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The state-owned company holds 77.6% of the Union’s guarantees among public companies to enable the payment of salaries and court orders.
The Brazilian Post and Telegraph Company (ECT) has established itself as the federal state-owned company with the largest volume of debt guaranteed by the National Treasury, according to recently released official data.
The company accounts for about 77.6% of all credit operations of state-owned enterprises that have the Union as guarantor, following the formalization of a billion-dollar loan aimed at balancing its accounts. This move is part of a restructuring strategy to deal with accumulated financial obligations and ensure the continuity of the company’s operations.
Composition of debt and guarantees
The situation of the Post Office gained prominence after the execution of a R$ 12 billion loan, signed at the end of December 2025. Of this total, the Quarterly Report of Guaranteed Credit Operations (RQG) from the National Treasury indicates that R$ 10 billion has the direct guarantee of the Union.
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The contract was signed with a consortium made up of five major financial institutions: Bradesco, Itaú, Santander, Caixa, and Banco do Brasil.
The financing has a repayment term extended to 15 years, with maturity expected in 2040. The funds obtained were directed towards settling urgent liabilities, including the payment of salaries, court orders, and other overdue operational debts. Without the endorsement of the National Treasury, the state-owned company would have difficulties accessing credit at viable rates, given its current scenario of financial fragility and the accumulated loss of R$ 6 billion recorded until September 2025.
Restructuring plan and cuts
To ensure the viability of the loan and meet the requirements of the economic team, the Post Office initiated a severe institutional restructuring plan. Among the most drastic measures is the forecast of voluntary dismissal of 15,000 workers over the next two years, with 10,000 layoffs in 2026 and another 5,000 in 2027.
In addition to reducing the workforce, the state-owned company plans to close approximately one thousand service units across the country.
The recovery plan also focuses on reducing administrative costs, which have risen by more than 50% in recent periods. Measures to contain expenses have already affected employee benefits, such as the cancellation of the Christmas bonus in 2025. The state-owned company’s management is now seeking to increase operational efficiency and diversify revenue sources through new partnerships with the private sector, aiming to save around R$ 4.2 billion per year after the completion of the reforms.
Overview of Union Guarantees
Although the Postal Service dominates the guarantees among federal state-owned companies, the total debt balance guaranteed by the Union reaches figures much higher when considering other entities.
The Brazilian states hold the largest share of guarantees, totaling R$ 230.99 billion, followed by municipalities and federal banks. In the specific context of federal state-owned companies, the total balance is R$ 12.88 billion, in which the participation of ECT is overwhelmingly majority compared to other companies, such as Eletrobras.
Strict oversight of these operations is maintained by the National Treasury to mitigate risks to the public budget. In cases of default, the Union is obliged to honor the commitments, which directly impacts the government’s primary accounts.
For this reason, the faithful execution of the restructuring plan is considered an essential commitment for the state-owned company to regain its financial sustainability and reduce dependence on sovereign support in the coming years.
With information from Metropoles
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