Australia aids exports to RI

Australia aids exports to RI

CANBERRA (Dow Jones): Australian Deputy Prime Minister and
Trade Minister Tim Fischer said Monday that the government has
extended credit insurance facilities for exports to Indonesia and
Korea by a further four months to July.

"This decision will help Australian exporters to maintain
trade with Asia in difficult times and to consolidate market
share in these two countries," he said in a statement.

The facilities are provided through the government's Export
Finance & Insurance Corp., or EFIC, and were put in place during
1998. EFIC provides credit insurance for Australian exporters
against default by overseas buyers. The insurance coverage is
provided by EFIC either on commercial terms or in exceptional
circumstances where the government will cover exporters on its
so-called national interest account.

In 1998, EFIC made available a A$500 million short-term credit
insurance facility for exports to South Korea on the national
interest account, and provided A$500 million and A$380 million
respectively for wheat and cotton exports to Indonesia.

The trade minister also said that credit insurance
arrangements for exports to Indonesia will continue to be
provided on a case-by-case basis.