The National Treasury reported today (31) that subsidies of a financial nature reduced from BRL 634.6 million in 2021 to BRL 618.3 million in 2022 in current values. According to the Treasury, the fall of these subsidies over time is a trend, because they result from “interest rate equalization under the Investment Support Program (PSI), in which there is no longer contracting of new operations since 2015.
The numbers appear in the program’s bimonthly bulletin and describe the fiscal impact of the National Treasury’s operations with the National Bank for Economic and Social Development (BNDES). The analysis considers the cost of funding by the federal government and the amount owed by the Union, and amounts entered in balances payable in interest rate equalization operations within the scope of the PSI.
The document points out that, on the other hand, credit subsidies from the National Treasury under the PSI and loans to BNDES increased from BRL 2.0 billion in 2021 to BRL 3.5 billion in the same period of 2022, in current values.
“Despite the early settlements carried out by the BNDES throughout 2022 (R$59 billion), which contributed to the reduction of credit subsidies by reducing the base on which they are levied, the expected drop did not actually occur, compared to 2021. increase in the average cost of issuances in public offerings of the Internal Federal Public Securities Debt – DPMFi, without the corresponding increase in the Long-Term Interest Rate – TJLP, referring to the remuneration paid to the National Treasury on most of the balances of these contracts”, he informed the treasure.
According to the bulletin, the projection of financial and credit subsidies, from 2022 to 2041 and 2040, respectively, will reach R$ 1.2 billion, at present value, in the position of 12/31/2022. Credit subsidies reach the amount of R$ 4.7 billion, at present value, on 12/31/2022.
“Without the early amortization of BRL 45.0 billion by the BNDES, in December 2022, subsidies would reach BRL 10.0 billion, due to the BNDES interest rate scenarios and balance projections. Considering the interest curves used in the estimate, this early amortization of BRL 45.0 billion helped to reduce the credit subsidy estimated by 2040 by BRL 5.3 billion, at present value”, said the Treasury.
