BNDES foresees releasing up to US$ 56.5 billion this year
Valor Econômico - 01/26/2009
After receiving a R$ 100 billion (US$ 43.5 billion) aid from the Treasury to strengthen its budget until 2010, the Brazilian Development Bank (BNDES) is making new calculations regarding the disbursement forecast for this year. In a preliminary calculation, as Valor verified, the bank studies increasing the amount from the previously planned R$ 115 billion (US$ 50 billion) to something between R$ 125 billion (US$ 54.3 billion) and R$ 130 billion (US$ 56.5 billion), depending on the volume of funds to be made available to Petrobrás. As the BNDES only has R$ 65 billion (US$ 28.3 billion) of its own resources - R$ 55 billion (US$ 23.9 billion) from the repayment of loans is already assured and R$ 10 billion (US$ 4.3 billion) are being raised in the domestic and foreign markets -, should the funding to the state-owned company be of R$ 20 billion (US$ 8.7 billion), the bank will withdraw R$ 60 billion (US$ 26.1 billion) from the public coffers. Should it amount to R$ 30 billion (US$ 13 billion), it will be necessary to withdraw R$ 70 billion (US$ 30.4 billion) from the Treasury to make the ends of the new budget for this year meet.