Brazil’s future economy minister wants state development bank BNDES to return 100 billion Reais, some US$25.7 billion, to the nation’s treasury in 2019, a newspaper reported, as the incoming government seeks to cut the nation’s hefty debt load.
Brazilian President-elect Jair Bolsonaro's future Economy Minister Paulo Guedes Monday announced Economist Roberto Castello Branco has accepted the invitation to become the next Petrobras chairman.
Right-wing President-elect Jair Bolsonaro vowed in a tweet on Thursday to investigate Brazil’s state-run national development bank, BNDES, for corruption by opening its “black box” of secret transactions. BNDES is the largest development lender in the Americas with a loan book larger than the World Bank’s.
Brazil’s government will tap the nation’s sovereign fund and recent surpluses to cut debt and avoid breaking budget rules this year, officials said on Monday, after easily meeting the 2017 fiscal target.
Brazil needs to act quickly to stabilize its finances and get rid of measures used to stimulate growth during the global downturn in order to bolster expansion in 2016, Finance Minister Joaquim Levy said on Monday.
The government of President Dilma Rousseff is working to meet its primary budget surplus goal of 1.2% of GDP in 2015, pledged Finance minister Joaquim Levy on Wednesday to an audience of investors in New York.
Brazil's economic and social bank, BNDES, denied it was intent in financing Uruguay's deep sea port on the Atlantic coast, as repeated sources in the Uruguayan government have indicated.
Brazil will raise interest rates on some state-subsidized credit lines in 2014 withdrawing part of the stimulus that helped boost investments but also hurt public finances this year. Interest rates on loans for the purchase of capital goods and trucks will climb to 6% per year, from 4%, while a special credit line for exports will climb to 8% from 5.5%.
Brazilian Finance Minister Guido Mantega said on Tuesday the government will remove some subsidies and delay tax breaks to keep the country's fiscal policy sound. Likewise the state development bank, BNDES, will stop funding lines for regional government next year.
Brazil will inject less money next year into the country's development bank BNDES, (National economic and social development bank), its leading source of long-term corporate loans, to focus more on infrastructure financing as concerns mount over public debt.