Amid the crisis at Correios, the government issued a decree so that non-dependent state-owned companies that are experiencing operational difficulties can present an economic-financial rebalancing plan, including the possibility of future funding from the Treasury.
“The new mechanism creates a structured path for federal state-owned companies to face cyclical challenges without being immediately reclassified as dependent on the National Treasury”, says the Ministry of Management, in a note.
According to the ministry, from now on, the approval of the economic-financial rebalancing plan for these cases is conditional on the presentation of adjustment measures in revenues and expenses that ensure the improvement of financial conditions and the maintenance of the company’s non-dependency condition.
To be approved, the plan must be evaluated by the company’s own governance bodies (Board of Directors and Fiscal Council, as applicable), submitted to technical analysis and approval by the supervisory ministry, and sent to the central body of the State-Owned Companies’ Governance Coordination System, for analysis and final decision by the Interministerial Commission for Corporate Governance and Administration of Corporate Interests of the Union (CGPAR).
Monitoring of execution will be carried out every six months by the competent bodies, to ensure compliance with the defined goals and schedules.
“The new version of the decree opens the possibility for companies in operational difficulties to present rebalancing plans that provide for specific future contributions. The measure aims to prevent the support from being converted into a permanent subsidy, encouraging the company to seek rebalancing within the agreed period”, adds the Ministry of Management.
The decree was published in an extra edition of the Official Gazette of the Union this Tuesday, 9th. It amends another decree, from June 2025, which regulates the transition process between dependent and non-dependent federal state companies. the change was proposed by the ministers who make up the CGPAR, the commission that deals with the governance of state-owned companies.
Post Office Situation
With an accumulated loss of R$6.05 billion in the year up to September, the state-owned company is negotiating a billion-dollar loan with banks. The objective is to be able to cover losses until December 2026, finance a Voluntary Dismissal Program (PDV), make investments, roll over debts and settle disputes with suppliers.
The company’s restructuring plan still depends on approval from the Treasury, which rejected the R$20 billion loan offered by five banks at a rate of 136% of the Interbank Deposit Certificate (CDI). The Treasury wants interest to be a maximum of 120% of the CDI.
At the same time, the government is evaluating the possibility of contributing to the state-owned company to help the company’s cash flow in 2025. On Monday, the Minister of Finance, Fernando Haddad, stated that the contribution has not been decided and that the eventual value could be less than R$6 billion.
As shown by Estadão, to return to profit in 2027, Correios will have to undergo a restructuring that requires an adjustment of between R$6 billion and R$8 billion in its annual budget, between spending cuts and increased revenue.
*Estadão Content
