The National Treasury approved this Thursday (18), in Brasília, a loan of up to R$12 billion to the Post Office. The amount is less than the loan of R$20 billion, denied by the Treasury at the beginning of the month.
The money will be used for the economic and financial restructuring of the state-owned company. Despite the total amount authorized, the company will only be able to use up to R$5.8 billion in 2025, a limit compatible with the estimated primary deficit for the year.
The approved loan will have a payment period of 15 years, with a three-year grace period and interest equivalent to 115% of the Interbank Deposit Certificate (CDI), the reference rate for interbank operations and close to the basic interest rate, the Selic. The percentage was below the usual limit of 120% of the CDI adopted by the Treasury for operations guaranteed by the Union.
Analysis
The operation was analyzed by the Treasury in conjunction with five financial institutions, three private and two public. The names of the banks involved have not been officially released.
According to the body, the approved proposal meets the payment capacity criteria required for state-owned companies that have a financial rebalancing plan validated by the competent authorities.
With approval, the contractual drafts will begin to be negotiated between Correios and financial institutions, under the supervision of the Attorney General’s Office of the National Treasury (PGFN) and the National Treasury itself.
In a year-end coffee with journalists, the Minister of Finance, Fernando Haddad, had informed that the Treasury’s decision on the loan would be made by this Friday (19). According to the ministry, there was no deadline for approval, but the economic team wanted a quick solution.
Economy
According to the Treasury, the new operation represents a significant reduction in financial costs compared to previous proposals. The difference in interest charges compared to the first loan could generate savings of almost R$5 billion for the state-owned company over the course of the contract.
In the first round of negotiations, a pool of banks – Citibank, BTG Pactual, ABC Brasil, Banco do Brasil and Safra – had presented a loan proposal of R$20 billion, with interest at 136% of the CDI.
Despite being approved by the Correios Board of Directors, the operation was rejected by the Treasury for exceeding the parameters considered acceptable.
CMN creates specific sublimit
To make the operation viable, the National Monetary Council (CMN) approved, also this Thursday, a resolution that changes the limits for contracting credit operations by public sector bodies and entities in 2025. The measure creates a specific sub-limit of R$12 billion for credit operations guaranteed by the Union destined for the Post Office.
With the change, the annual global limit that public entities can borrow from the financial system in 2025 was increased from R$27.4 billion to R$39.4 billion. The creation of the sublimit also considers the state-owned company’s budget execution.
In the latest version of the Primary Revenue and Expense Assessment Report, a document that guides the execution of the Budget, Correios’ primary result projection for 2025 was revised, going from a deficit of R$3.42 billion to R$5.8 billion.
Therefore, although the authorized loan can reach R$12 billion, the resources can only be used to cover expenses already foreseen within the primary deficit estimated for this year, keeping the operation in compliance with the fiscal limits of current legislation. The primary deficit is the result of government accounts without interest on public debt.
