A renegociação da dívida do BNDES com o Tesouro Nacional: antecedentes, motivação e desdobramentos

Abstract

The relationship of the credit between BNDES and the National Treasury had two distinct phases. The first one between 2008 and the middle of this decade, consisted of loans from the National Treasury to the Bank in the amount of R$ 416 billion in current values, enabling the institution to expand its volume of disbursements. The second more recent phase was marked by the beginning of the return of resources to the National Treasury, influenced both by the need for a fiscal adjustment on the part of the Federal Government and by the decrease in the demand for the Bank’s disbursements. Up to 2018, almost R$ 309 billion was returned in current values, causing the stock of total credit to be around R$ 270 billion in the end of this year. Recently, the relationship of the credit between the two institutions gained a new chapter: a new debt renegotiation held in 2018, which the main highlight was the anticipation of the final discharge of the loans from 2060 to 2040. The aim of this text is to present the history of the relationship between BNDES and the National Treasury, bringing also the main elements and the perspectives of the agreement of the debt renegotiation held in 2018.