Monday , April 19 2021

The delays in Venezuela and Cuba have greatly affected the outcome, BNDES reports



The delay of Venezuela and the Cuban debt payments in the third quarter of 2018 has affected the BNDES default, but has had no impact on the outcome of this period, 14, Ricardo Ramos, Director of Strategy and Digital Transformation of the Institute of Development.

On Tuesday evening, the O Estado de S. Paulo newspaper and the Broadcast (Grupo Estado real-time news system) delay payments to BNDES from Venezuela, Cuba and Mozambique to R $ 1.8 billion.

The BNDES financial statement released in the third quarter shows that the usual rate over 90 days in the second quarter is 2.94% versus 1.45% in the second quarter. Credit risk exposures in the third quarter were $ 1.6 billion. The negative impact on the dollar was that in January-September, the accumulated surplus amounted to $ 1.681 billion.

Carlos Frederico Rangel, head of the BNDES Integrity, Controllership and Risk Management Center, said the default rate increased from the second quarter to the third quarter, "due to ratings worsening (third quarter). «

Rumors point out that the effects of the delay in the export and export financing of goods and services and the growth of rules in the third quarter were: "They affected, but the bank's outcome was negatively affected". In the Executive Body's opinion, the provisions of the country's debt were repaid by repayment of other provisions, as "loans were repaid".

Ramos refused to refer to the amount of funds provided, but loans to the countries were secured by the National Guarantee Fund through the Export Guarantee Fund (FGE) and expressed confidence in future borrowing.

"These countries are not very similar to federal states, and countries are going through economic cycles," said BNDES Director.


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