Gino Paulucci Jr.*
O financiamento de longo prazo – Revisão da TLP e estabelecimento de um papel estratégico do BNDES são fundamentais para a retomada da competitividade do setor de máquinas e equipamentos.
O processo de desenvolvimento, tem como condição a existência de um eficiente sistema de financiamento isonômico, semelhante ao de países dinâmicos, elevando a participação da indústria acima de 25% do PIB, como observado no início da década de 80.
O Banco de Desenvolvimento Econômico e Social – BNDES, a principal instituição de fomento do desenvolvimento do País, perdeu quase dois terços da sua importância em termos de desembolso de recursos, ao longo dos últimos 10 anos.
A FINAME, a primeira linha de crédito do BNDES voltada para o financiamento da aquisição e comercialização de máquinas e equipamentos de forma isolada (não integrados a projetos), de indiscutível importância para a modernização do parque fabril do País, vem sofrendo um processo de encolhimento, menos em razão do impacto da pandemia da covid-19, mas mais pelo encarecimento e pela imprevisibilidade motivados pela adoção do TLP (taxa de longo prazo) instituída pela Lei nº 13.483, de 2017.
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A principal fonte de captação de recursos do BNDES é o FAT (Fundo de Amparo ao Trabalhador), remunerado pela TLP baseada na Nota do Tesouro Nacional, série B de 5 anos, o mesmo indexador pelo qual contrata suas aplicações.
PublicidadeNo repasse do recurso ao mercado o Banco ainda cobra spread adicional e, se a operação for indireta, uma comissão do agente repassador, o que torna o custo do financiamento de tal forma elevado e incompatível como apoio a investimentos em ativos de produção por superar as margens normais de retorno das atividades produtivas.
Nesse cenário é preciso revisitar os termos que definem as taxas de financiamento praticadas pelo BNDES, devolvendo ao Banco seu papel de instituição financeira especializada no financiamento do investimento de longo prazo. É preciso reestabelecer sua capacidade de exercer políticas anticíclicas, financiar projetos infraestrutura e industrial e, apoiar a inovação e a exportação, entre outros, operando com condições diferenciadas em relação ao mercado e facilitando a realização de investimentos.
A experiência internacional pressupõe, como condição necessária para viabilizar investimentos de longo prazo, a existência de taxa de juros estável, previsível e compatível com as margens de retorno dos investimentos das atividades produtivas. Faz-se necessária, portanto, adoção de medidas que melhorem o sistema de crédito nacional.
Elencamos em seguida algumas sugestões, a saber:
- Alterar a Lei 13.483, de 21 de setembro de 2017 que instituiu a TLP como remuneração do FAT, estabelecendo parâmetro mais adequado às necessidades do país, onde as taxas de juros de longo prazo não concorram com as margens normais de retorno das atividades produtivas e seja previsível. Ao vincular a remuneração do funding do BNDES ao risco do tesouro a Lei tornou o preço do crédito do Banco pró-cíclico, eliminando a possibilidade de ser usado em situações de crise.
- Nas operações indiretas do BNDES, fixar um teto aos spreads das instituições repassadoras;
- Priorizar a concessão de recursos públicos para empresas de pequeno e médio porte e setores estratégicos da indústria de transformação;
- Reduzir a alíquota para 0% do IOF sobre operações de crédito, o que diminui o custo efetivo para o tomador do financiamento;
- Flexibilizar a utilização das garantias visando elevar a ampliação do acesso ao crédito de uma forma rápida e menos burocrática;
- Reformar as normas da CVM de emissão de debentures ao público, desburocratizando o processo e facilitando o acesso de empresas de menores portes;
- Promover ações voltadas à transição verde, que visem a criação de linhas de incentivo acessíveis para investimentos em tecnologias de baixo carbono e a criação de um pacote de apoio financeiro para a “transição verde”, de forma a permitir uma descarbonização coerente sem comprometer os negócios da indústria brasileira, em especial das MPEs (micro e pequenas empresas).
Tratam-se de medidas que possibilitarão às empresas nacionais acesso a recursos para capital de giro, investimentos, inovação e exportações a custos menores, dando a elas condições para manterem-se ativas e competitivas.
*Gino Paulucci Jr é engenheiro mecânico e presidente do Conselho de Administração da ABIMAQ
O texto acima expressa a visão de quem o assina, não necessariamente do Congresso em Foco. Se você quer publicar algo sobre o mesmo tema, mas com um diferente ponto de vista, envie sua sugestão de texto para redacao@congressoemfoco.com.br.
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