The President of the Republic, Luiz Inácio Lula da Silva, complained this Friday, 10th, about the news that the press publishes about fiscal deficit. According to the PT member, there is an “industry of creating distrust among the people”. The president’s statement was made at the launch of the new real estate credit model, at the Rebouças Convention Center, in the capital of São Paulo.
“If you look at the so-called news about development in Brazil and economic growth, wages and financing, you almost don’t see it. But, if you look at the fiscal deficit, it happens almost every day. There is an industry that creates distrust in Brazilian society”, declared the President of the Republic.
Lula also once again criticized previous governments and rejected criticism of the government’s fiscal policies.
FREE LIST
10 small caps to invest in
The list of stocks from promising sectors on the Stock Exchange
According to the president, “there is no magic” with the economy and public administrators need to exercise austerity to avoid future legal problems. “Often we manage to walk a kilometer forward and when we least expect it, we move two kilometers back. You are aware of what has happened in this country in the last six years, the wrath of destruction that this country has suffered”, he said.
New real estate credit model
Lula participated this Friday in the launch of the new real estate credit model launched by the federal government. The government’s proposal aims to correct the depletion of savings as a source of real estate financing and create a transition to a more flexible and sustainable model.
In the new mechanism, for every real loan loaned, banks will be able to use the same amount in savings resources freely for up to five years, a period that can be extended by granting new financing.
Continues after advertising
Today, 65% of the resources of the Brazilian Savings and Loans System (SBPE) need to be directed to real estate credit, while 20% are collected as compulsory by the BC and 15% are for free use. Initially, the monetary authority must release five percentage points of the reserve requirement for the use of institutions that adhere to the model, with an estimated impact of between R$20 billion and R$25 billion on real estate credit.
Of the resources released, 80% must be invested in the Housing Financing System (SFH), with a maximum interest rate of 12% per year, and the remaining 20% in the Real Estate Financial System (SFI), which operates at market rates. The division will also apply to the amounts released from the compulsory deposit.
The new model will be implemented gradually until the end of 2026, in a testing phase, and should enter into full operation in 2027. The transition period was a request from the construction sector, which warned of the risk of sudden ruptures in the credit system.
