for all citizens except Citizens at the age of 65 and Movement visiting grocery shops, movement of persons outside limited categories (e.g. police, older (except government officials pharmacies, banks and insurance their house, except for urgent authorised night shift staff) from and healthcare personnel) and at offices, offices of suppliers of matters, such as food supply, 5 pm until 5 am on working the age of 20 and below, as well payment services. work, medical issues etc., days, and from 1pm on Saturday as who have low immune system Individuals visiting or moving in urgency that needs to be until 5am on Monday. Senior and chronic lung disease, asthma, public indoor premises or outdoor confirmed by an affidavit/employer citizens (i.e. 65ys+ and 70ys+ in COPD, cardiovascular disease, spaces (including, but not limited certificate (measure applicable villages up to 5,000 inhabitants) kidney, hypertension and liver to public transport, shopping 24/7); Stricter measures for are prohibited to leave their disease and those who use facilities, parks, churches, persons older than 65 years. homes at all times, although it medicine that disrupt the immune monasteries, temples, halls, Pedestrian traffic outside the appears that they will be allowed system are not allowed outside streets, bus stops) must wear house should observe the general in due course to go to selected and if they violate so, an disposable or reusable protective requirements and avoid forming supermarkets for few hours very administrative fine shall be face mask or other protective item any group of persons (more than early on Saturdays, i.e. between applied. The rest of the citizens covering the nose and mouth 3 persons not living together). 3am and 8am on Saturday. are encouraged to stay inside. (including scarf etc.). Gradual prohibition of road, rail, A mandatory quarantine for 14 Travelling to and from district maritime, river or air traffic on days is applied to the citizens who cities is made via checkpoints and different routes and the subway; came from abroad. is allowed only in respect of Prohibited access of maritime and All public transportation vehicles commuting to work, going home fluvio-maritime vessels on ports will temporarily accept 50% of the or due to medical reasons (all to located in the maritime Danube, passenger carrying capacity be evidenced by respective until the 14-day quarantine period stated in their license and documents). from the last port of call located in distanced seating will be Separate neighborhoods in a few a red/yellow area has passed. provided. cities and a small village are in full When entering Romania, drivers No internal travels (including bus, mandatory quarantine with of freight vehicles with maximum flights, personal vehicles) are prohibition for entering and authorized capacity of more than allowed without a Travel Permit leaving. 2.4 tonnes, not having symptoms
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Bulgaria Romania Serbia Turkey associated with COVID-19, fill out Document which shall be an affidavit indicating how they obtained from the governorship. can be contacted. Same Taxis with licence plates ending measures apply to drivers of with odd and even numbers will freight vehicles with a maximum be in service on a rotating basis authorized capacity of more than each day in İstanbul, Ankara and 2.4 tonnes that travel for İzmir provinces. professional purposes. No entrance and exist are allowed Drivers of freight vehicles with a for certain provinces and districts maximum authorized capacity of which have the COVID-19 cases. more than 2.4 tonnes, passing Mandatory quarantine for thirty- through Romania are not obliged one provinces (incl. Istanbul, to fill in the above-mentioned Ankara and İzmir) during affidavit, provided that several weekends. conditions are observed.
Since 31 March 2020, the north- eastern Romanian city Suceava (together with another eight communes located in the surrounding area) were placed under quarantine. Flights, train connections and public transport routes to this area are suspended. During this period, only (i) transportation of goods and (ii) movement of persons undertaking economic, defence or public administration activities are allowed.
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Bulgaria Romania Serbia Turkey Since 4 April Tandarei city, Ialomita county has been placed under quarantine. Same measures from Suceava are applicable.
2.2 Closures As of 13 March 2020, all public Closure of schools/universities, No public gatherings in open All public places such as schools, (public places, places such as schools, hotels/restaurants/ coffeeshops, spaces are allowed. Also, all universities, education services, shops etc.) universities, kindergartens, museums, clubs, casinos, indoor gatherings prohibited restaurants, sports, entertainment shopping centres, restaurants, shopping centres, dental offices. unless they are of special places, theatres, cinemas etc. and night clubs, etc. are closed. Suspension of cultural, scientific, importance for the work of state retail facilities closed with the Exception is made for food stores, artistic, religious, sports, bodies or services. exception of groceries, pharmacies, bank and insurance entertainment or gambling, spa Schools, kindergartens, pharmacies and selected vital offices, offices of payment treatment and personal care universities, restaurants, cafes, supplies and services. services providers in the activities, held in confined spaces. shopping malls, personal care The highest number of customers commercial centres subject to activities, casinos, theatres and in the supermarkets will be one strict compliance with the sanitary gyms have been closed. tenth of the total area served and hygiene requirements. Grocery stores, pharmacies, directly to the customer and the Prohibition of eating food at dining banks, post offices are open, but working hours of the areas and stores of gas stations their working hours are supermarkets are shortened. has been introduced. shortened. Citizens who do not have masks are not allowed to get in the Prohibition of all public events, Public transport of passengers is supermarkets. gatherings and activities has been prohibited, with the exception of introduced. Prohibition of visits to taxis and limo services. Many banks changed their public parks, gardens and Religious communities are opening and closing hours of their playgrounds. advised to perform their rituals branches as 12:00-17:00 Traveling to and from arable land without presence of their All meetings or events (scientific, plots and farms, as well as members. cultural, artistic etc.) which will be functioning of farmer’s markets organized in open or closed areas are permitted. at national and international level
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Bulgaria Romania Serbia Turkey are postponed until the end of April.
3. Measures affecting certain industry sectors
3.1 Any No restrictions except for certain Specific restrictions for certain Certain types of goods cannot Export restrictions on protective general import/ types of medical products (see types of medical products biocidal be exported, e.g. sunflower oil, equipment (masks, gloves, etc.) export 3.4 below). products and agri-food products. yeast, flour, soap, diapers, and ventilator machines. restrictions alcohol, medical protective gear, and medicines.
3.2 All premises falling in the scope of During the state of emergency, No measures yet in place. The Directorate General of Land Commercial the adopted restriction for visits small and medium enterprises and Cadastre will not take any landlords/ (see 2.2 above). that have partially or completely requests other than sale, tenant Possibility for municipal councils ceased their activities as a direct mortgage and title deed to adopt decisions for reduction of order of the public authorities and transactions without citizen the amount of rents for municipal which hold emergency state requests until 04.05.2020. properties or partial or entire certificates issued by the Ministry payment exemption of certain of Economy, Energy and Business categories of natural or legal Environment benefit from a persons. deferral from payment of rent for premises used as a registered Upon decision of the Council of office or secondary offices; Ministers, the ministers, regional governors and heads of other agencies that have provided for rent or usage state-owned property, could reduce or exempt the rent payments.
3.3 Banks During the state of emergency, no The Romanian Government have Loan and leasing repayment The 90-day delay period that default interest and penalties will recently enacted loan moratorium moratorium in place for 90 days causes the loans to be classified
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Bulgaria Romania Serbia Turkey be due on late payments under measures that allow bank debtors and/or not less than the duration as non-performing loans shall be credit agreements and other (whose financial situation was of the state of emergency. extended up to 180 days for First forms of financing (factoring, directly or indirectly hit by the and Second Group loans until forfeiting, etc.) provided by banks coronavirus pandemic) to 31.12.2020. and financial institutions. The reschedule the repayment of their For the loans that continue to be Bulgarian National Bank has loans and get a grace period of up classified in the Second Group adopted guidelines allowing to 9 (nine) months. despite the 90-days delay, banks favourable regulatory treatment of The debt rescheduling facility is can continue to set aside their private moratoria on loan available for both natural and own risk models in calculating the repayments to be fulfilled by the legal persons provided that expected credit loss within the commercial banks. The certain requirements are fulfilled. scope of Financial Reporting commercial banks have adopted The interest on the debt Standards of Turkey and there will on 10 April 2020 a standardized accumulated over the grace be no additional provisioning procedure for deferral and period is capitalised - except for obligations. settlement of obligations due the mortgage loans of the natural Loans that are classified as under the said type of persons, where the accumulated receivables due to restructuring agreements, subject to specific interest is set up as another loan, and whose principal / interest conditions. guaranteed by the state, with 0% payments are delayed more than The payments due may be interest rate, payable in equal 30 days within one year of deferred for a period of up to 6 instalments over a 60-month monitoring period or are restricted months but not later than 31 period. once more during this monitoring December 2020. In case the period shall not have to be private moratoria standardized classified in the third group. procedure is applied to a The 90-day delay specified in the financing instrument, it will not be article stipulating a special treated as a non-performing loan provision of 20% of the for regulatory purposes by the receivables is 180 days for Bulgarian National Bank and the leasing and factoring companies; banks would not be required to for financial leasing companies, it shall be increased to 240 days,
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Bulgaria Romania Serbia Turkey apply the standard provisioning Maximum interest rate rules for such instruments. implemented in the credit card The Bulgarian National Bank has transactions has decreased announced a measure for effective from April 1, 2020. approximately BGN 9 bln (approx. Minimum payment amount has EUR 4,6 bln) in support of the decreased to 20% effective from liquidity of the banking system, April 1, 2020. including capitalization of the Reporting liabilities of the banks entire profit of the banks for 2019 have relaxed in order to provide (i.e. restriction on distribution of flexibility for banks to meet dividends), cancellation of the minimum ratios regarding liquidity planned increase in the levels. countercyclical capital buffer for In case the minimum amount in 2020 and 2021, and reduction of the credit card is not paid within the foreign exposures of the three months of the due date, the commercial banks. card issuers may define grace The capital of the Bulgarian periods through not requesting Development Bank will be their receivables, including increasing by BGN 500 mln minimum amount, from the credit (approx. EUR 255 mln) for card holders until December 31, portfolio guarantees to 2020. commercial banks and temporary equity investment in affected businesses with a buyback option. Another BGN 200 mln. (approx EUR 102) will also be provided to the Bulgarian Development Bank be used for issuance of guarantees to commercial banks for interest-free loans of up to
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Bulgaria Romania Serbia Turkey BGN 4,500 (approx. EUR 2,300) to individuals, affected by the pandemic. The Fund Manager of Financial Instruments in Bulgaria will provide guarantees to banks worth BGN 170 mln (approx. EUR 87 mln), which will secure a portfolio of new loans up to BGN 850 mln (approx. EUR 435 mln) within the current year for the purpose of provision of liquidity support to SMEs active in different sectors, including those most affected by the crisis.
3.4 Pharma During the state of emergency, Prohibition of export of medical Export of medicines from Serbia All masks will be provided freely and medical the parallel export of medicinal devices and sanitary materials is prohibited, with the exception by the relevant bodies of devices products, export of quinine-based that ensure the prevention and of medicines owned by foreign government upon the request medicines is prohibited. treatment of COVID-19 persons which are shipped whereas the sale of masks with Prohibition on the export of associated diseases/ drugs for through Serbian territory and an amount of money is not available protective gear and distribution outside the territory of medicines which do not have allowed. disinfectants. Romania, except for (i) medical marketing authorization in The customs duty on the import of devices and sanitary materials Serbia, manufactured by ethyl alcohol used in the manufactured in Romania and Serbian manufacturers for production of cologne and which are delivered under a foreign customers. disinfectants and additional contract and (ii) drugs During the state of emergency, it customs duties used in medical manufactured by the producers is possible to market and apply masks and respirators have been based in Romania, as well as medical devices which have not set to zero. drugs transiting Romania and been manufactured in destined for other markets.
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Bulgaria Romania Serbia Turkey accordance with applicable standards, if a distributor: ▪ delivers one copy of description of technical characteristics and user manual, translated to Serbian; ▪ provides a statement that the medical device in question is efficient as devices manufactured in accordance with manufacturing standards; ▪ provides a statement that it will provide training for medical professionals that will use such device; ▪ provides a commitment that it will provide spare parts and services for a certain period.
3.5 Other Only as described above - leisure Prohibition to export (i) raw N/A Law on Amendments of Certain industry due to mandatory materials used in the manufacture Laws has been approved and shutdown. Aviation, bus and of TP1 and TP2 biocidal products published in the Official Gazette railway sector due to restriction of and (ii) TP1 and TP2 biocidal on March 26, 2020. Under the international and local travel. products, except for raw materials Law, the following measures will Public sector due to suspension manufactured in Romania / be provided: of work of administration, courts, biocidal products manufactured public enforcement agents etc. by Romanian producers or
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Bulgaria Romania Serbia Turkey Tourism sector due to cancelled producers from EU countries (i) all judicial and administrative or postponed holidays. based in Romania, as well as raw periods have been suspended Agriculture and stock-breeding materials / biocidal products as of April 30, 2020; sectors due to difficulties for transiting Romania and destined (ii) all enforcement and realization of the production. for other markets outside bankruptcy proceedings Romania. (excluding those related to Prohibition to export several types child support payment) are of agri-food products, with several suspended until the end of exceptions. April; (iii) a minimum wage support will be provided to the employees who lost their jobs; (iv) Lessors will not be able to terminate leases or commence eviction processes in relation to workplace tenancies for failure to pay rent during the period between 1 March 2020 and 30 June 2020; (v) for the part-time, on-call and hourly working employees who work for 20 days or less in a month, the condition of the general health insurance premiums pertaining to the missing days to be completed to 30 days has been changed to apply to such employees
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Bulgaria Romania Serbia Turkey who work for 8 days or less in a month; and (vi) in case the delayed payment of check debts is paid or restructured until 31 December 2020, it will not be considered by credit institutions and financial institutions. Working hours and flexible working opportunities will be re- organized in private sector. All court hearings have postponed until April 30, 2020. The Governorship of İstanbul has decided to suspend all ferryboat and sea bus services (passenger transportations). Vehicle inspection periods are extended for 3 months with regard to the vehicles of whose inspection period has been expired. Health Care Pricing Commission has decided the pricing and invoicing of COVID-19 treatments provided in the hospitals and treatments will be covered by the universal insurance.
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Bulgaria Romania Serbia Turkey
4. Subsidies and financial support available from governmental side
4.1 General for The approved Law on measures The Romanian state pays the I. Tax policy measures ▪ Postponement in loans for min. businesses and actions during the state of indemnity for technical 1. Deferral of payment of 3 months for companies with and employers emergency introduces provision unemployment, within the limit of salary tax and social disrupted that cash flow of subsidy for payment by the 75% of the gross salary security contributions for the ▪ Stock financing support for National Insurance Institute of corresponding to the occupied job private sector until Exporters. remunerations and social security position, but not more than 75% beginning of fiscal year ▪ Tax statements re. deductions contributions for the remuneration of the national gross average 2021 with possibility of at source (e.g. Withholding) will in the amount of 60 per cent of salary (employees whose additional extension. be postponed for 3 months. the employees’ remuneration that individual employment Deferred obligations will Temporary income support (via will apply to certain employers agreements are suspended due subsequently be repaid, in Short-time Working Allowance meeting criteria to be determined to temporary not more than 24 monthly given to employer) will be by the government. The law also interruption/reduction of employer instalments without provided to workers in workplaces provides for simplified procedure activity during the emergency calculated late payment that halted their activities. for granting support from state). interest. European funds. Three public banks postpone the Other professionals as defined by 2. Deferral of payment of loan debts and provide extra BGN 500 mln. (approx. EUR 255) the Romanian Civil Code will corporate income tax loans for the employers in order to have been provided to the benefit of an indemnity of 75% of advance payments for provide for paying the salaries of Bulgarian Development Bank the national gross average salary. second quarter of 2020. which will be used in support of the employees and these banks Increase the limits for 3. VAT exemption for donation SMEs in difficulty due to COVID- will provide “Stay in Business guaranteeing loans for SMEs, of goods with a goal of 19 either through equity Support Loans” to all companies through the National Credit motivating donations to the investment (with buy-back option) in all sectors for their operational Guarantee Fund for SMEs, with institutions which are or through guarantees to capital needs. RON 5 billion in a first phase. involved in implementation commercial banks that will The deadline for the declarations The Romanian state will subsidize of measures for protection provide cheaper financing. regarding Annual Income Tax, 100% of the interest on from the disease. withholding tax, VAT, Form “Ba- The Fund Manager of Financial guaranteed loans to SMEs Respective measures will apply Bs” notifications and creating and Instruments in Bulgaria has starting from the moment the loan equally to all companies signing e-Books and “Electronic introduced a program for is granted until 31 March 2021
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Bulgaria Romania Serbia Turkey supporting SMEs through and afterwards only if certain irrespective of their size or Book Licences” have postponed provision of turnover funds in the conditions are met. economic strength. until 30 April 2020. form of long-term loans up to 10 SMEs obtaining the Emergency II. Measures of direct financial Withholding tax, VAT, Form Ba-Bs years as a temporary measure to Situation Certificate are entitled to aid to private sector and e-Books are postponed for support enterprises. defer the payment of the utility 1. Direct aid to entrepreneurs, six months for several sectors that Consideration is given to the services and the payment of the micro, small and medium affected most due to the outbreak possibility that the loans may be rent for the premises that size companies in the and for taxpayers that fall under interest-free for enterprises that represent their main or secondary amount of minimum net the scope of the mandatory have retained the employment registered offices. This facility is salary for each employee lockdown requirement. volume they had before the crisis. also applicable to other categories during the state of As per the Presidential Circular An extended grace period for the directly affected by the COVID-19 emergency (cca. RSD numbered 31087 and dated principal is envisaged as well as pandemic (e.g. lawyers). 30,000; approx. EUR 250). 02.04.2020, the obligations of the an opportunity for an interest SMEs holding the Emergency It is envisaged that this government contractors under grace period for the crisis period Situation Certificate are entitled to measure will include Public Procurement Contracts is being discussed with the invoke the force majeure in payments for up to three Law can be suspended responsible institutions. relation with their other ongoing minimum monthly salaries temporarily or permanently, Another measure introduces agreements, if such companies per employee. partially or completely, upon their possibility for small start-ups to prove (based on supporting 2. Direct aid to large request and provided that it is apply for loans in amount up to documents or by any mean, companies in the amount of proven that fulfilment of their BGN 50,000 (approx. EUR including electronic means) their 50% of minimum net salary obligation became impossible due 25,000) with preferential terms. attempt to renegotiate such (cca. RSD 15.000, approx. to the COVID-19 outbreak. As a The Fund also aims at increasing agreements so that to be adapted EUR 125) for each result of the assessment of the the flexibility of the resource in accordance with the employee on paid temporary relevant administrative body, the developed in the field of venture exceptional conditions caused by leave in accordance with period may be extended or the investments through shares in the state of emergency. Articles 116 and 117 of the agreement may be terminated. start-ups and innovative Labour Law. Maximum investment and enterprises. Listed measures will not limit business loan cap limit extended Another measure introduced number of employees who are from TL300,000 to TL 3 million for possibility for agricultural on paid temporary leave by SMEs. producers to apply for interest- employer’s decision, nor amount
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Bulgaria Romania Serbia Turkey free loans to cover cultivation and of rights which is determined by Neither over 25% of 2019’s net production costs. employer during the leave. dividend nor the dividend of III. Liquidity measures for previous years shall be private sector distributed. 1. Financial support through Social security payments have loans for perseverance of been extended. liquidity and working capital Salary confiscation deductions will for entrepreneurs, micro, continue during outbreak. small, medium entities, agricultural farms and cooperatives. As a part of the Program, Serbian Development Fund will offer loans in the total amount of RSD 24 billion (approx. EUR 200 million). Repayment period will be 36 months with 12 months grace period. Maximum financial support is also envisaged: ▪ up to RSD 5 million (approx. EUR 40,000) for entrepreneurs and micro entities; ▪ up to RSD 25 million (approx. EUR 200,000) for small entities; and
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Bulgaria Romania Serbia Turkey ▪ up to RSD 50 million (approx. EUR 400,000) for medium entities. 2. Financial support through guarantee scheme provided by the state to commercial banks which are present in Serbia, for loans in EUR and RSD for perseverance of liquidity and working capital for entrepreneurs, micro, small, medium entities and agricultural farms. Repayment period will be 36 months with 12 months grace period. Maximum value of the loan which can be granted through this program is envisaged to be 25% of revenues in 2019 or EUR 3 million. Payment of dividends for all companies, except for public enterprises, is prohibited. Decrees and bylaws which will define the exact manner of implementation of these measures are yet to be reached by the state.
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Bulgaria Romania Serbia Turkey
4.2 To specific Special measures adopted by the During the emergency state the Some sectors may be given ▪ April, May and June 2020 VAT, sectors Bulgarian National Bank for the prices for electricity and heat, special support (e.g. hospitality). withholdings and social security normal functioning of the bank natural gas, water supply, premium payments postponed system (see 3.3 above). sanitation and fuels were capped. for 6 months in Retail, Shopping Public discussions on adopting Any selling/buying of majority Mall, Iron and Steel, financial measures for the health stakes in companies which are Automotive, Logistics, care sector. part of the national energy system Transportation, Cinema and Theatre, Accommodation, Simplified procurement procedure are suspended. Catering, Textile and Garment has adopted for this purpose. and Event-Organization sectors. Support for the agricultural sector ▪ The VAT rate will be decreased is also under discussion. from 18 percent to 1 percent in domestic air transportation for 3 months. Accommodation Tax (City Tax) for hotels will not be until November. Electricity Market License Regulation has accepted COVID- 19 as a force majeure whereas the performance of certain liabilities of the electricity generation license and pre- license owners have been extended.
4.3 To Please see above p. 3.3. Days off for parents caring for Direct aid to Serbian citizens ▪ Remote work or flexible work employees The Minister of Employment and children due to school closures - older than 18 year through one- opportunities may be provided and individuals Social Policy has announced that one of the parents is entitled to off payment in the amount of to the employees in public a procedure for provision of one- days off from work in the event EUR 100 for the purpose of sector provided that a minimum time compensation of families that schools are closed. These stimulation of domestic demand.
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Bulgaria Romania Serbia Turkey with parents in unpaid leave will employees will benefit of an number of employees are be developed. allowance of 75% of their salary working for a working day, without ▪ Social credit packages with low exceeding 75% of the gross interest rates average salary. The allowance for ▪ Min. down payment for each day of leave is paid by the mortgages will be lowered to employer and re-reimbursed by 10% from 20%. the State-controlled Guarantee Fund for Unpaid Salaries. Continue of min wage support TL 1,000 will be provided for each of the individuals who need financial support. Certain municipalities and organizations also provide food and fundamental needs of such individuals. Needs of the citizens at the age of 65 or older will be provided by the Social Support Groups. President of the Republic of Turkey and some municipalities have started a financial aid campaign. ▪ The conditions for the payments subjected to the Residence Account and State Aid Regulation have been eased.
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Bulgaria Romania Serbia Turkey
5. Measures taken by central banks
5.1 Steps Please see above p. 3.3. The National Bank of Romania No charging of interest while N/A taken with decided the following: loan repayment moratorium is in regard to ▪ to cut the monetary policy rate place. interest rate by 0.50 percentage points, (most recent from 2.5 percent to 2.0 percent and expected) starting 23 March 2020; ▪ to narrow the symmetrical corridor defined by interest rates on standing facilities around the monetary policy rate to ±0.5 percentage points from ±1.0 percentage points. Thus, starting 23 March 2020, the deposit facility rate stays at 1.50 percent, while the lending (Lombard) facility rate is lowered to 2.50 percent from 3.50 percent. Against this background, the main ROBOR rates are expected to witness a significant downward adjustment.
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Bulgaria Romania Serbia Turkey
5.2 Steps No steps taken so far: the No measures yet. Turkish lira currency swap taken or Bulgarian National Bank declared auctions, with a maturity of 1 year, expected with that it will apply measures (not which depends on quantity regard to local specified) for ensuring the normal auction method will be conducted currency functioning of the currency board and the banks will be provided and to adopt additional if with Turkish lira liquidity against necessary. US dollars, euros and gold.
5.3 Use of The action plan does not provide The National Bank of Romania The companies may apply to foreign such measures at the current declared that it stands ready to intermediary banks and exchange currency moment. proceed to cutting the minimum their current bills for a bill with an reserves reserve requirement ratios on leu up-to- 90-day-longer maturity, - and foreign currency - without making any repayment. denominated liabilities of credit FX reserve requirement ratios institutions, if necessary. may be decreased by 500 basis points in all liability types and maturity brackets for the banks of which the real credit growth conditions are met.
5.4 Other No other steps. Other measures taken by the The banks will be provided with important National Bank of Romania: as much liquidity as they need steps ▪ to provide liquidity to credit within standing facilities. institutions via repo transactions (repurchase transactions in government securities) with a view to ensuring the smooth functioning of money market
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Bulgaria Romania Serbia Turkey and of other financial market segments; ▪ to purchase leu-denominated government securities on the secondary market with a view to consolidating structural liquidity in the banking system that should contribute to the smooth financing of real economy and the public sector.
6. Other
6.1 Bulgarian National Bank Romanian National Bank The Government of the Republic https://www.tccb.gov.tr/en/ Trustworthy (http://www.bnb.bg/?toLang=_EN) (https://www.bnr.ro/Home.aspx) of Serbia https://www.saglik.gov.tr/Genel/M English Ministry of Foreign Affairs (https://www.srbija.gov.rs/) ansetHaberList.aspx language (https://www.mfa.bg/en/) https://www.tcmb.gov.tr/wps/wcm/ sources Ministry of Health connect/en/tcmb+en (https://www.mh.government.bg/e n/) Bulgarian Industrial Association (https://en.bia-bg.com/) Bulgarian Development Bank (https://bbr.bg/en) Fund Manager of Financial Instruments in Bulgaria (https://bbr.bg/en)
6.2 Other All employers are obliged to During the state of emergency, All employers are obliged to Government offices are obliged to facilitate work from home for all the statute of limitation and the facilitate work from home for all facilitate work from home where employees for whose work places lapse terms are frozen, or employees for whose work possible while maintaining the such work can be organised. places such work can be continuity of the services. For
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Bulgaria Romania Serbia Turkey Employers have several other suspended if such deadlines organized. All schools, government officials who are not options: (i) to discontinue the work started to lapse. universities and kindergartens suitable for working from home operation of the undertaking or a Measures regarding the are closed down (long-distance will be considered on paid leave. part thereof; (ii) to introduce judgement of civil cases: learning in place). Long distance learning is in place reduced working hours; (iii) to ▪ the activity of the national for education. send employees on up to one half courts is generally of their annual paid leave. suspended, but it continues in Employers shall pay heed to the cases of special urgency; provision and proper utilization of ▪ foreclosure proceedings personal and collective protective continue only in cases where equipment, as well as to it is possible to comply with conducting additional safety the sanitary discipline rules; instructions to the employees. ▪ deadlines for exercising All procedural deadlines in the appeals in cases that are not court, arbitration and enforcement of special urgency and which proceedings, as well as limitation are in progress at the date of periods and deadlines for the establishment of the state implementation of instructions of emergency are interrupted. given by administrative authorities, have been suspended. Certain tax deadlines have been extended. Notary proceedings are limited to urgent cases. During the state of emergency the court and the Competition Protection Commission are permitted to hold remote hearings, including via virtual connection. The immediate
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Bulgaria Romania Serbia Turkey preparation and publishing of the minutes, as well as video recording of the hearing are required. The deadline for filing annual financial statements is extended to 30.09.2020. The deadline for submission of declaration on lack of company’s activity for the year 2019 is extended to 30 June 2020. The deadlines for publishing 6-month financial statements of public companies and conducting General Shareholders’ Meeting under the Public Offering of Securities Act are extended until 30 September 2020. The deadline for publishing the annual financial statement is extended to 31 July 2020.
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