The need for the Finance Minister, Joaquin Levy, to boost the public treasury to ensure compliance with the fiscal target may lead the government to resume the “former” model for railway concessions, in which a concession fee is charged for the right to exploit the line.
This fee was not charged in the “new” model, launched by President Dilemma Rouse, in 2011. Candidates who agreed to charge the lowest tariff would win the auction.
Defended by the economic field, the new strategy came like a bombshell in Government sectors involved in the definition of railway concession rules, as investigated by Estado. Contrary to the initial plan, the proposal is seen as a radical change in the railway industry concessions model, since it basically rules out the plan Rouse has always defended. There is no agreement between ministries about this change.
North-South. Grants are targeted to railways already concluded and those about to be completed by Valec, a state company, linked to the Ministry of Transport. An 855-km North-South railway network has been recently delivered, connecting Porto Nacional (Tocantins) to Anápolis (Goiás). By the beginning of next year, an extension of 699 km of North-South will be ready, connecting Ouro Verde de Goiás (GO) to Estrela d’Oeste (São Paulo).
By adopting the granting model, the Government would pass one section of the railway to one single company, which would be the concessionaire in charge for such section. In practice, this is the same type of proposal of concessions made in the 90s, which has always been criticized by Rouse.
In the beginning of the year, Valec started to test such promised open railway exploitation model, in which the state company undertakes the role of manager and sells the traffic capacity to any company interested in transporting loads, whether from the own company or others. The model, so-called “open access”, is defended precisely because it can break the monopoly in former railway granting, providing the sector with more competition. At least two logistics companies have presented formal requests to the National Agency of Land Transportation (ANTT) to work in North-South under these new rules.
This new proposal is analyzed with the Ministries of Transport, Finance, Planning and the Office of the Chief of Staff. The grant of North-South section, which has just been finished, could generate revenues in the order of BRL 3 billion. In 2007, Vale paid BRL 1.478 billion to operate one section of 720 km of North-South for 30 years, between Palmas (Tocantins) and Açailândia (Maranhão).
The current grants attracted companies because there are networks already finished or under way of being finished, and thus presenting lower risks. Levy has already been informed that the sections can attract stakeholders in the short-term.
Despite the Transport summit resistance, where the information received is that “nothing has changed”, the economic field does not see a break in the model due to granting auctions. The understanding is that other companies’ passages in the granted section “crucial logic” would be ensured. Critics of the proposal state that, however, current grants hinder the passage of third parties, thus imposing operational restrictions, bureaucracy and high costs.
Guarantees. Ministry of Transport stalemate with the economic field is not restricted to railways already built and involves sections that are still being planned. With the task of arranging public expenditures, Levy has already claimed that he does intend to pass on BRL 15 billion in Treasury bonds as guarantee of the Union to fund “Valec risk” in railway construction.
In other words, mistrust of the private sector related to Valec honoring financial commitments regarding new railway concessions remains unfazed.
Economic politics dismantling:
Payroll exemption
In 2014, payroll exemption becomes permanent. In 2015, with Levy, the Government has announced an increase in tax rates for companies.
Reintegration
In 2014, a program that returns taxes to exporters was recreated with 3% rates for 2015. Levy reduced the rate to 1% this year.
ICMS
The Government has promised two funds with money from the Budget to compensate States in ICMS reformulation. Levy wants a new financing model, cheaper for the Union.
PSI/BNDES
The Investment Support Program (PSI) was created to boost the economy. Levy announced an increase of interest rates and began an upward journey of TJLP
Transfer to BNDES
Rouse kept maintained transfers from the Treasury to BNDES in her first term of office. Levy states that the bank will no longer receive contributions.
Minha Casa
Rouse launched Minha Casa Melhor (My House Improved), Caixa credit line for the purchase of home appliances with subsidized rates. The Program is suspended for lack of transfer from the Treasury.
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