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Development banks, export and insurance agencies absorb global trade risks during crisis

9 December 2020
В период кризиса банки развития и экспортные и страховые агентства – абсорбенты риска в мировой торговле

Nikita Gusakov, CEO of EXIAR and Senior Vice President of the Russian Export Center, made this statement during the roundtable entitled ‘Improving the Export Support Infrastructure: Countering a Slowdown in Global Trade’. This event was part of the Made in Russia Forum that took place in Moscow on 9 December. 

The session focused on changes in global trade and the measures governments took to fight downturns caused by the pandemic. The roundtable brought together representatives of the leading Russian and international export agencies, development banks, as well as recipients of the support measures.  

Nikita Gusakov noted that the gap between capital markets, real economy and global trade is fairly significant. It is mostly caused by the liquidity in global markets. Many problems can be resolved with the money circulating in the economy, however it is unevenly spread.     

CEO of EXIAR emphasized that export agencies are among the key tools to support global trade and to counter the slowdown. Most countries used export agencies’ tools to intensify their support for their domestic economy and export.     

According to Mr. Gusakov, the risks keep growing and most agencies and banks expect a high level of defaults on obligations and payments. Nevertheless, export agenices and banks will play an important role in cushioning the blow.