The federal government plans to launch a line of financing for the acquisition of trucks with resources coming from the surpluses of the Export Guarantee Fund (FGE), according to the Value. The initiative can be formalized through a Provisional Measure (PM) and is currently being discussed within the technical teams of the Executive. If it starts, the program will be justified by the slowdown in truck production, a source said.
The FGE surplus had already been mobilized in a MP published in August, which created credit lines, managed by BNDES, within the framework of the Brazil Sovereign Plan to support exporters affected by tariffs imposed by the United States. The text provided for the allocation of a maximum of 30 billion reais from the fund’s surplus to finance companies affected by trade measures. However, the deputy’s term expired without a vote in Congress and around 8 billion reais ultimately remained uncommitted – an amount that can now serve as the basis for the new program.
Some technicians heard by the Valuehowever, question the basis of the new proposal. Indeed, the FGE was created to support operations linked to foreign trade, which justified its use in the support program for exporters affected by customs duties. In the case of a financing line for the purchase of trucks intended for the domestic market, this link no longer exists, which raises doubts about the advisability of using the fund, said a technician.
Other sources participating in the discussions emphasize, however, that the use of FGE surpluses would not constitute an obstacle, since any other free source available could be used. THE The problem, in this case, is that there was a surplus of resources with the loss of validity of the deputy of Tarifaço, said an interlocutor.
The Brazilian sovereign’s deputy having the force of law, the “tariff” credit lines came into force, but at a slow pace, which explains the surplus of resources. In the case of financing the acquisition of trucks, it is also planned to grant credit with an implicit subsidy. Although this type of subsidy does not affect the primary result, it increases public debt, since the Treasury finances itself at a higher cost than that passed on to the final borrowers. The rates would be defined within the framework of the National Monetary Council (CMN).
In 2023, as shown Valuethe creation of a fund fueled by the resources of oil companies was evaluated, a hypothesis which encountered resistance from Petrobras and the National Petroleum Agency (ANP), to finance a program for the purchase of sustainable vehicles and renewal of the fleet.
Given the objections, the program was finally made possible that year through the budget. With a cost of R$1.5 billion for discounts on the purchase of sustainable vehicles, the measure was offset by an increase in PIS/Pasep and Cofins tariffs on diesel and biodiesel, generating additional revenue estimated at R$1.6 billion for 2023 and R$570 million for 2024.
Today, in a scenario of greater fiscal tightening, the alternative of using the FGE surplus for this program is under consideration. Using this fund would make it viable without direct impact on tax rules.
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