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GGD-94-211R 1 (1994-09-29)

handle is hein.gao/gaobackrl0001 and id is 1 raw text is: United States GAO General Accounting Office Washington, D.C. 20548 General Government Division B-253793 September 29, 1994 The Honorable Patrick J. Leahy Chairman, Committee on Agriculture, Nutrition, and Forestry United States Senate Dear Mr. Chairman: This letter responds to your request for information on the export credit guarantee programs in the Department of Agriculture's (USDA) Office of the General Sales Manager (GSM). More specifically, you asked that we give you data on (1) total GSM credit guarantees provided and major country recipients of the guarantees, (2) current total exposure of these programs and principal countries that account for the exposure, and (3) claims paid by USDA's Commodity Credit Corporation (CCC) for defaults by recipient foreign banks and which recipient countries accounted for the largest share of claims paid by CCC between 1980 and August 1994. In addition, you asked that we highlight the role of the former Soviet Union (FSU) and Russia in respect to these programs. RESULTS IN BRIEF From January 1, 1980 through August 17, 1994, USDA issued about $51.1 billion of GSM credit guarantees to 61 countries. Five countries--Mexico, South Korea, Iraq, Algeria, and the FSU--accounted for 63 percent of all guarantees. The FSU and Russia, combined, accounted for $4.8 billion of the guarantees. The guarantees for these two countries were all issued in 1991 and 1992 and accounted for 9 percent of all CCC guarantees issued between 1980 and August 1994. The total exposure from GSM guarantees on August 17, 1994, was about $12.4 billion. This amount represented $6.7 billion in principal amounts not yet due, $3.5 billion in rescheduled debt, and $2.2 billion of unrecovered claims. The FSU and Russia together accounted for 22 percent of the total exposure. Other countries that accounted for a large GSM Export Credit Guarantees GAO/GGD-94-211R

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