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Faculty of Economics and Management

Department of World Economy

COURSE WORK

in the discipline "International Settlements and Financing"

Characteristics of international loans. Forms of international credit.

Introduction

1 International credit as an economic category

1.1 The concept of international credit. Its functions and sources

1.2 Forms of international credit and their classification

1.3 International loan conditions

2 Characteristics of the international credit relations of the Russian Federation

2.1 Russian Federation as a creditor

2.2 Russia's participation in international financial and credit organizations

2.3 Development trends and regulation of international credit relations in Russia

3 External debt crisis

3.1 The state of Russia's external debt

3.2 The public debt problem in the US

3.3 Public debt in developing countries

Conclusion

List of sources used

Annex A

Annex B

Annex B

Introduction

As the economic relations of countries become internationalized, the international flows of goods, services, capital and loans increase. In the world economy, there is a constant overflow of money capital, which is formed in the process of national social reproduction.

In each state, its legal tender is its national money. However, in international circulation, national currencies are usually used. This is due to the fact that in the world economy there is still no universally recognized credit world money that is mandatory for all countries. The integration of countries into the world economy causes the transformation of part of money capital from national money and vice versa. This happens in international currency, settlement and credit and financial transactions.

Being a variety of the category "credit" and mediating the movement of goods, services, capital, international credit is associated with other economic categories (profit, price, money, exchange rate, balance of payments, etc.) and the entire set of economic laws of the market. International credit plays an important role in the implementation of the requirements of the basic economic law, creating conditions for profit-making by market entities. As an element of the mechanism of the law of value, international credit reduces the individual value of goods compared to their social value, for example, through the introduction of imported equipment purchased on credit. International credit is associated with the law of saving working time, living and embodied labor, which contributes to an increase in social wealth, subject to the effective use of borrowed funds.

International credit participates in the circulation of capital at all its stages: in the transformation of money capital into production capital through the acquisition of imported equipment, raw materials, and fuel; in the production process in the form of loans for work in progress; when selling goods on world markets.

International credit, in close connection with domestic credit, takes part in the change in the forms of value, ensures the continuity of reproduction, and serves all its phases. The diversity of the individual phases of reproduction, the discrepancy between the time and place of entry into the international circulation of the realized value and the means of payment necessary for this realization, the discrepancy between the currency turnover and the movement of loan capital determine the relationship between international credit and production.

The purpose of this course work is to study the characteristics and forms of international credit.

Based on the specified purpose of the work, the main tasks are:

1) to study the concept of international credit, its functions and sources;

2) consider the main types and conditions of international credit;

3) consider Russia as a debtor and creditor;

4) identify trends in government external borrowing in Russia, the United States and developing countries.

When writing this work, textbooks by leading national and foreign economists, articles in periodicals, monographs, statistical data, as well as Internet resources were used.

1 International credit as an economic category

1.1 The concept of international credit. Its functions and sources

An international loan is a movement of loan capital in the sphere of international economic relations associated with the provision of commodity (provided by exporters to importers in the form of a deferred payment for goods sold or services rendered) and foreign exchange resources (provided by banks in cash: in the currency of the debtor country, in the currency of the creditor country, in the currency of a third country, in the international accountable monetary unit). It arose in the XIV-XV centuries. in world trade, received special development after the development of the Near and Middle East, America and India. The development of international credit is associated with the output of production beyond the national framework, its specialization and cooperation. The increase in the scale of international credit is associated with the international division of labor and the achievements of progress and science. International credit plays an important role in realizing the requirements of the law of value and other economic laws.

International credit performs the following functions:

The redistribution of loan capital between countries, with its help, there is a transfer of capital to countries with a low rate of profit, contributing to its equalization and transformation into an average rate of profit;

Saving circulation costs in the field of international economic relations by replacing gold as world money with such means of circulation as a bill, check, bank transfers, certificates of deposit, electronic money, hard national and international currencies;

Accelerating the concentration of capital: as a result of accelerating the process of capitalization of profits and obtaining additional profits in connection with the attraction of foreign capital, with the creation of transnational corporations and banks, by providing preferential international loans to large enterprises;

Regulation of the country's economy: attracting foreign investment, primarily capital from international monetary and regional organizations, which contributes to the growth of GNP and its distribution.

At the same time, credit plays a dual role in the country's economy. On the one hand, it is positive, as it helps to accelerate the development of productive forces, the continuity of the reproduction process and its expansion, stimulates foreign economic activity, creates favorable conditions for foreign investment, and ensures the continuity of international settlements and currency relations.

On the other hand, credit plays a negative role, which is expressed in the aggravation of the contradictions of the market economy by forcing the overproduction of goods, the redistribution of loan capital, strengthening the disproportions of social reproduction and competition for markets, areas of capital investment and sources of raw materials. International credit is used to strengthen the position of foreign creditors in the competition. The limits of the loan depend on the sources and needs of countries for foreign borrowed funds, the repayment of the loan on time. Violation of this objective boundary gives rise to the problem of settling the external debt of the borrowing countries. The dual role of international credit in a market economy is manifested in its use as a means of mutually beneficial cooperation and competition.

The value of the functions of international credit is unequal and changes with the development of the national and world economy. In modern conditions, international credit performs the function of regulating the economy and is itself an object of regulation.

The role of international credit in the development of production. Through the performance of interrelated functions, international credit plays a dual role - positive and negative.

The positive role of international credit is to accelerate the development of productive forces by ensuring the continuity of the reproduction process and its expansion. This shows their relationship. International credit plays the role of a link and a transmission mechanism that affects foreign economic relations and, ultimately, reproduction. Being a product of the growth of production, international credit is at the same time its necessary condition and catalyst. It promotes the internationalization of production and exchange, the formation and development of the world market, deepening the international division of labor. International credit helps to accelerate the process of reproduction in the following areas.

First, the loan stimulates the foreign economic activity of the country. This creates additional demand in the market to maintain the situation. Foreign trade on credit has become an international norm, especially for goods with a long production cycle, consumption and high cost. In the context of rising prices for products and an increase in the share of machinery and equipment in world trade, importers and exporters are interested in using foreign trade credits. The construction of enterprises abroad is also carried out at the expense of a loan used to pay for imported equipment, especially technological and energy equipment. In modern conditions, the "connectivity" of loans with export deliveries from the creditor country has increased. The condition of the loan is to spend it on the purchase of goods in the lending country. Thus, international credit serves as a means of increasing the competitiveness of firms in the creditor country.

Secondly, international credit creates favorable conditions for foreign private investment, as it is usually associated with the requirement to provide incentives to investors in the creditor country; is used to create the infrastructure necessary for the functioning of enterprises, including foreign and joint ventures, and helps to strengthen the positions of national enterprises, banks associated with international capital.

Thirdly, the loan ensures the continuity of international settlement and currency transactions that serve the country's foreign economic relations.

Fourthly, credit increases the economic efficiency of foreign trade and other types of foreign economic activity of the country.

The sources of international credit are: part of the capital temporarily released from enterprises in the process of circulation in monetary form; cash savings of the state and the private sector, mobilized by banks. International credit differs from domestic credit in interstate migration and the consolidation of these traditional sources by attracting them from a number of countries. In the course of reproduction in certain areas, an objective need arises for an international loan. This is due to: 1) the circulation of funds in the economy; 2) features of production and sale; 3) differences in the volume and terms of foreign economic transactions; 4) the need for simultaneous large investments to expand production. Although international credit mediates the movement of goods, services, capital in external circulation, the movement of loan capital abroad is relatively independent in relation to goods produced at the expense of borrowed funds. This is due to the repayment of the loan at the expense of the profit from the operation of the enterprise put into operation with the help of borrowed funds, as well as the use of the loan for non-commercial purposes.

Principles of international credit. The connection of international credit with reproduction is manifested in its principles:

1) repayment: if the funds received are not returned, then there is an irrevocable transfer of money capital, i.e. financing;

2) urgency, ensuring the repayment of the loan within the terms established by the loan agreement;

3) payment, reflecting the operation of the law of value and the method of implementing differentiated loan conditions;

4) material security, manifested in the guarantee of its repayment;

5) target character - the definition of specific objects of the loan (for example, "related" loans), its application primarily in order to stimulate the export of the creditor country.

The principles of international credit express its connection with the economic laws of the market and are used to achieve the current and strategic objectives of market entities and the state.

1.2 Forms of international credit and their classification

Various forms of international credit in general terms can be classified according to several main features that characterize certain aspects of credit relations.

Sources distinguish between domestic, foreign and mixed lending and foreign trade financing. They are closely interconnected and serve all stages of the movement of goods from the exporter to the importer, including the procurement or production of the exported goods, its stay on the way and in the warehouse, including abroad, as well as the use of the goods by the importer in the production and consumption process. The closer the goods are to sale, the more favorable, as a rule, the terms of an international loan for the debtor.

By purpose, depending on which foreign economic transaction is covered by borrowed funds, they differ:

Commercial loans directly related to foreign trade and services;

Financial loans used for any other purpose, including direct investment, construction of investment facilities, purchase of securities, repayment of external debt, foreign exchange intervention;

- "intermediate" loans intended for servicing mixed forms of export of capital, goods and services, for example, in the form of contract work (engineering).

Credits by type are divided into commodity, provided mainly by exporters to their customers, and foreign currency, issued by banks in cash. In some cases, a foreign currency loan is one of the terms of a commercial transaction for the supply of equipment and is used to credit local costs for the construction of a facility based on imported equipment.

The loan currency distinguishes between international loans provided in the currency of the debtor or creditor country, in the currency of a third country, as well as in the international currency unit based on the currency basket (SDR, ECU, replaced by the euro since 1999, etc.) .

By terms, international loans are divided into: short-term - up to 1 year, sometimes up to 18 months (ultra-short-term - up to 3 months, daily, weekly); medium-term - from 1 to 5 years; long-term - over 5 years. In a number of countries, medium-term loans are considered up to 7 years, and long-term - over 7 years. A short-term loan usually provides entrepreneurs with working capital and is used in foreign trade, in international payment transactions, servicing non-trade, insurance and speculative transactions. A long-term international loan is intended, as a rule, for investments in fixed assets, serves up to 85% of the export of machinery and complete equipment, new forms of international economic relations (large-scale projects, research work, the introduction of new technology). If a short-term loan is prolonged (extended), it becomes medium and sometimes long-term. The state actively participates in the process of transforming short-term loans into medium- and long-term ones, acting as a guarantor.

In terms of collateral, secured and unsecured loans are distinguished. Goods, documents of title and other commercial documents, securities, bills of exchange, real estate and valuables usually serve as collateral. The pledge of goods for obtaining a loan is carried out in three forms: a solid pledge (a certain commodity mass is pledged in favor of the bank); pledge of goods in circulation (the balance of goods of the corresponding assortment for a certain amount is taken into account); pledge of goods in processing (products can be made from the pledged goods, but by transferring them as a pledge to the bank).

The lender prefers to take as collateral goods that have great sales opportunities, and when determining the amount of security, it takes into account the situation on the commodity market. Sometimes a part of the official gold reserves, valued at the average market price, is used as collateral for a loan (Finland in 1963, Italy, Uruguay, Portugal in the mid-70s). Developing countries (especially in the early 1980s) began to practice more widely the practice of depositing gold against the security of foreign loans received to pay off their external debt. However, loans secured by gold have not become widespread due to the “negative collateral clause” characteristic of many international loans. Its essence is as follows: if the borrower provides additional security for other loans, the lender may require similar security for this loan. Therefore, if a country receives a gold-backed loan, it may be required to back the gold backing previously received loans. Therefore, some countries prefer to sell gold. Since a pledge is a way to secure an obligation under a loan agreement, the creditor has the right, if the debtor fails to fulfill the obligation, to receive compensation from the value of the pledge.

A blank loan is issued under the obligation of the debtor to repay it within a certain period of time. Typically, the document for this loan is a solo bill with one signature of the borrower. Varieties of blank loans are current account and overdraft.

From the point of view of the delivery technique, there are:

Financial (cash) loans credited to the debtor's account at his disposal;

Acceptance credits in the form of an acceptance of a draft by an importer or a bank;

Deposit certificates;

Bond loans; consortium loans, etc.

Depending on who acts as a lender, loans are divided into:

1) private, provided by firms, banks, sometimes intermediaries (brokers);

2) government;

3) mixed, in which private enterprises and the state participate;

4) interstate loans from international and regional monetary and financial organizations.

Corporate (commercial) credit - a loan provided by a firm, usually an exporter, of one country to an importer of another country in the form of a deferred payment; commercial credit in foreign trade is combined with settlements on commodity transactions. The terms of corporate loans are different (usually up to 2-7 years) and are determined by the conditions of the world market conditions, the type of goods and other factors. With the expansion of exports of machinery and complex equipment, a new phenomenon was the lengthening of their terms. A corporate loan is usually issued by a promissory note or provided on an open account.

A bill of exchange credit provides that the exporter, having concluded an agreement on the sale of goods, issues a bill of exchange (draft) to the importer, who, having received commercial documents, accepts it, i.e., agrees to pay within the period indicated on it.

Open account credit is provided by an agreement between the exporter and the importer, under which the supplier writes to the buyer's account as his debt the cost of goods sold and shipped, and the importer undertakes to repay the loan within the prescribed period. An open account loan is practiced with regular deliveries of goods with periodic repayment of debts in the middle or end of the month.

A variety of corporate loans is an advance payment by the importer (purchaser advance), which, when signing a contract, is made by the importer in favor of a foreign supplier, usually in the amount of 10-15% (sometimes more) of the cost of ordered machinery, equipment, ships. The buyer's advance serves as one of the forms of international settlements and export credits and at the same time a means of securing the obligation of a foreign buyer, since the importer must accept the ordered goods. In relations with developing countries, importing firms in developed countries use purchase advances to export agricultural products from these countries.

If the contract is not fulfilled due to the fault of the person who provided the advance payment, it is subject to return minus losses, in contrast to the deposit, which in this case is lost. If the contract is not fulfilled due to the fault of the person who received the deposit, then he is obliged to return it with coverage of losses to the buyer. The advance payment stimulates the fulfillment of the contract, in contrast to the compensation, which gives the right to be released from the obligation under the contract without compensation for losses to the other party. Sometimes a buyer's advance is combined with a deferred payment, and in equal shares at certain intervals (six months, a year).

Bank loans. Bank lending for exports and imports takes the form of loans secured by goods, trade documents, bills of exchange, and bills of exchange. Sometimes banks provide large exporting firms with which they are closely associated with a blank loan, that is, without formal security.

Bank loans in international trade have advantages over corporate loans. They enable the recipient to use funds more freely for the purchase of goods, free him from the need to apply for a loan to supplier firms, and make cash payments with the latter for goods at the expense of a bank loan. Thanks to the attraction of public funds and the use of guarantees, private banks often provide export loans for 10-15 years at below market rates. However, banks tend to limit the use of credit outside their own country and often impose conditions on spending it for certain purposes, such as buying goods from firms in which they are interested. In this case, a bank loan acquires the properties of a linked loan, a target character. A bank loan is provided by banks, banking houses, and other credit institutions. Banks provide export and financial loans. Export credit - a loan issued by a bank in an exporting country to a bank in an importing country for lending to the supply of machinery, equipment, etc.

Often a mixed type of international credit is practiced, for example, the usual forms of export credit are combined with the provision of assistance. A new form of international lending has become the so-called co-financing of large projects by several credit institutions, mainly in the infrastructure sectors. The initiators of joint financing are international financial institutions that involve private commercial banks in these operations, usually lending on preferential terms (below market interest rate) the most profitable part of the project.

Two forms of co-financing are practiced:

Parallel financing, in which the project is divided into component parts, credited by different creditors within the quota established for them;

Co-financing, in which all lenders provide loans during the course of the project. One of the lenders (bank manager) coordinates and controls the preparation and implementation of the project.

Joint financing provides certain benefits to the borrower, opening him access to soft loans. But creditors receive the main benefits, since such lending provides an additional guarantee of timely repayment of the loan by the debtor and increases the dependence of developing countries on creditors.

Based on the foregoing, we can conclude that the variety of credit relations, their subjects, the features of the loaned value, the nature and duration of the needs that are satisfied by loans, predetermine the existence and use of various forms of international credit.

1.3 International loan conditions

The terms of an international loan include the following concepts: loan currency and payment currency, amount, term, terms of use and repayment, cost, type of collateral, methods of risk insurance.

Currency of loan and payment. For an international loan, it is important in which currency it is provided, since the instability of the currency leads to losses for the lender. The choice of the loan currency is influenced by a number of factors, including the degree of its stability, the level of the interest rate, the practice of international settlements (for example, oil supply contracts are usually concluded in US dollars), the degree of inflation and the dynamics of the exchange rate, etc. The currency of international loans are national monetary units, eurocurrencies (since the end of the 50s), international accounting currency units. The payment currency may not match the loan currency. For example, "soft" loans provided in the currency of the lender are repaid in the national currency of the borrower or in the country's traditional exports.

The amount (limit) of the loan is part of the loan capital, which is provided in commodity or cash form to the borrower. The amount of the corporate loan is fixed in the commercial contract. The amount of a bank loan (credit line) is determined by a loan agreement or by exchanging telexes (for a short-term loan). A loan can be provided in the form of one or more tranches (shares), which differ in their terms. In accordance with established practice, credit is usually covered up to 85% of the cost of exported machinery and equipment. The rest is provided by advance, cash payments, guarantees from the importer to the exporter.

The term of an international loan depends on a number of factors:

purpose of the loan;

Supply and demand ratios for similar loans;

The size of the contract;

national legislation;

Traditional lending practices;

Interstate agreements.

The term of a loan is an important means of competition in world markets. To determine the effectiveness of the loan, full and medium terms are distinguished.

The full term is calculated from the moment the loan is used until its final repayment. It includes the period of use of the provided loan, the grace (grace) period - the deferral of repayment of the used loan, as well as the repayment period when the principal and interest are paid.

The formula for calculating the full term of the loan:

Sp \u003d Pi + Lp + Pp

Where Sp is the full term of the loan;

Pi - period of use;

Lp - grace period;

Pp - repayment period.

Unlike a bank loan, the period of use of a corporate loan essentially coincides with the delivery time of the goods under the contract. In this case, the beginning of the full term is the date of acceptance by the buyer of the drafts issued by the exporter after the delivery of the last batch of goods, that is, after the exporter fulfills contractual obligations. The grace period of the loan is especially important in commercial transactions, the supply of complete equipment, since in this case the beginning of its repayment is as close as possible to the moment of commissioning of the purchased equipment. Thus, the payback period of the importer's investments is reduced, since repayment occurs at the expense of the proceeds from the exporter of a part of the products produced at the enterprise created with the help of a loan. During this period, a lower interest rate is usually charged than in other periods of the loan. The grace period is found in international long-term bank loans guaranteed by the state, in consortial Euro-credits, with large deliveries of machinery, equipment, industrial complexes, and the implementation of investment projects abroad. At the same time, the grace period covers a number of years after the completion of supplies and construction.

However, the full term does not show during what period the entire loan amount was at the disposal of the borrower. Therefore, to compare the effectiveness of loans with different conditions, the average term is used, which shows, in terms of which period, on average, the entire amount of the loan falls. The average term includes the full grace period and half the term of use and repayment of the loan.

The average term of a loan with equal use and repayment is calculated according to the following formula:

Sav \u003d 1\2 Pi + Lp + 1\2 Pp,

Where Cav is the average loan term;

Pi - period of use;

Lp - grace period;

Pp - repayment period.

According to the terms of repayment, loans are distinguished:

With uniform repayment in equal shares within the agreed period;

With uneven repayment, depending on the principle and schedule fixed in the agreement (for example, an increase in the share by the end of the term);

With a one-time repayment of the entire amount at once;

Annuity (equal annual installments of principal and interest).

In accordance with the international practice of export lending, the date of completion of the fulfillment by the exporter (contractor) of the relevant obligations under the commercial contract (completion of shipments of goods, signing of the protocol on the delivery of the object being built on account of the loan, etc.) is taken as a criterion for calculating the start of repayment of the loan.

The main methods for determining the beginning of loan repayment

Usually, most of these dates are directly fixed in contracts and loan agreements. An exception is the determination of the beginning of the loan repayment based on the weighted average delivery date, which is calculated using the following formula:

Dsr / v \u003d (C1 * T1) + (C2 * T2) + (C3 * T3) + ... + (Sk *),

Where Dav/v is the weighted average delivery date;

C - the amount of a separate (partial delivery);

T - delivery period;

Sk - contract amount (total cost of delivery)

Credit cost. There are contractual and hidden elements of the cost of credit. Contractual, i.e., stipulated by the agreement, the costs of the loan are divided into basic and additional. The main elements of the cost of a loan include the amounts that the debtor pays directly to the lender, interest, the cost of registering the pledge of the commission. Additional elements include amounts paid by the borrower to third parties (for example, for a guarantee). In addition to the basic interest, a special (depending on the amount and term of the loan) and one-time (regardless of the term and size of the loan) bank commission is charged. For medium- and long-term loans, commissions are charged for the obligation to provide a loan and for the reservation of funds (usually 0.2 - 0.75% per annum). When conducting lending operations by a banking consortium, the borrower pays a one-time management fee to the manager bank (up to 0.5% of the loan amount), for negotiations, as well as to other banks for participation (0.2 - 0.5%).

Although international credit develops to a certain extent separately from domestic credit, and interest rates on it are not formed directly on the basis of interest on domestic credit, ultimately the "price" of international credit (as well as the international production price) is based on the interest rates of the leading creditor countries, first of all the USA, Japan, Germany. However, due to the multifactor nature of the loan interest, a gap is formed between the national levels of rates.

The main factors determining the size of the interest rate

Monetary - financial, economic and political situation of the borrower;

The nature of project risks;

Sources of loans;

International agreements on the regulation of the cost of loans;

Type of interest rate (floating, fixed, combined);

Availability of competitive offers;

Credit term;

The rate of inflation;

Whether the loan is related or not to commercial transactions;

The state of the world and national markets for loan capital;

Status, commercial reputation and financial position of the borrower (creditor);

Quality of loan collateral;

Availability of insurance coverage (guarantee) for the loan;

The presence of firm (unconditional) obligations of the borrower to use the loan within a pre-agreed time frame;

The moment of conclusion of the loan agreement in relation to the commercial contract;

Contract amount;

Loan currency and payment currency;

The dynamics of the exchange rate.

From time to time there is an unprecedented increase in interest and the amplitude of its fluctuations as a result of economic instability, increased inflation, fluctuations in the exchange rate, "war of interest rates", reflecting the competitive struggle in the world market.

Along with fixed interest rates since the 70s, floating interest rates have appeared, which change depending on the level of the market rate. Part of the term of a floating rate loan during which (usually 3-6 months) the rate is fixed at a fixed level. It is called the interest period.

The real interest rate is the nominal rate minus the rate of inflation over a given period. If the rate of depreciation of money turns into a negative (negative). The alignment of national interest rates occurs not only as a result of the movement of short-term capital between countries, but also depending on the dynamics of exchange rates. Usually, the higher the exchange rate, the lower the interest on deposits in this euro currency. For example, the gap in interest rates on deposits in different eurocurrencies sometimes reached 10-15 points.

Eurocredits are subject to international interest rates. Typically, LIBOR is 1/8 point above the deposit rate and 1/2 point below the interest rate on loans to the ultimate borrower. By analogy with LIBOR, other world financial centers charge: in Bahrain - BIBOR, Singapore - SIBOR, Frankfurt am Main - FIBOR, Paris - PIBOR, Luxembourg - LUXIBOR, etc.

Hidden elements of the loan cost include other costs associated with obtaining and using the loan and not mentioned in the agreement. Among them are the inflated prices of goods on corporate loans; compulsory deposits in the prescribed amount from the loan; claiming credit insurance in a certain insurance company linked by the bank; overestimation by the bank of the commission for the collection of commodity documents, etc. Some elements of the cost of credit are not amenable to monetary value, although their value is great, for example, to establish control over a foreign firm or country - the borrower. The seemingly concessional terms of some international loans are combined with exorbitant hidden costs that are costly to the borrower.

To compare the conditions for providing various loans, the grant element indicator (preferential element, subsidies) is used, which shows how much of the loan repayment payments the borrower saves as a result of obtaining a loan on more favorable terms than market ones. The grant element for private international loans is much lower (3.2-4.5%) than for official development assistance (ODA) (76.2-80%).

There are indicators of a simple and weighted element of subsidies, which are calculated according to the following formulas.

Simple element of the subsidy: Es = %r - %f

Where Es is an element of the subsidy;

%р – market interest rate;

%f is the actual subsidized interest rate.

Sk*Tsr*Es.v

Where Es.v - The weighted element of the subsidy 100

Sk - amount (limit) of the loan

Tsr - average loan term

Es - element of subsidies (difference between market and actual interest rates).

An important characteristic of international credit is its security.

Alternative types of credit collateral include:

Opening targeted savings accounts;

Pledge of assets;

Assignment of rights under contracts, etc.

When determining the monetary and financial conditions of an international loan, the lender proceeds from creditworthiness - the ability of the borrower to obtain a loan - and solvency - the ability of the borrower to pay off its obligations in a timely and complete manner. Therefore, one of the conditions for an international loan is protection from credit, currency and other risks.

Forms of international credit can be classified as follows:

• 1) by appointment:
  • * commercial loans servicing international trade in goods and services;
  • * financial loans used for investment objects, purchase of securities, repayment of external debt, foreign exchange intervention by the central bank;
  • * intermediate loans for servicing mixed forms of export of capital, goods, services (for example, engineering);
• 2) by type:
  • * commodity (when exporting goods with deferred payment);
  • * currency (in cash);
• 3) according to the technique of providing:
  • * cash loans credited to the borrower's account;
  • * acceptance in the form of acceptance (consent to pay) drafts by the importer or bank;
  • * deposit certificates;
  • * bonded loans, consortium loans, etc.;
• 4) by loan currency:
  • * international loans in the currency of either the debtor country, or the creditor country, or a third country, or in international currency units (SDRs, more often in ECU);
• 5) by terms:
  • * extra-term (daily, weekly, up to three months);
  • * short-term loans (from one day to one year, sometimes up to eighteen months);
  • * medium-term (from one year to five years);
  • * long-term (over five years).

If a short-term loan is prolonged (extended), it becomes medium - and sometimes long-term. In the process of transforming short-term international loans into loans for a longer period, the state participates as a guarantor. To meet the needs of exporters in a number of countries (Great Britain, France, Japan, etc.), a special system of medium- and long-term credits for the export of machinery and equipment has been created with the support of the state. Long-term international credit (practically up to ten to fifteen years) is provided, first of all, by specialized credit and financial institutions - state and semi-state;

• 6) to ensure:
  • * secured loans;
  • * blank loans.

Goods, commercial and financial documents, securities, real estate, other valuables, sometimes gold are used as collateral. For example, Italy, Uruguay, Portugal (in the mid-1970s), and some developing countries (in the 1980s) used international loans secured by part of the official gold reserves valued at the average market price. A blank loan is issued against an obligation (bill) of the debtor to repay it on time.

corporate (private) loans;

bank loans;

brokerage loans;

government loans;

mixed loans, with the participation of private enterprises (including banks) and the state;

interstate loans from international financial institutions.

Company (private) loan is provided by the exporter to a foreign importer in the form of a deferred payment (from two to seven years) for goods. It is issued by promissory note or open account. With a bill of exchange, the exporter issues a bill of exchange (draft) to the importer, who accepts it upon receipt of commercial documents. An open account loan is based on an agreement between the exporter and the importer to record on the account of the buyer his debt on imported goods and his obligation to repay the loan within a certain period (in the middle or end of the month). Such a loan is used for regular deliveries and trust relationships between counterparties.

Company loans also include an advance payment by the importer. A buyer's advance (prepayment) is not only a form of lending to a foreign exporter, but also a guarantee that the importer will accept the ordered goods (for example, an icebreaker, aircraft, equipment, etc.), which are difficult to sell.

Banking international loans are provided by banks to exporters and importers, as a rule, on the security of inventory items, less often unsecured credit is provided to large firms with which banks are closely connected. It is generally accepted to create banking consortia, syndicates, pools to mobilize large credit resources and distribute risk. Exporter banks lend not only to national exporters, but also directly to foreign importers: credit to the buyer has been actively developing since the 1960s. The exporter wins here, as he receives foreign exchange earnings in a timely manner at the expense of a loan provided by the exporter's bank to the buyer, and the importer purchases the necessary goods on credit.

Broker loan - an intermediate form between corporate and bank loans. Brokers borrow funds from banks; the role of the latter is reduced. international borrowing loan form

Interstate loans provided on the basis of intergovernmental agreements. International financial institutions limit themselves to small loans, which provide borrowers with access to loans from private foreign banks.

Foreign trade lending includes export and import lending.

Export lending carried out in two forms.

• 1. Corporate credit - purchase advances issued by importers of a particular country to foreign manufacturers or exporters. Thus, American and British engineering firms often receive advance payments from foreign customers in the amount of 1/3 of the cost of the order. The value of purchase advances lies in the fact that, firstly, they serve as a form of securing the obligations of foreign customers, and, secondly, they represent an increase in the capital of the exporter.
• 2. bank loan as:
  • * lending for goods in the exporting country (this loan gives exporters the opportunity to continue operations for the procurement and accumulation of goods intended for export, without waiting for the sale of previously prepared goods);
  • * provision of loans for goods in transit (secured by transport documents - bill of lading, railway bill, etc.);
  • * issuance of a loan against goods or trade documents in the importing country;
  • * loans not secured by goods, which are received by large exporting firms from banks that have long-term business ties with them or participate in their capital.

Import lending also has forms of corporate and bank credit. Corporate loans are divided into two types.

• 1. Open account credit(provided on the basis of an agreement under which the exporter writes to the importer's account as his debt the cost of goods sold and shipped, and the importer undertakes to repay the loan by the due date). This type of loan is used for regular deliveries of goods with periodic debt repayment (in the middle or end of the month). In this case, banks perform the function of purely technical intermediaries in the settlements of trading counterparties.
• 2. bill credit, in which the exporter, after the shipment of the goods, issues a draft (bills of exchange) on the importer. The latter, having received the trade documents, accepts the draft, i.e. undertakes to pay the bill within the specified period. In many, primarily Anglo-Saxon countries, corporate loans are often financed using a letter of credit form of payment. In this case, the banks of the importer and exporter enter into an agreement on the basis of which they open a letter of credit to the exporter against the documents provided by him on the shipment of goods.

Bank loans imports are divided into the following types.

1. Acceptance credit - a credit given in the form of an acceptance, or consent, by an importing bank to pay for an exporter's draft. At the same time, before the due date for payment, the importer pays the amount of the debt to the bank, and the bank repays its obligation to the exporter on time.

Acceptance loans are provided by large banks to both their own and foreign exporters. For example, before the First World War, when London was the world's financial center, the largest London banks served foreign trade not only in England, but also in other countries. After the Second World War, the acceptance operations of American banks acquired a large scale.

2. Acceptance-reimbursement credit - acceptance of a bill by a bank subject to the receipt of a guarantee from a foreign bank serving the importer. In this case, the importer, before the expiration of the draft, must deposit funds with his bank, which transfers (reimburses) them to the foreign bank that accepted the draft, after which the latter pays it to the exporter within the prescribed period.

From the end of the 50s - the first half of the 60s. new methods of financing exports from developed capitalist countries have spread, among which the leading place belongs to direct bank lending to foreign buyers. At the same time, a peculiar division of functions occurs between bank and corporate lending: the first focuses mainly on providing large medium- and long-term loans to buyers of the products of the creditor country; the second is assigned to the sphere of short-term credit transactions for small amounts. If in the early 60s. the ratio between company and bank loans in the total volume of medium and long-term lending, for example, in the UK and France was 2: 1, then in recent years, bank loans (loans to the buyer) account for more than 3/4 of export loans of this duration.

The role of the state in the development of the mechanism of direct bank lending has noticeably intensified. Relying on a system of state guarantees and preferences for export credits, resorting, if necessary, to refinancing their foreign assets at state credit institutions at preferential rates, banks in a short time increased the volume of loans provided and ensured their moderate cost for borrowers.

Initially, direct lending to importers was carried out by linking a loan with a one-time foreign trade deal. Recently, the opening by banks of so-called credit lines for their foreign borrowers to pay for foreign trade transactions has become widespread.

The presence and volume of an international loan is determined by such factors as: the country's balance of payments, the interest rate, the type of currency, the level of profitability of credit operations, the exchange rate, etc.

The specific features of an international loan are: mismatch between the currency of the loan and the currency of its repayment; currency risk, that is, possible losses, with a change in the exchange rate.

The performance indicators of international loans are:

The average loan term is the billing period during which the borrower uses the entire loan amount, so you can calculate the approximate amount of interest that the borrower will pay to the lender: the loan limit is multiplied by the interest rate and the average loan term;

A grant element that shows the lender's contingent loss in connection with the provision of a loan on terms that are more favorable than market terms. It is generally accepted that the market interest rate is 10% per annum.

The grant element is calculated using the formula:

where E- grant element, In i- actual payments on account of debt repayment in i year, BUT- amount of credit, n- market interest rate, in fractions of a unit, t- credit term.

There are such main types of international loans as financial and commercial.

A financial loan is a cash loan provided by banks on the terms of repayment, urgency, and payment. The practice of granting syndicated loans is well known.

Syndicated loans are loans provided by two or more lenders, that is, syndicates (consortiums) of banks to one borrower. To provide a syndicated loan, a group of creditor banks pools their temporarily free funds for a period.

A commercial loan is a loan as a type of settlement, that is, settlements with installment payments. The main types of commercial loans are.

1. Corporate credit is a traditional form of export credit in which the exporter provides credit to a foreign buyer in the form of a deferred payment. A type of corporate loan is an advance payment by the buyer (importer), which is paid to the exporter after the signing of the contract.

2. A bill of exchange is a loan issued by issuing a bill of exchange to the importer, who accepts it upon receipt of shipping and payment documents.

3. Accounting credit is a credit provided by the bank to the holder of a bill by purchasing a bill before the due date for it. Accounting for a bill is made by the bank for a fee - accounting interest ( At).

Y \u003d W * T * P / 100 * 360,

where At- accounting percentage, gross. units; AT- the amount of the bill, gross. units; T- period before receipt of payment on the bill, days; P- annual discount rate, %; 360 is the number of days in the financial year.

For example, a bill of 1,000 thousand dollars was presented to the bank for accounting 180 days before payment on it. Scientific rate - 10% per annum. Y=1000*180*10/100*360=50000 dollars. Thus, the amount of the accounting credit is equal to 1000 - 50 = 950 thousand dollars

In addition to the discount rate, banks may charge a risk premium called a loan.

4. A credit on an open account is provided in settlements between regular counterparties. This is the same as open account payments.

5. Factoring (English factor - intermediary) - a specific kind of short-term export crediting and intermediary commercial activities. Factoring services are usually provided by commercial banks or specialized companies that buy the exporter's claims on foreign buyers with maturities ranging from 30 to 120 days. Usually the client pays a commission in the amount of 0.5 - 3% of the turnover, as well as interest on the loans received.

Factoring speeds up the turnover of capital, minimizes the risk of non-payment. The dependence of the seller on the insolvency of the buyer is eliminated, because the factor collects the receivables of the buyer. The basis for this operation is the verification of the solvency of the seller and the buyer, taking into account which the maximum amount of factoring operations is determined, within which the delivery of goods can be made without the risk of non-receipt of payment. Within this amount, the bank automatically pays the payments assigned to it.

So, the bank acquires from the exporter the right to collect the importer's receivables and transfers to him 70-90% of the funds for the shipped products. After receiving payment on these accounts from the importer, the remaining amount of money is transferred to the exporter.

6. Forfeiting (French forfeit - the whole, the total amount) - a form of export crediting by a bank or a financial company by purchasing bills of exchange and other debt claims for a foreign trade operation without recourse to the seller. Forfeiting is used in the field of long-term lending to the buyer by the seller (5 - 7 years).

7. Overdraft - a form of short-term loan, the provision of which is carried out by debiting the bank of funds on the client's account in excess of its balance. As a result of such an operation, a negative balance is formed, that is, a debit balance - the client's debt to the bank.

The bank and the client enter into an agreement between themselves, which establishes the maximum amount of the overdraft, the conditions for granting a loan, the procedure for repaying it, and the interest rate for the loan. In case of an overdraft, all amounts credited to the current account of the client are directed to repay the debt.

8. Acceptance loan - a loan provided by a bank in the form of an acceptance of a bill of exchange (draft) issued to the bank by exporters or importers. Accepting the bill issued by the importer, the importer's bank takes it into account and pays the exporter in cash. The term "acceptance credit" is usually used in cases where banks accept drafts of customers only in their own country. A variation of an acceptance loan is an acceptance-reimbursement loan. Reimbursement in international trade means payment for the purchased goods through a bank in the form of acceptance by the importer's bank of drafts issued by the exporter. Thus, the term "acceptance-reimbursement credit" is used in cases where banks accept drafts issued on them by foreign commercial firms.

international credit export foreign economic

An international loan is a movement of loan capital in the sphere of international economic relations associated with the provision of commodity (provided by exporters to importers in the form of a deferred payment for goods sold or services rendered) and foreign exchange resources (provided by banks in cash: in the currency of the debtor country, in the currency of the creditor country, in the currency of a third country, in the international accountable monetary unit). It arose in the XIV-XV centuries. in world trade, received special development after the development of the Near and Middle East, America and India. The development of international credit is associated with the output of production beyond the national framework, its specialization and cooperation. The increase in the scale of international credit is associated with the international division of labor and the achievements of progress and science. International credit plays an important role in realizing the requirements of the law of value and other economic laws. It functions on the principles of recurrence, urgency and payment, security, targeted nature, at the expense of internal and external sources.

International credit performs the following functions:

• 1. redistribution of loan capital between countries, with its help, there is a transfer of capital to countries with a low rate of profit, contributing to its equalization and transformation into an average rate of profit;
• 2. saving the costs of circulation in the sphere of international economic relations by replacing gold as world money with such means of circulation as a bill of exchange, a check, bank transfers, certificates of deposit, electronic money, hard national and international currencies;
• 3. acceleration of capital concentration: as a result of accelerating the process of capitalization of profits and obtaining additional profits in connection with the attraction of foreign capital, with the creation of transnational corporations and banks, by providing preferential international loans to large enterprises;
• 4. regulation of the country's economy: attracting foreign investment, primarily the capital of international monetary and regional organizations, which contributes to the growth of GNP and its distribution.

At the same time, credit plays a dual role in the country's economy. On the one hand, it is positive, as it helps to accelerate the development of productive forces, the continuity of the reproduction process and its expansion, stimulates foreign economic activity, creates favorable conditions for foreign investment, and ensures the continuity of international settlements and currency relations.

On the other hand, credit plays a negative role, which is expressed in the aggravation of the contradictions of the market economy by forcing the overproduction of goods, the redistribution of loan capital, strengthening the disproportions of social reproduction and competition for markets, areas of capital investment and sources of raw materials. International credit is used to strengthen the position of foreign creditors in the competition. The limits of the loan depend on the sources and needs of countries for foreign borrowed funds, the repayment of the loan on time. Violation of this objective boundary gives rise to the problem of settling the external debt of the borrowing countries. The dual role of international credit in a market economy is manifested in its use as a means of mutually beneficial cooperation and competition.

Forms of international credit can be classified according to the following criteria:

• 1) By appointment:
• 1. commercial - directly related to foreign trade and services;
• 2. financial - direct investment: construction of facilities, purchase of securities, repayment of external debt, foreign exchange intervention of the central bank;
• 3. intermediate - loans for servicing mixed forms of export of capital, goods, services, performance of contract work;
• 2) By the form of provision:
• 1. cash (credited to the account and at the disposal of the debtor);
• 2. acceptance (if the importer or the bank agrees to pay the bill of exchange);
• 3. certificates of deposit;
• 4. bonded loans;
• 3) By terms:
• 1. extra-term (up to three months);
• 2. short-term (up to one year).

Foreign trade lending is a separate type, which includes export and import lending in the form of commercial and bank loans;

• 1. medium-term (from one year to five years);
• 2. long-term (over five years);
• 4) By availability:
• 1. secured (commodity documents, bills of exchange, securities, real estate, part of the official gold reserves valued at the average market price);
• 2. under the obligation of the debtor (promissory note with one signature);

By categories of creditors: private, banking, brokerage, government, mixed (with the participation of the state and private companies), interstate loans of international financial and credit institutions (based on intergovernmental agreements).

Private credit is divided into three types:

• 1. credit on an open account - the exporter (creditor) writes to the account of the importer (debtor) a debt in the amount of the cost of goods sold and shipped, the importer undertakes to repay the loan within the prescribed period. It is used for regular deliveries, the debt is periodically repaid once a month. The loan is subject to risk protection in the form of private insurance or government guarantees. In the event of the importer's insolvency, the creditor receives a guaranteed amount of payment from the guarantor institution (insurance company or government department through a state bank), which transfers the right to further collect the debt from the importer;
• 2. promissory note credit - the exporter issues a bill of exchange to the importer when concluding a transaction for the sale on credit, the importer undertakes to pay the bill within the specified period;
• 3. advance payment - advance payment for goods by the importer is not only a form of credit, but also a guarantee of acceptance by the importer of the ordered goods.

Bank loans are provided, as a rule, on the security of both importers and exporters. Banking syndicates, consortiums and pools are generally accepted to mobilize large credit resources and spread risk. Their role has increased significantly over the past 20 years. Bank credits for imports are provided in the form of acceptance - the importer's bank agrees to pay the exporter's bill of exchange.

Initially, direct lending to importers was carried out by linking the loan with a one-time foreign economic transaction. Recently, the opening by banks of the so-called credit line for their foreign borrowers to pay for foreign trade transactions has become widespread. In addition, new forms of stimulating foreign trade exports such as factoring, leasing, and forfeiting have appeared.

At present, due to the increase in the scale and complexity of industrial and commercial activities, there is a growing need to attract an increasing amount of additional funds, i.e., loan capital. In international economic relations, the movement of loan capital acts in the form of international credit. Its main principles are: repayment, urgency, security, payment and target character.

At the interstate level, the need for lending arises in connection with the need to cover the negative balance of international settlements.

International credit is the movement of loan capital from one country to another.

Loan capital is redistributed through correspondent banks.

Depending on the attribute underlying the classification, international credit is divided into:

Loans- direct borrowing of funds from a lender at a certain percentage for a strictly specified period. Governments of various countries, banks, international economic organizations, private firms, etc. can act as a lender and borrower. Loans include trade finance loans, mortgage loans, IMF loans, etc.

Trade Credit- claims and liabilities arising from the direct provision of credit by suppliers and buyers for transactions in goods and services, and advance payments for work related to such transactions.

Trade credits, as a rule, are provided for a short period of time with the aim of speeding up and facilitating the circulation of goods and services between countries. They can be provided by both governments and private organizations.

Deposit- funds or securities of the depositor held in the accounts of banks and at their disposal, but subject to the provision of cash services and interest to the depositor.

Related loans- have a strictly target character, enshrined in . These include, for example, investment loans intended for the construction of specific facilities. Linked loans can be either public or private.

Financial loans- do not have a designated purpose and can be used at the discretion of the borrower. For example, covering the balance of payments deficit, paying off external debt, purchasing goods, etc. They can be public and private.

Secured- loans secured by real estate, commodity documents, bills, securities.

Blank- loans granted under the obligation of the debtor (promissory note).

Cash- credited to the account and at the disposal of the debtor.

In non-cash form- certificates of deposit, bills of exchange, etc.

International credit classification

Classification criterion	Type of international loan
Purpose	Foreign trade		Investment		International loan
Types of lender	Commodity (company)	Banking (currency)	Commercial (branded)	brokerage	State or MFI
Timing	short term up to 1 year	avg. 1-7 years old	long term (more than 5 years)		long-term
The nature of the security	without security		secured
Type of % rate	fixed rate		floating interest rate
Number of creditors	one bank		Consolidated loan (syndicated)
Loan Forms	Bill of exchange Open account credit Buyer's advance	Accounting for bills Accent loan Factoring	Direct investments For compensation deals Project finance Mortgage Forfaiting	Portfolio	foreign exchange loan Bond loan

External debtors are industrial and other private enterprises, as well as governments and other public institutions.

Private entrepreneurs, banks, states, international monetary and credit organizations can act as creditors.

The main functions of an international loan are the redistribution of capital between regions, countries and industries, the concentration of financial resources for the implementation of large projects, as well as the savings in circulation costs through the development of non-cash, and now electronic currency circulation. Among the negative aspects associated with the use of international credit, experts attribute the deepening of disproportions in the economy of the host state, the increase in the budget deficit due to the need to service external debt, and the increased dependence of the debtor on the creditor.

With the historical development and expansion of international economic relations, countries were involved in international credit relations and the connection of separate national markets for loan capital. The interaction and interweaving of national markets for loan capital means the world capital market.

The main borrowers in the world loan capital market are transnational banks (TNB), government agencies, international and regional economic organizations. The category of interbank loans combines the Central Bank and commercial banks, since central banks provide international loans through commercial banks. The framework of intergovernmental loans also includes loans from international organizations, since, for example, the IMF and the World Bank are essentially intergovernmental.

The main creditors in the modern world economy are the governments of Japan, Germany, France and the USA, the banks of Great Britain, the USA, Switzerland, France, Germany and Japan.

The governments of some developing countries (China, Kuwait, South Africa) also provide international loans, but their share in total lending is insignificant.

The largest recipients of intergovernmental loans are Australia, Sweden, Denmark, from developing countries - Mexico, Pakistan, Argentina.

International credit: essence, functions, main forms

As the economic relations of countries become internationalized, the international flows of goods, services, capital and loans increase. In the world economy, there is a constant overflow of money capital, which is formed in the process of national social reproduction. In each state, its legal tender is its national money. However, in international circulation, national currencies are usually used. This is due to the fact that in the world economy there is still no universally recognized credit world money that is mandatory for all countries. The integration of countries into the world economy causes the transformation of part of money capital from national money and vice versa. This happens in international currency, settlement and credit and financial transactions.

International credit represents the movement of loan capital in the sphere of international economic relations associated with the provision of commodity (provided by exporters to importers in the form of a deferred payment for goods sold or services rendered) and foreign exchange resources (provided by banks in cash: in the currency of the debtor country, in the currency of the country- creditor, in the currency of a third country, in an international accounting unit). It arose in the XIV-XV centuries. in world trade, received special development after the development of the Near and Middle East, America and India. The development of international credit is associated with the output of production beyond the national framework, its specialization and cooperation. The increase in the scale of international credit is associated with the international division of labor and the achievements of progress and science. International credit plays an important role in realizing the requirements of the law of value and other economic laws. It functions on the principles of recurrence, urgency and payment, security, targeted nature, at the expense of internal and external sources.

International credit performs the following functions:

• the redistribution of loan capital between countries, with its help, there is an overflow of capital to countries with a low rate of profit, contributing to its equalization and transformation into an average rate of profit;
• saving circulation costs in the field of international economic relations by replacing gold as world money with such means of circulation as a bill, check, bank transfers, certificates of deposit, electronic money, hard national and international currencies;
• acceleration of capital concentration: as a result of accelerating the process of capitalization of profits and obtaining additional profits in connection with the attraction of foreign capital, with the creation of transnational corporations and banks, by providing preferential international loans to large enterprises;
• regulation of the country's economy: attracting foreign investment, primarily the capital of international monetary and regional organizations, which contributes to the growth of GNP and its distribution.

At the same time, credit plays a dual role in the country's economy. On the one hand, it is positive, as it helps to accelerate the development of productive forces, the continuity of the reproduction process and its expansion, stimulates foreign economic activity, creates favorable conditions for foreign investment, and ensures the continuity of international settlements and currency relations.

On the other hand, credit plays a negative role, which is expressed in the aggravation of the contradictions of the market economy by forcing the overproduction of goods, the redistribution of loan capital, strengthening the disproportions of social reproduction and competition for markets, areas of capital investment and sources of raw materials. International credit is used to strengthen the position of foreign creditors in the competition. The limits of the loan depend on the sources and needs of countries for foreign borrowed funds, the repayment of the loan on time. Violation of this objective boundary gives rise to the problem of settling the external debt of the borrowing countries. The dual role of international credit in a market economy is manifested in its use as a means of mutually beneficial cooperation and competition.

Forms of international credit can be classified according to the following criteria:

By appointment:

• commercial - directly related to foreign trade and services;
• financial - direct investment: construction of facilities, purchase of securities, repayment of external debt, foreign exchange intervention of the central bank;
• intermediate - loans for servicing mixed forms of export of capital, goods, services, performance of contract work;

According to the form of submission:

• cash (credited to the account and at the disposal of the debtor);
• acceptance (if the importer or the bank agrees to pay the bill of exchange);
• deposit certificates;
• bond loans;

By timing:

• overtime (up to three months);
• short-term (up to one year). Foreign trade lending is a separate type, which includes export and import lending in the form of commercial and bank loans;
• medium-term (from one year to five years);
• long-term (over five years);

By availability:

• secured (commodity documents, bills of exchange, securities, real estate, part of the official gold reserves valued at the average market price);
• under the obligation of the debtor (promissory note with one signature);

By categories of creditors: private, banking, brokerage, government, mixed (with the participation of the state and private companies), interstate loans of international financial and credit institutions (based on intergovernmental agreements).

Private credit is divided into three types:

• open account credit the exporter (creditor) writes to the account of the importer (debtor) a debt in the amount of the cost of goods sold and shipped, the importer undertakes to repay the loan within the prescribed period. It is used for regular deliveries, the debt is periodically repaid once a month. The loan is subject to risk protection in the form of private insurance or government guarantees. In the event of the importer's insolvency, the creditor receives a guaranteed amount of payment from the guarantor institution (insurance company or government department through a state bank), which transfers the right to further collect the debt from the importer;
• bill credit - the exporter issues a bill of exchange to the importer when concluding a transaction for the sale on credit, the importer undertakes to pay the bill within the specified period;
• advance payment - advance payment for goods by the importer is not only a form of credit, but also a guarantee of acceptance by the importer of the ordered goods.

Bank loans are provided, as a rule, on the security of both importers and exporters. Banking syndicates, consortiums and pools are generally accepted to mobilize large credit resources and spread risk. Their role has increased significantly over the past 20 years. Bank loans for imports are provided in the form of acceptance - the importer's bank agrees to pay the exporter's bill of exchange.

Initially, direct lending to importers was carried out by linking the loan with a one-time foreign economic transaction. Recently, the opening by banks of the so-called credit line for their foreign borrowers to pay for foreign trade transactions has become widespread. In addition, new forms of stimulating foreign trade exports such as factoring, leasing, and forfeiting have appeared.