On the fiscal front, the government implemented an anti-crisis package (Table 1.2). It
primarily envisaged spending measures (infrastructure investment, reductions in
contributions to the pension and health care funds, hike in public servants’ salaries, and
transfers to sub-national governments), but revenue measures were also taken (temporary
cuts in special consumption and value added taxes on selected goods).2 These direct
revenue and expenditure measures are estimated to amount to around 1.8% of GDP for the
period 2008-10. In addition, the government offered guarantees and insurance schemes
(Credit and Guarantee Fund) for the financial sector to stimulate lending to the private
sector, especially to small and medium-size enterprises. The package was to be
implemented primarily in 2009 and 2010.