Officially Supported Export Credits in a Changing World
Officially Supported Export Credits in a Changing World

Author: Mr.Mario Mansilla

Publisher: International Monetary Fund

Published: 2005-07-01

Total Pages: 58

ISBN-13: 1589064356

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This paper assesses the issues of government involvement in international trade finance stemming from the recent changes in global financial markets. This study is based on discussions with representatives of export credit agencies during the period from October 2003 to May 2004. A survey of 27 agencies provided valuable insights. Financial flows facilitated by official export credit agencies are large in comparison with official development assistance and gross lending by international financial institutions to developing countries. However, the importance of officially supported trade finance has been declining relative to the rapid expansion of world trade and total capital flows to developing countries. The study highlights the key challenges facing official export credit agencies, including complementing the private sector, facilitating financing to low-income countries while helping maintain these countries’ debt sustainability, and playing a positive role in the area of trade finance in international efforts to address emerging market financial crises.

Official Supported Export Credits Developments and Prospects
Official Supported Export Credits Developments and Prospects

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1990-03-01

Total Pages: 56

ISBN-13: 1557751390

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This paper presents report on a number of countries in Asia that have made substantial use of agency credits, including the quasi-concessional financing available through mixed credit s. Through their willingness to grant comprehensive relief on a case-by-case basis, official creditors have responded flexibly to the needs of individual countries. The ability of export credit agencies to also provide substantial new financing to rescheduling countries has depended on the strategy of debt subordination achieved through fixing cutoff dates. As to the role of export credits at present, when the debt strategy’s continuing emphasis on new money flows is being supplemented by debt reduction, the debt subordination strategy followed by export credit agencies has left them well positioned to provide necessary new financing for middle-income countries pursuing strong adjustment. In heavily indebted low income countries, whose needs for project finance should most appropriately be met by concessional finance, export credit agencies continue to play an important role in supporting essential short-term credits.

Officially Supported Export Credits
Officially Supported Export Credits

Author: Mr.Balázs Horváth

Publisher: International Monetary Fund

Published: 1995-12-01

Total Pages: 68

ISBN-13: 9781557754486

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This study discusses the importance of export credits, their recent growth, and the trend toward more extensive reliance by official bilateral creditors on export credits as an instrument of financial support, and raises a number of issues regarding the role and limitations of export credit financing, espeically for economies in transition.

Officially Supported Export Credits; Developments & Prospects, May 1990
Officially Supported Export Credits; Developments & Prospects, May 1990

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1988-01-01

Total Pages: 60

ISBN-13: 145194263X

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This paper emphasizes on the policy reaction of the agencies and their authorities to countries in various stages of debt-servicing difficulties. Export credit agencies have, over the past few years, been adopting a progressively more open stance. This is true with respect to short-term cover generally and, with respect to medium-term cover, for countries that have rescheduled their debts but are implementing adjustment programs and adhering to Paris Club agreements. Despite the more open stance, the volume of new medium-term credit and cover commitments to developing countries appears to have fallen off sharply over the past two years. Although for some debtors the operative constraint is clearly on the supply of new credits and cover, this is not the general case and, indeed, agencies reported net repayments from some countries for which they were wide open for new business. A number of agencies also considered that a factor behind the decline in both investment and export credits to support that investment could be the terms on which such credits are available.

Export Credits
Export Credits

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1986-01-01

Total Pages: 44

ISBN-13: 1451942524

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This paper discusses developments and issues concerning export credits from the perspective of the economic adjustment process of indebted developing countries. This emphasis is consistent with the principle that officially supported export credit—whether it takes the form of direct official credits or insurance and guarantees on privately funded credits—is an instrument of commercial financing for exports and not a means of aid finance. All creditor governments have a broad range of objectives in using the economic instruments at their disposal to help overcome the adjustment problems of heavily indebted countries, with which important bilateral trade relations are being maintained. In support of an expansion in world trade and notwithstanding the competitive element, export credit insurance and guarantees may have a special role in helping to catalyze private credit flows, especially since such a role coincides with the interest of private lenders to shift away from general purpose balance of payments finance to trade and project finance.

The Changing Role of Export Credit Agencies
The Changing Role of Export Credit Agencies

Author: Mr.Malcolm Stephens

Publisher: International Monetary Fund

Published: 1999-05-21

Total Pages: 150

ISBN-13: 9781557758019

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Export credit agencies play an important role in international trade and investment flows. Exports insured or financed by the approximately 50 export credit agencies that are members of the Berne Union account for about 10 percent of their countries exports, which, in turn, represent about 78 percent of world exports. The IMF estimates that in 1997 debts to Berne Union members accounted for more than 21 percent of the total indebtedness of developing countries and economies in transition. Edited by Malcolm Stephens, this book provides useful background information to those whose involvement in international trade and investment brings them into contact with the services of export credit agencies.