On 17 March, following the New Zealand government’s NZ$12.1 billion (US$7.4 billion) COVID-19 stimulus package, New Zealand Debt Management (NZDM) announced its borrowing programme for the 2019/20 financial year has increased to NZ$13 billion. This is NZ$3 billion higher than forecast following the New Zealand government’s half year economic and fiscal update 2019 on 11 December. In the fiscal year to date, NZ$7.5 billion has already been issued.