COVID-19 pandemic: The world's export credit agencies' response to the economic downturn

Abstract

Subject. This article discusses the role of export credit agencies (ECA) in dealing with the crisis caused by the COVID-19 pandemic. Objectives. The article aims to assess the effectiveness of the application of ECA's comprehensive credit and insurance tools to support foreign trade operators in the context of the COVID-19 pandemic. Methods. For the study, we used the comparative, statistical, and formal and logical methods. Results. The article describes the support measures taken by the ECA aimed at increasing the flexibility of export credit insurance conditions, increasing the availability of financing in response to the economic shock associated with the pandemic. It identifies the most relevant trends in the development of ECA during the crisis period and the key role of ECA as part of the State foreign economic policy. Conclusions. The crisis caused by the coronavirus pandemic reveals the need to strengthen ECA cooperation with private insurance companies within the framework of public-private partnerships. There is also a need to accelerate the development of ECA in the field of digitalization, which will contribute to improving service for customers, creating popular insurance products, as well as increasing the operational performance of the ECA themselves.