Government foresees R$ 10 billion in expenses outside the target for state-owned companies in 2027

The government of President Luiz Inácio Lula da Silva foresees up to R$10 billion in expenses outside the primary result target of non-dependent state-owned companies in the 2027 Budget. The measure allows companies in the process of economic-financial rebalancing, such as Correios, to make a deficit of this amount next year, without counting towards meeting the target.

The result of state-owned companies is different from the fiscal target pursued by the central government. The information was announced by the Minister of Planning and Budget, Bruno Moretti, during the presentation of the Budget Guidelines Bill (PLDO).

It is the same amount that was outside the state-owned companies’ target in the 2026 Budget, after the government created a space of R$10 billion in the result so that Correios could pay for the loan contracted for its financial recovery.

The Union must make a capital contribution to Correios in 2027, as said by the Minister of Public Services Management and Innovation in March. This Wednesday, the Minister of Planning indicated that the exception of R$ 10 billion from the target for state-owned companies in 2027 was made to open fiscal space for this operation.

— Exactly the same as we have in the LDO of 2026 (goal for state-owned companies), under our understanding that, if a company carries out a process of financial rebalancing, even if at first it makes a set of expenses, it is contracting an economic and financial rebalancing going forward — said Moretti.

This exception to the target, as in the 2026 Budget, only applies to companies that “have an approved and current economic-financial rebalancing plan”. The state-owned companies’ target for next year has not yet been made available by the government.

In 2025, the primary result of the companies considered for the target was a deficit of R$5.1 billion (only Correios had a deficit of R$1 billion), within the target, which was a deficit of up to R$6.9 billion. This result is determined by the Central Bank (BC).

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Among the measures taken by the government to try to recover Correios’ accounts this year, the National Monetary Council (CMN) pre-approved a new loan of up to R$8 billion with a guarantee from the Union for Correios. The decision increases the state-owned company’s global credit limit from R$15.625 billion to R$23.625 billion.

At the end of 2025, the company had already contracted around R$12 billion in credit from a pool of banks, but was requesting a larger volume — up to R$20 billion — to make its restructuring plan viable. Now, with the new space authorized, the government seeks to ensure the continuity of the economic and financial recovery measures approved in December.

According to the Ministry of Finance, the CMN created a specific sub-limit for Correios within the Union’s guaranteed credit rules this year. The ministry states that the measure does not imply an increase in expenses for the Treasury, but reorganizes existing limits.