Correios must remain under state control, but must form partnerships with public and private companies to increase revenue, said this Thursday (18) the Minister of Finance, Fernando Haddad.
According to the minister, the capillarity of Correios, present in practically all municipalities in the country, arouses interest in the development of new businesses.
According to Haddad, There are interested parties in possible partnerships, including Caixa Econômica Federal. THE minister cited the offer of financial services, including insurance and pensions, at state-owned agencies, as possibilities.
Haddad reinforced that any loan to Correios will only occur with approval from the National Treasury and within conditions considered appropriate by the government. The first proposal presented by banks, with interest of 136% of the Interbank Deposit Certificate (CDI), was discarded at the beginning of the month.
The Treasury indicated that it will not guarantee operations with interest rates above 120% of the CDI.
Losses
Correios’ financial situation has worsened in recent years. The state-owned company’s losses went from R$633 million in 2023 to R$2.6 billion in 2024.
Between January and September 2025, the accumulated deficit reached R$6 billion, and the estimate is that the year could end with a negative result of up to R$10 billion. Initially, the company even requested a loan of up to R$20 billion.
According to Haddad, the Ministry of Finance only had access to a “correct x-ray” of the company’s situation after the change of management, which took place in September.
“Everything is on the table about solutions for restructuring. We have a team dedicated to putting a recovery plan in place,” he said.
He also said that the department is drawing up a “timeline” to map the decisions that led to the current crisis.
The minister highlighted that any resources allocated to Correios will not be aimed at postponing the problem, but at allowing a structural reorganization. “It’s not a loan to push with your belly, it’s a loan to resolve,” he said.
Haddad argued that the postal service, as it requires universalization, cannot sustain itself financially without subsidies, even in countries considered liberal, such as the United States and European nations.
According to him, private companies tend to operate only in the most profitable areas, while the public service guarantees national coverage. “The tariff does not pay for a letter leaving Rio Grande do Sul for Amazonas”, he stated.
In this context, he argued that postal companies usually add other activities to ensure financial sustainability. “There will be several paths to explore after the restructuring,” he said.
Lula denies privatization
President Luiz Inácio Lula da Silva once again denied any possibility of privatizing Correios, despite the company’s financial crisis.
In a statement today, he stated that the state-owned company will not be privatizedbut it may enter into partnerships and even adopt a mixed economy model, similar to that of Petrobras, in which the government maintains controlling interest.
“As long as I’m president, there won’t be privatization. There may be partnerships, a mixed economy, but there won’t be privatization,” said Lula.
The president attributed part of the company’s difficulties to “misguided management” and said that the government has already promoted changes in the management of Correios to face the problem.
In recent weeks, the government has intensified discussions on a rescue plan for the state-owned company, which could involve both loans guaranteed by the Treasury and direct contributions of resources.
Lula lamented the company’s financial situation and highlighted the strategic importance of Correios for the country, stating that new measures could still be adopted to recover the state-owned company.
Accounting confusion
In relation to other state-owned companies, Minister Haddad stated that there is confusion between investments and expenses. This is because government contributions for investments are recorded on the companies’ balance sheets as expenses.
The minister cited as one of the most necessary investments the Federal Data Processing Service (Serpro) system, in charge of developing the system that will monitor the payment of taxes in real time after the tax reform. The federal government’s investment was recorded as an expense.
“The tax reform operational system will cost around R$2 billion. You are talking about the largest tax operational system in the world, 140 times larger than Pix in terms of volume of information. How are you going to leave a tax reform that will change the face of the country without this investment?”, he declared.
The minister also cited the case of Eletronuclear, a company whose Eletrobras sold shareholding to the J&F group.
“What happened with Eletronuclear is not a typical situation. There was a whole mess over the privatization of Eletrobras, a whole legal controversy”, declared Haddad.
“In the coming weeks, we will return to the president’s table [Lula] with a structural solution for the company.”
