Reciclagem da carteira e as dívidas estaduais e municipais: notas para o futuro que se aproxima

Abstract

We discuss the future of BNDES outstanding credit, proposing the increase of credit supply to Brazilian states and municipalities in the context of the introduction of TLP, which may account for the reduction of outstanding credit to some of BNDES’s traditional clients. We explain the proposal, bringing some arguments while we recognize that some caution may be necessary in order to meet BNDES risk policies and requirements. We also emphasize that this proposal should be implemented in the long-term and must be conditional to fiscal reforms that assure the fiscal sustainability of states and municipalities.