Haddad: one of the ways for Correios is funding, but within the fiscal framework

The Minister of Finance, Fernando Haddad, said this Wednesday (10) that negotiations are advanced for a loan to Correios with Union endorsement. Speaking to journalists at the ministry’s entrance, he stated that there is still a chance for the government to make a contribution to the state-owned company, but that this eventuality would remain within the fiscal framework.

“One way is the contribution that may become necessary if we do not reach an agreement with the pool of banks that will finance the company’s restructuring. We will not be left with a knife in our neck due to misunderstanding on the part of one or another financial institution”, he stated.

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The plan must be evaluated by the company’s own governance bodies, submitted to technical analysis and approval by the supervising ministry

And he continued: “We are not thinking about anything outside the framework. We are thinking about making contributions, if necessary, through the framework. We have margin this year and could do it. It is not what is on the radar at the moment. Since there have been conversations that have advanced, what we want is the (loan with) approval from the Treasury and the issue of serious restructuring.”

The minister said that it is only necessary to end negotiations with the banks to finalize the R$20 billion loan to Correios. According to him, the whole world found a solution to maintain essential state-owned services without privatizing companies.

In other parts of the world, for him, there was an arrangement to ensure that public postal companies remained standing, but this involved adding other services in addition to postal services.

According to him, the Correios restructuring plan will bring these business alternatives to the state-owned company. He cited examples such as financial products, pensions and insurance.

“The restructuring plan that you are presenting will explore these possibilities,” he said.