Treasury authorizes loan to Correios with state guarantee

The National Treasury reported this Thursday that it had finished evaluating the loan proposal sent by the Post Office and approved the operation guaranteed by the Union between the state-owned company and five financial institutions.

“The operation respected the interest rate limit stipulated by the National Treasury for operations with the endorsement of the Union and met the requirements for analyzing payment capacity for state-owned companies with a rebalancing plan approved by the competent authorities,” said the Treasury in a note.

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The body announced that it will supervise, together with the Attorney General’s Office of the National Treasury, the contractual points that will be negotiated between Correios and the institutions involved, three of which are private and two public.

Earlier, the newspaper The Globe reported that the value of the loan will be R$12 billion, an amount close to what the Minister of Finance, Fernando Haddad, had previously signaled.

In a serious financial crisis, the Post Office has recorded losses that affected the results of the federal government’s accounts this year because worse-than-expected data required financial compensation from the Treasury. The state-owned company had stated that the guarantee was conditional on the presentation of a restructuring plan.