Any type of financial support for Correios — be it a loan, direct contribution from the National Treasury or guarantee in credit operations — will only be granted after the approval of a recovery or restructuring plan for the state-owned company, said this Thursday (4) the Minister of Finance, Fernando Haddad.
According to Haddad, the Treasury evaluates different alternatives to help the company, which accumulated a loss of R$6.05 billion from January to September. Among the causes of the crisis, the government points to loss of competitiveness, increased expenses, legal defeats and management problems.
“We will not make a contribution without the approved recovery plan. Neither loan, nor support, nor guarantee”, emphasized the minister.
Contribution, but within tax rules
Haddad stated that the The possibility of injecting federal resources into the company is on the table. Even so, he reinforced that any movement will occur within the rules of the fiscal framework.
“There may be [aporte]. The Treasury is studying, we will consider all the variables to make the decision”, said the minister, denying that the measure is related to possible fiscal flexibilities. “If there is a contribution, it is within the current rules.”
According to the minister, high interest rates in the country would make it more expensive for the state-owned company to take out credit, which increases the chances of the Union contributing to the Post Office.
The exclusion of R$10 billion from the state-owned companies’ fiscal target, included this Thursday in the 2026 Budget Guidelines Law (LDO) project, was classified by Haddad as a preventive action.
The objective, according to him, is to allow the government to have room to make a contribution if this is the final decision.
Loan application denied
Amid financial deterioration, the Treasury denied Correios a loan request of R$20 billion which would be granted by five banks: Banco do Brasil, Citibank, BTG Pactual, ABC Brasil and Safra.
The institutions requested interest of 136% on the Interbank Deposit Certificate (CDI), above the limit of 120% CDI in credit operations with a ten-year Union guarantee.
Rate used in interbank credit (daily loans between banks), the CDI is slightly lower than the Selic Rate (basic interest in the economy). With the current Selic rate of 15% per year, a CDI of 136% would be equivalent to approximately 20% per year, while a loan of 120% of the CDI would be adjusted by approximately 18% per year.
The refusal reinforces, according to members of the economic team, the requirement for a consistent restructuring plan before any type of aid.
The Ministry of Finance maintains a team dedicated to the topic and should continue to evaluate alternatives in the coming months.
