Fiscal Package

The reduction of the cost of the investment announced in 29 of June for the government is in fact significant, bringing the interests for really low levels for the Brazilian standards, says economists and representatives of the industry. The package of reduction of interests of BNDES, one of them pillars of the measures announced for the government, has as main goal to take the companies to anticipate productive investments. The new conditions of the loans of the bank must reduce in 21% the cost of the investments in machines and equipment financed in stated period of ten years. Today the direction of the BNDES goes to approve the measures and until tomorrow the bank it must send circular letter to the financial agents informing them of the changes. But the financed industrial goods in the diverse modalities of the Finame program, that are in the list of the benefited ones for the reduction of interests, had represented, in 2008, almost one tero of the total outlay of the BNDES, R$ 92 billion in that year. Source of the government has the expectation of that the new conditions will bring in return the investments and will lead to a new record of outlays in the 2009, superior R$ 110 billion.

The entrance in operation of the new conditions of financing goes to depend on would carry of equalizao of the National Treasure, that, in general, takes two weeks to be published in ' ' Official gazette of the Unio' '. The equalizao will be necessary because the cost of captation for the bank goes to surpass the final interest of the loans to the borrowers. In the industrial goods, for example, the final tax was reduced of 10,25% for 4,5% to the year. The new percentage includes 3% of spread of financial agent and 1.5% of the BNDES. The minimum cost of captation of the BNDES in the loans will start to be of 7% (6% of the new value of basic TJLP more 1% of spread).

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