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Financial News: BRAZIL: Long Term Rate In BNDES Financing Approved

BRAZIL: Long Term Rate In BNDES Financing Approved In Committee

08/23/2017 - 19:07:00 (RTTNews)

(RTTNews) - The joint committee that analyzes the Provisional Measure 777 in the Brazilian Congress approved by 17-6 the report by the representative Betinho Gomes (PSDB-PE), which establishes the Long Term Rate (TLP) in financing by Brazil's National Bank for Economic and Social Development (BNDES).

Before that, a request calling for the postponement of the vote was rejected. Now the proposal goes to the House of Representatives floor and can be voted on today.

The approval comes after a deadlock last afternoon, when committee chairman Lindbergh Farias (PT-RJ) accepted an intervention by Senator José Serra (PSDB-SP) and closed the session. During the discussion, Lindbergh said the bill "is not part of a strategy designed for the country."

Betinho Gomes (PSDB-PE) defended his report.

"I have decided to defend the diffuse interest of a society that is paying a very high price for a wrong policy. The TJLP was used to put us on this path of fiscal astonishment," he said.

The Provisional Measure 777 provides for the replacement of the Long-Term Interest Rate (TJLP) by TLP. The new rate will be based on the actual interest of a five-year Treasury Note. There will be a five-year convergence. The stock of current loans will not be affected by the Provisional Measure.

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