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Government begins 2024 with an accumulation of billions of dollars in debt from state-owned companies. According to the Central Bank, there is a staggering difference of R$9,4 billion compared to the same period in 2022.
Brazilian federal state-owned companies face a staggering deficit of R$2,9 billion recorded in the first half of 2024. This number represents a significant increase compared to the same period of the previous year, when the negative balance was R$1,6 billion. The current situation highlights the government's difficulties in managing the finances of these companies, especially in a complex and constantly changing economic scenario.
Second data from the Central Bank, The fiscal deterioration of federal state-owned companies becomes even more worrying when compared to the results of 2022, during Jair Bolsonaro's government. At that time, the accounts of these companies showed a surplus of R$6,5 billion, a stark contrast with the current situation. This difference of R$9,4 billion in just two years reinforces the magnitude of the challenges faced by Luiz Inácio Lula da Silva's government during its administration.
Read the infographic below with the results of the main federal state-owned companies from January to May 2024:
Bimonthly Income and Expense Report for 2024, points to a negative balance of R$4,2 billion.
The primary result reflects the balance between income and expenses, excluding debt interest payments. Although the government has established a fiscal target for a primary deficit of R$7,3 billion for 2024, the most recent projection, according to the third Bimonthly Income and Expense Report for 2024, points to a negative balance of R$4,2 billion . This difference occurs after deducting expenses with investments under the New PAC, the Growth Acceleration Program.
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However, it is essential to note that the numbers presented do not include companies from the Petrobras group and state banks, which are outside the fiscal target. This exclusion highlights an even more challenging scenario for federal state-owned companies.
The trajectory of the primary results of federal state-owned companies over the years shows an oscillating performance. Since 2002, there have been periods of surpluses, but deficits have become more frequent. This history raises questions about the sustainability of public management in the long term, especially under different administrations.
Efficiency and fiscal responsibility must prevail in the management of state-owned companies and poor management by the current Government has contributed to the increase in the deficit
Fabio Pina, economic advisor at Fecomercio-SP, highlights that the deficit is inserted in a larger context of fiscal results. He disagrees with economists who justify the loss due to the “social function” of public spending. According to Pina, efficiency and fiscal responsibility must prevail in the management of state-owned companies, otherwise they risk compromising social well-being in the long term.
On the other hand, the search for fiscal balance, according to Pina, can bring clear improvements in the management of public companies. When resources are managed efficiently, the positive impact on society is undeniable, and the government is able to reduce interest expenses, which represent the majority of the nominal deficit.
This opinion is corroborated by Ecio Costa, economist and professor at the Federal University of Pernambuco (UFPE). He reinforces that the data shows a worsening in the administration of state-owned companies under different governments, with emphasis on the positive performance of the previous government. Costa argues that current precarious management has contributed to the increase in the deficit.
Among the main state-owned companies, the primary deficit reached R$3,2 billion between January and May 2024, according to the third Bimonthly Revenue and Expense Assessment Report. Created to facilitate the privatization process of Eletrobras, ENBPar, for example, presented a surplus of R$385,2 million in the period. This positive result highlights the importance of efficient management even in the midst of economic challenges.
Correios, Serpro, Hemobrás, ENBPar, Dataprev recorded billion-dollar deficits until May 2024
On the other hand, seven of the main state-owned companies recorded deficits until May 2024. Correios, for example, faced a deficit of R$1,5 billion, with a worsening of almost R$900 million compared to the same period in 2023. Emgepron, responsible for naval projects, also had a significant negative balance of R$651,3 million.
These data highlight the need for structural reforms in the management of state-owned companies. Although the consolidated results of state-owned companies show a significant deficit in the first half of 2024, when analyzed individually, the numbers reveal a worrying situation for many of these companies, which are struggling to maintain their financial sustainability.
In response to the criticism, some state-owned companies spoke out. Correios, Dataprev, ENBPar, Hemobrás and Serpro sent notes to Poder360, defending their management and explaining the factors that contributed to the negative results. These manifestations, although relevant, do not dispel concerns about the financial health of federal state-owned companies.
The Ministry of Management and Innovation, in an official statement, denied that the results represent a “break”. According to the ministry, the budgetary logic of state-owned companies is different from that of the government's general fiscal budget. The deficit recorded largely reflects an increase in long-term investments, which, according to the government, will be beneficial for the future of companies.
Correios, for example, highlighted that it has a “cash reserve” and does not require government contributions. The company also mentioned that expense reduction measures are underway and that indicators tend to improve throughout the year.
Dataprev attributed its deficit to the greater volume of cash outflows in the first half of 2024, in addition to a drop in customer revenue and dividend payments. The company is confident that these issues will be balanced in the coming months.
ENBPar, in turn, emphasized its commitment to management efficiency and mentioned that it will continue to invest in innovation, sustainability and operational efficiency. The company is determined to overcome challenges and ensure value for its shareholders and society.
Hemobrás, which recorded a recurring operating profit in recent years, attributed the primary deficit to the large volume of investments made in 2024. The company highlighted that, despite the negative result, it remains committed to its mission and expects a recovery in the coming months.
Finally, Serpro highlighted that the seasonality of revenues and expenses impacts the financial result in the first half of the year. The expectation is that the second half of the year will bring a primary surplus of R$200 million, balancing the accounts by the end of the year.
The R$2,9 billion deficit recorded by federal state-owned companies in the first half of 2024 is a clear warning for the government. The continuation of this scenario could further compromise the country's fiscal situation. Therefore, it is essential that the government adopts effective measures to guarantee the financial health of state-owned companies and, consequently, the balance of public accounts.
Source: power360
Give it to him. Nothing new. The majority of people, without character, just want to get crumbs from the populist PT. Only aid. Then they vote. One day the bill will come. Venezuela was for two decades and look at the result.
The professional administrators of the previous government, which required university degrees and qualifications to occupy important positions in public administration, were replaced by the appointment of Politicians and “Companions” who have demonstrated their “capabilities” in political activism. There are the consequences!!!. Am I right or am I wrong??
Any news on this?