Amendments to the law on the Export-Credit Agency (ECA) proposed by the government would allow expanding the sphere of support by the ECA from 16% to 45% of total exports of Ukrainian goods, Deputy Minister of Economic Development and Trade, Ukraine’s trade representative Natalia Mykolska has said.
“Instead of the list established by law, the bill suggests that the Cabinet of Ministers approve those areas of support that it considers to be priority and that will allow it to achieve economic results that the government announces,” Mykolska told Interfax-Ukraine, indicating that preliminary estimates refer to the expansion of the sphere of support to 45%.
The law on ensuring a large-scale export expansion of Ukrainian manufacturers through insuring, guaranteeing and reducing export credits, adopted in 2016, establishes a list of industrial sectors that can request for support from the ECA.
In 2016, the Ministry of Economic Development and Trade estimated the share of the sectors included in this list at 16.5% of the total exports of Ukrainian goods.
The Cabinet of Ministers at its meeting on March 14 approved a bill that includes amendments to this law.
In addition, the bill provides for the refusal of loans taken from the national budget, she said.
“We believe that this is an inefficient tool. It is better to increase the charter capital of the ECA,” Mykolska said.
The trade representative of Ukraine earlier said that she was waiting for the first pilot products of the ECA late 2018.
