The federal government published a decree allowing struggling state-owned companies, like Correios, to submit reequilibration plans with punctual Union contributions, avoiding immediate Treasury dependence. The measure paves the way for a sovereign guarantee on a R$ 20 billion loan to the company. The aim is to strengthen fiscal management without turning support into a permanent subsidy.
On December 9, President Luiz Inácio Lula da Silva published a decree altering rules for non-dependent federal state-owned companies facing operational difficulties. The initiative, drafted by the Interministerial Commission on Corporate Governance and Union Shareholding Administration (CGPAR), introduces Article 18-A, allowing these companies to submit economic-financial reequilibration plans. These plans may foresee future punctual Union contributions, as long as they do not become recurring, and include credit operations with Union guarantee.
Correios, grappling with financial crisis, is negotiating a R$ 20 billion loan with banks including Banco do Brasil, BTG Pactual, Citibank, ABC Brasil, and Safra. An initial proposal was approved by the company's board but rejected by the National Treasury due to high interest rates. Without the loan, Correios risks becoming Treasury-dependent, incorporating its expenses into the Union Budget and competing with public policies.
For approval, the plan must include concrete revenue and expense adjustment measures, ensuring maintenance of non-dependence. The process involves internal analysis by the company's governance, evaluation by the supervising ministry (in this case, Communications), and final CGPAR decision, with semiannual monitoring. 'The measure aims to prevent support from turning into a permanent subsidy, encouraging the company to seek reequilibration within the agreed timeframe,' stated the Ministries of Finance and Management in a note.
This is the first exception since the Dilma Rousseff government for loan guarantees to state-owned entities. Previously, only companies with punctual operational contributions could propose plans; now, the rule expands to future operational difficulties. The decree complements a June one that eases exits from dependence and seeks to shield technicians from future liability in case of default.