Venezuela and Cuba still owe more than US$529 million to the BNDES (National Bank for Economic and Social Development). This amount already converted exceeds the value of R$2,7 billion. With that, what leads people to think that Venezuela and Cuba ended up defaulting for not paying off what was taken.
At first, this amount represents about 25% of the total loaned to these countries during the Lula and Dilma (PT) governments. This data is available on the website of the state bank. However, even with the total already settled, it was not paid by the two countries that ended up defaulting on Brazil, which made the BNDES trigger the contractual guarantees and also the National Treasury to cover this gap.
Regarding the loan from Cuba, a document from (camex) Chamber of Foreign Trade was released during the mandate of President Jair Bolsonaro (PL). The document states that the federal government accepted “Cuban cigars” as collateral for the loan and the amount helped build the Port of Mariel. Thus, according to data from the BNDES, of the $656 million that was loaned to Cuba, more than $407 million is still due.
Incidentally, there are 214 overdue installments that were compensated by the FGE (Export Guarantee Fund). This is funded by the Treasury, and 13 have yet to pay. In the case of Venezuela, the open debt is smaller than that of Cuba, with a total of US$122 million converted to US$1,5 billion. Thus, 641 installments were indemnified to the BNDES by the FGE, and the Brazilian tax payer 41 to indemnify.
Since then, these loans had been stopped shortly after the corruption scandals that were revealed through “Operação Lava Jato”. However, they should resume in 2023 with Lula's arrival at the Planalto Palace. And this has generated concern for Brazilian citizens, will this time they have sense and responsibility or will tobacco (cigar) be accepted as collateral for BNDES loans? It is also important to remember that in 2004 Lula forgave 95% of Mozambique's debt. With Cuba and Venezuela will history repeat itself? Remember this story of Mozambique.
Debt with Mozambique
In 2004 Lula signed a pardon for 95% of Mozambique's debt with the Brazil. In all, more than $315 million was forgiven out of a $331 million debt. However, it is worth remembering that the other 16 million were rescheduled, that is, this part of the amount was pushed to the end of the payment term contract. So, were these 16 million paid off? Or also forgiven. Finally, in addition to Mozambique in the same year, Lula also forgave debts from Gabon, Bolivia and Cape Verde, in all, more than R$1,2 billion were forgiven.
