Financial and business news from Bulgaria

EC amends short-term export credit insurance due to coronavirus

The European Commission decided to temporarily remove all countries from the list of countries with “marketable risks” under the Communication on short-term export credit insurance, the Commission's office in Bulgaria said.
Thus, state insurance for short-term export credits will become more widely available in the context of the current crisis triggered by the epidemic blast of coronavirus. The amendment further extends the flexibility introduced by the Commission's Temporary State Aid Framework regarding the possibility of State insurers providing short-term export credit insurance.

Export credits enable foreign buyers of goods and/or services to reschedule payment. The deferred payment implies the existence of a credit risk for the sellers/exporters against which they are insured, usually with private insurers (so-called “export credit insurance”).

Following the amendment, public insurers will in principle be able to intervene and provide short-term export credit risk insurance for all countries without the need for Member States to prove that the country concerned is temporarily 'unmarketable'.

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