The Council supported the provision of large-scale expansion of export of Ukrainian producers

Рада поддержала обеспечение масштабной экспортной экспансии украинских производителей

The Verkhovna Rada

The Verkhovna Rada of Ukraine supported the second reading and in entirety the draft Law 2142-and “On providing large-scale export expansion of Ukrainian producers through insurance, guarantee and reduce the cost of lending”. For the corresponding bill voted 237 deputies. Online broadcast of the meeting are welcome, see the link.

The bill defines the principles of state support of export activities through insurance, reinsurance, security, partial compensation of interest rates on export credits with the aim of creating conditions for the implementation of large-scale expansion of export of goods (works, services) of Ukrainian origin to foreign markets, protecting Ukrainian exporters against the risk of defaults and financial losses and increase of competitiveness of Ukrainian producers on world markets.

The document States that for promotion of export of goods (works, services) of Ukrainian origin, the Cabinet of Ministers of Ukraine creates an Export credit Agency (hereinafter ECA), which on a voluntary basis, carries out insurance, reinsurance, guarantees on contracts, which provide export development and is also involved in the implementation of the program of partial compensation of interest rates on export credits.

Legislative act defined terminology regarding the implementation of the state support of export; objectives, directions and principles of state support of export activities.

Related news: the Rada has supported amendments to the Tax code, balance budget revenues in 2017

According to the Law, the main task of state support of export activities are:

1) creation of insurance system and to guarantee commercial and non-commercial risks of export operations;

2) expand long-term export credit;

3) mechanism of partial compensation of interest rates on export credits.

The law defines authorities of management and control of ECA; types and terms of ECA; ECA funding sources; the scope of support and the like.

The law provides for the publicity of the activities of an Export credit Agency, determines the order and conditions for granting state financial support of export activities.

Note, before you put the bill to a vote, Parubiy gave the word to Prime Minister Groisman.

“We have repeatedly said that you don’t have to be a sawmill, we don’t have to be a country that has a raw type of economy. The added value must be created in Ukraine. There are a number of tools that will allow us to create quality conditions, including the talking about the expert credit Agency,” – said Groisman.

Related news: Syroid about voting for amendments to the Budget code: the Interests of local self-government to retake the failed

Source