Minas' Debt With the Union May Have Been Calculated Based on Improper Criteria, Audit Points Out

Minas’ Debt With the Union May Have Been Calculated Based on Improper Criteria, Audit Points Out

Written by Roberta Souza

Published on 08/05/2025 at 21:04

Foto: Reprodução ALMG

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According to Sindifisco-MG, Real Debt Does Not Exceed R$ 16 Billion, Not the R$ 170 Billion Officially Disclosed

An independent audit conducted by the Center for Studies for the Promotion of Debt Audit (Nepad) indicates that the debt value of the State of Minas Gerais with the Union, officially disclosed at R$ 170 billion, was artificially inflated. The analysis, conducted by Sindifisco-MG with support from Affemg and Citizen Debt Audit, concluded that if the IPCA + 4% index were applied, the indebtedness would not exceed R$ 16 billion, according to the EM website.

Old Contracts and Improper Indexing Distorted Debt Values

According to the president of Sindifisco-MG, Matias Bakir Faria, the origin of the debt dates back to contracts signed in 1998, when the State used IGP-DI plus 7.5% interest per year as an index. The index, according to him, was not suitable for internal contracts, being more appropriate for transactions linked to the dollar. In 1999, with the creation of IPCA, which began to officially measure Brazilian inflation, the ideal correction of the debt should have been reviewed — which did not happen.

Sindifisco-MG Criticizes Lack of Transparency from the State Treasury

During the audit, the tax auditors requested access to documents from the Treasury Secretariat and the Legislative Assembly, but only received a response from the Court of Auditors. “We offered to conduct the audit, but they did not want to. The debt of Minas has never had an structural discussion,” Bakir stated. According to him, Minas Gerais has two main contracts: one worth R$ 10 billion and another worth R$ 4.7 billion. Despite this, the State has already paid R$ 47 billion, which makes the announced balance of R$ 170 billion completely incompatible with reality.

ARTICLE CONTINUES BELOW

Debt Review Could Release Up to R$ 360 Million Monthly for Investments

The difference in calculations directly impacts the State’s finances. If the real debt is indeed only R$ 16 billion, monthly payments would drop from R$ 400 million to R$ 40 million, freeing up R$ 360 million per month. Bakir argues that the state government should seek an accounting adjustment with the Union, also considering the credits from the Kandir Law, estimated at over R$ 100 billion. “It’s the secretary of the Treasury’s role to promote this debate responsibly and with a strategic vision,” he concluded.

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Minas’ Debt With the Union May Have Been Calculated Based on Improper Criteria, Audit Points Out

According to Sindifisco-MG, Real Debt Does Not Exceed R$ 16 Billion, Not the R$ 170 Billion Officially Disclosed

Old Contracts and Improper Indexing Distorted Debt Values

Sindifisco-MG Criticizes Lack of Transparency from the State Treasury

Debt Review Could Release Up to R$ 360 Million Monthly for Investments

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Minas’ Debt With the Union May Have Been Calculated Based on Improper Criteria, Audit Points Out

According to Sindifisco-MG, Real Debt Does Not Exceed R$ 16 Billion, Not the R$ 170 Billion Officially Disclosed

Old Contracts and Improper Indexing Distorted Debt Values

Sindifisco-MG Criticizes Lack of Transparency from the State Treasury

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