The equalization of interest under the Export Financing Program (Proex) could benefit exports before the shipment of goods, the National Monetary Council (CMN) decided this Thursday (19). Until now, the exporter only received the benefit after the goods were shipped or the services were invoiced.
Through equalization, the National Treasury covers the difference between market interest rates and subsidized interest rates offered in subsidized credit lines, such as Proex. According to the Ministry of Finance, the extension of the measure will benefit small and medium-sized exporters, who have restricted access to other sources of financing before shipping goods sold abroad.
“With the new measure approved by the CMN, the equalization periods are in line with the possibility of equalization prior to export. The institution of this type of financing is an important instrument for exporters with restricted access to other sources of financing in the pre-shipment phase”, highlighted the Ministry of Finance in a note.
According to the ministry, the measure will not have an impact on government spending because it is limited to the amounts already foreseen in the General Union Budget for the Proex Equalization modality.
If the export does not take place by the scheduled date, the exporter must reimburse the Union for the corrected pre-shipment equalization amounts received. If the delay exceeds 15% of the operation, the exporter will be prevented from contracting Proex operations for five years.
Created in 2001, Proex supports Brazilian exports of goods and services through financing under conditions equivalent to those on the international market. By equalizing the conditions of credit lines abroad, this type of program does not violate the rules of the World Trade Organization (WTO).
