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In the List of 17 State-Owned Enterprises to Be Sold This Year, Privatization of the Post Office Will Be Announced Today, According to the Minister of Economy, Paulo Guedes.
The Minister of Economy, Paulo Guedes, informed this Tuesday (20) that today the government will announce the privatization of the Brazilian Company of Post and Telegraphs, the Post Office. See How the Privatization Process of Liquigás Is Going.
The company is on the list of 17 state-owned enterprises that will be privatized this year; however, the sale of the company will need to pass approval from the Chamber and the National Congress.
The Ministry of Economy pointed out several other problems in the company, in addition to corruption, that led to this decision, such as political interference in the management of the company, inefficiency, constant strikes, and loss of market to private companies in the delivery of goods sold online, e-commerce.
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The Post Office, which was once a company at the top of popularity and had the absolute trust of Brazilians, now faces a high rate of delivery losses, compounded by delays in the reimbursement of lost products.
Financial aspects also weighed on the decision; currently, the Ministry of Economy points to a deficit of R$ 11 billion in the pension fund of employees, Postalis, and R$ 3.9 billion in Postal Saúde, the health plan for employees.
Cow Going to the Pond
The study conducted by the Ministry of Economy classified the company as a “cow going to the pond” and that the current situation of the company involves a fiscal risk of R$ 21 billion.
According to President Jair Bolsonaro, the state-owned enterprises that will be privatized will go through a process that starts with their inclusion in the Investment Partnership Program (PPI) and only then does the privatization process begin.
The President also stated that the privatization process of the Post Office will be completed this year, but he noted that it is a lengthy process due to the need for Congress approval.
“The privatization of the Post Office also goes (still in 2019), according to Supreme Court decision, through the Chamber, through the National Congress. So, it is a long process, it is not quick, quite long,” said the president at the Alvorada palace entrance to journalists before heading to the day’s agenda.
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