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BNDES foresees initial injection of R$ 55 billion in the economy to help mitigate the effects of the coronavirus

03/23/2020 | 18h04
BNDES foresees initial injection of R$ 55 billion in the economy to help mitigate the effects of the coronavirus
T&B Petroleum/Press Office T&B Petroleum/Press Office

The President of the Republic, Jair Bolsonaro, and the President of the National Bank for Economic and Social Development (BNDES), Gustavo Montezano, announced on Sunday (22) emergency measures to help mitigate the effects of the pandemic of the new coronavirus in Brazil. The novelties, which total R $ 55 billion, are:


1. transfer of funds from the PIS-PASEP Fund to the Severance Pay Fund (FGTS), in the amount of R $ 20 billion; 

2. temporary suspension of payments of installments of direct financing to companies in the amount of R $ 19 billion; 

3. temporary suspension of payments of installments of indirect financing to companies in the amount of R $ 11 billion; 

4. expansion of credit for micro, small and medium-sized companies (MSMEs), through partner banks, in the amount of R $ 5 billion.


The measures adopted by the BNDES aim to support workers directly with the possibility of new FGTS withdrawals and indirectly, by helping to maintain more than 2 million jobs with increased financial capacity and preservation of 150 thousand companies. The R $ 55 billion that will be injected into the economy represents almost the totality of BNDES disbursements throughout 2019.


President Bolsonaro, who participated together with Montezano in the announcement broadcast live on the BNDES 'YouTube channel, said: “BNDES is proud of us. It is the new BNDES that resurfaces to perform its role. We will give an answer to that evil that afflicts us. The coronavirus is a worrying thing. We are focused on this issue ”.


Over the past few weeks, BNDES has invested in adapting its operating systems, in order to allow all employees to be able to perform their homework, preserving their health and that of their families. According to Montezano, the bank has been preparing for the unknown, that is, a crisis that is not financial, but a health calamity. "These first measures are transversal and cover all sectors of the economy that are present in the BNDES credit portfolio, and citizens through FGTS", said the president of BNDES.


The BNDES, which is responsible for the application of the resources of the PIS-PASEP fund, approved a transfer of R $ 20 billion to reinforce the Guarantee Fund for Time of Service (FGTS), from which they can be withdrawn by workers, according to the criteria established by the government to meet their immediate needs, as announced by the Ministry of Economy.


In addition, the companies affected by the crisis may be granted a temporary suspension for up to six months of amortization of loans contracted with BNDES, in direct and indirect modalities - a measure known in the market as standstill.


In direct operations, the suspension request must be forwarded to the BNDES. In indirect operations, the interruption must be negotiated with the financial agent that granted the financing. The total term of the credit will be maintained and there will be no default interest during the suspension period. Sectors such as Oil and Gas, Airports, Ports, Energy, Transport, Urban Mobility, Health, Industry and Commerce and Services will be served by the action, totaling R $ 19 billion for direct operations and R $ 11 billion for indirect operations.


The fourth immediate action consists of expanding the capital offer for the day-to-day needs of companies, by expanding the scope of the "BNDES Credit Small Businesses" line, which will cover from micro companies to those with annual revenues of up to R $ 300 million. The credit limit per beneficiary per year will be increased from R $ 10 million to R $ 70 million, contributing to the need for working capital. The companies will have a 24-month grace period and a five-year term to pay for these new loans.


Thus, BNDES will offer fast, agile and flexible credit to companies of all sizes, through the service network of its accredited financial agents, contributing to the maintenance of jobs. This measure should offer at least R $ 5 billion in rapid bank support to MSMEs, the companies that most employ in the country.


BNDES will continue to follow the evolution of the current scenario, marked by strong dynamism. The Bank's team is studying new measures that are appropriate and effective to be adopted in facing the crisis, with a focus on the well-being of the Brazilian people, said Montezano. “Now, on Monday, the focus on sectoral actions begins. And always remembering that we are a team: BNDES is an operational arm of the Federal Government. Everything we decide is done in coordination with the ministries and the Presidency. ”


According to the president of the BNDES, these were the first in a series of actions that will be announced in the coming weeks. "As soon as the bank has operational security to launch new products, we will make it public," said Montezano.


Bolsonaro congratulated the BNDES team for their actions. "I am sure that these measures will come in the direction of maintaining jobs, which is extremely important," said the President of the Republic.

Font: T&B Petroleum/Press Office BNDES
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