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Mr. Eduard H. Brau

export promotion but not as a form of export subsidy, and export cover policies are a means of considerable commercial competition among creditor government authorities. At the same time, export credits are expected to assume increasing importance in transferring capital to developing countries and, when used effectively, can promote their economic growth. Since early 1984, most export credit authorities have shown marked flexibility and willingness to adapt policy during a time when their agencies have experienced considerable financial pressure as a result of

International Monetary Fund

Credit Agencies: Premium Income, Recoveries, Claims, and Net Cash Flow 1 (Billions of U.S. dollars) Source: Berne Union. 1 Medium-Term, Long-Term, and Short-Term Committees’ data only. Investment Committee’s data are not included. New Commitments and Cover Policy for Selected Countries The export cover policy of ECAs can vary from very cautious to very active, and significantly affects new commitments to specific countries. Business demand for insurance cover has an impact on cover policy, as rising business opportunities in a country may stimulate