06/18/2024 – 15:39
Inquiries for BNDES loans have lost strength recently, said the bank’s president, Aloizio Mercadante, who pointed to temporary fiscal and political noises as possible causes for the slower pace.
The tragedy in the south of the country and efforts to minimize the disaster were also cited as a possible reason.
“Until May, approvals rose by more than 90% and disbursements by 27%, but we felt a reduction in the pace of consultations. It has to do with all this noise (in the country)”, Mercadante told journalists after participating, at the bank’s headquarters, in an event on climate change and international experiences that could help in the reconstruction of Rio Grande do Sul.
“Our focus today is Rio Grande do Sul and this also changed the dynamics a little”, he added, remembering that the bank adopted measures to help governments and companies in the State.
Mercadante stressed that since last year consultations had been on an upward trend and, in the 1st quarter of 2024, they increased by almost 70%.
The president of BNDES believes that the noise, which created a level of distrust similar to the beginning of the government, will pass, as economic indicators have improved. He cited data on the job market, credit supply, exports and inflation.
“We are talking (now) about political noise. When we arrived in government they said that Brazil would not grow or would only grow by 0.8%, that inflation would not be controlled. Then the market said it was surprised. I think you will be surprised again because the data is strong and consistent,” he said.
“We have a fiscal problem, but we, the USA, the EU, Japan. The main economies in the world today, with the climate transition and natural disasters, require more efforts from States, in addition to decoupling the economy from China,” he added.
However, despite lower inflation, Mercadante once again criticized Brazilian monetary policy. According to him, the Brazilian model needs to be reevaluated since the country still has the second highest real interest rate in the world.
“With all the macro improvements we still have the second highest real interest rate on the planet. I told the BC president in the last debate we had: we have to analyze this model in depth, because it needs to be rethought,” Mercadante told journalists.
“I don’t know if there is room for maneuver for this in the short term; I don’t think so,” he added.
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