(OECD, Paris, 14 December 2007) OECD Member countries of the Working Party on Export Credits and Credit Guarantees (ECG) submit their cash flow results for officially supported export credits to the OECD Secretariat on an annual basis. Five tables provide 2006 and previous years’ results which are expressed in Special Drawing Rights (SDRs). These figures, while incomplete, are useful in determining the degree of compliance of OECD ECAs with Article 23 of the Arrangement and Articles (j) & (k) of Annex I of the WTO Agreement on Subsidies, both of which require that ECAs charge premium and interest rates which “shall not be inadequate to cover long-term operating costs and losses”, i.e. do not subsidize exports, encourage potentially unsustainable debt or foster a non-level playing field in export finance.
Date
8 December 2007
