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Union had net disbursements of R $ 396.1 billion in renegotiations with states between 1997 and 2018

Public Accounts

SPE study indicates that effort was not enough to avoid worsening fiscal indicators

Despite the amount disbursed by the public coffers over the last 21 years, the Federal Government's effort to help states cope with their economic crises was not enough to avoid worsening their key fiscal indicators. This is shown in a study released on Monday (17/6) by the Secretariat of Economic Policy of the Ministry of Economy (SPE / ME). 

According to the document, the total effective cost of state debt renegotiations was R $ 396.1 billion for the Union, representing 5.8% of the Gross Domestic Product (GDP) of 2018.

The amount is a result of federal government issuances of R $ 973.9 billion that had an average maturity of 15 years, to face the refinancing of state debts, and state payments to the Federal Government of R $ 577.7 billion, initially for a period of 30 years. 

According to Marcio Ribeiro, SPE / ME general coordinator of Tax Studies, the values ​​are corrected by the Extended Consumer Price Index (IPCA) and consider the average of the 12 months of each year. 

"The Union had a significant cost associated with issuing bonds to take over the debts of the states. Unfortunately, this effort was not accompanied by improvement in the fiscal indicators of the states, "said Ribeiro.