With Petrobras and different state-owned firms, the federal government expects greater than R$100 billion in dividends this yr

With Petrobras and different state-owned firms, the federal government expects greater than R$100 billion in dividends this yr

The economic team expects to close the year with the accounts in the blue, which would be the first positive result since 2013

with the receipt of BRL 25.2 billion in dividends gives Petrobras fur National treasurethe government managed exceed its target of resources from state-owned companies in the year, remedied the PEC Electoral accounts – which increased spending on social programs to three months before the elections above the spending ceiling – and there are still resources left over, according to government officials. O BNDES which has Petrobras shares, will receive R$ 6.97 billion of the oil company’s second quarter profit — thus, it is R$ 32.1 billion for the Union.

By June, the Treasury had already received R$45.2 billion in dividend income, according to data released this Thursday. With the entry of resources from Petrobras, which will be paid in August, this account will rise to R$ 70 billion.

In the year, the collection with dividends could exceed R$ 100 billion, expect members of the economic team. This easily guarantees, for the government, the turn of the Union’s accounts from deficit to surplus at the end of the year. If the surplus is confirmed, it will be the first since 2013 — from 2014 onwards, the government started to accumulate successive deficits in public accounts.

To reach R$ 100 billion in dividends, the government relies on the profit of the first half of Caixa, three quarters of BNDES and the third quarter of Petrobras.

Caixa, for example, has already set aside R$ 11.9 billion. BNDES, R$ 5 billion. These amounts must be used for dividends. The presidents of the two banks — Daniella Marques (Caixa) and Gustavo Montezano (BNDES) — will have conversations with the Ministry of Economy to define the exact amount.

initial forecast

In the Budget Law approved at the end of last December, the government predicted that it would receive BRL 26.2 billion throughout 2022 from dividends from state-owned companies. Dividends are profits distributed to shareholders.

But, in the last review of budget execution, this expectation rose to R$ 54.8 billion — among other revenues, R$ 18 billion entered the public coffers from BNDES dividends.

However, with the approval of the Electoral PEC, the government increased spending above the ceiling to expand Auxílio Brasil and Vale Gás, in addition to creating benefits for taxi drivers and truck drivers. The PEC and measures to reduce federal taxes on fuel generated an extra cash requirement of R$57.7 billion.

Until now, the government had R$ 26 billion from the privatization of Eletrobras and R$ 18 billion in dividends from BNDES for 2020 and 2021. In other words, there would still be R$ 13.7 billion to close the accounts.

To close this account, the government asked state-owned companies to expand the transfer of dividends. With the multi-billion dividend expectation, this amount is covered and there are still resources left.

In this way, with the surplus of resources, the government hopes to close the year with the accounts in the blue — it would be the first positive result since 2013.

pedaling

The record dividend forecast comes after the government sent official letters asking Petrobras, Banco do Brasil, Caixa and BNDES to increase dividends this year – only Banco do Brasil refused the request.

In recent days, members of the economic team have refuted criticism that this is a fiscal “pedalling”, in reference to budgetary maneuvers carried out during the Dilma Rousseff government. Treasury Secretary Paulo Valle said this comparison has “nothing to do with it”.

Ministry technicians also claim that the government is not seeking to increase revenues in 2022 to the detriment of the coming years. The government’s version is that the only change that has been made, which did not start in 2022, was to consolidate among state-owned companies the usual market practice of making the distribution of dividends contemporaneous with the generation of results, attributing it to a quarterly frequency. , and no longer annual or semi-annual.

The government’s understanding is that there is no need to hold companies for such a long period before distributing them. For the government, the cost of keeping money withheld in the state-owned company is only justified if the company has an investment plan.

Today, Petrobras, BB and BNDES already have quarterly dividend distribution policies. Only Caixa said that it cannot adopt this practice in 2022 — on the other hand, it will increase the percentage of distributed profit from 25% to 50%.

Source: O Globo Agency

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