Brazil: Privatização ambiciosa terá que superar entraves

Last Updated: 11 January 2019
Article by Kincaid Mendes Vianna Advogados
Most Read Contributor in Brazil, December 2018

Na primeira semana do novo governo, anúncios feitos pelo presidente Jair Bolsonaro a respeito de mudanças de impostos e até da reforma da Previdência acabaram sendo desmentidos por membros da equipe econômica.

As idas e vindas nas propostas para as reformas econômicas chegaram a causar apreensão no mercado financeiro. Se há, porém, uma área em que há maior unanimidade de posições, cujos projetos podem deslanchar com maior celeridade, é a privatização da infraestrutura.

Um dos motivos é o fato de várias pessoas designadas para a área já terem trabalhado nela em governos anteriores, a começar pelo novo ministro da Infraestrutura, Tarcísio Gomes de Freitas, que foi diretor-executivo do Departamento Nacional de Infraestrutura de Transportes (Dnit), desde meados de 2011, designado pela então presidente Dilma Rousseff. Além disso, o novo governo herdou da gestão Temer diversos projetos praticamente prontos para serem oferecidos ao mercado.

Balanço feito em novembro pelo Programa de Parcerias de Investimentos (PPI) relacionou 87 projetos prontos ou em estudo para conclusão neste ano que, se levados adiante, resultarão em R$ 150 bilhões em investimentos (O Globo 3/11). Os maiores investimentos estão previstos para rodovias (R$ 64 bilhões), seguidos por ferrovias, (R$ 31 bilhões) e energia elétrica (R$ 21,5 bilhões). As concessões de aeroportos resultarão em aportes de R$ 3,5 bilhões; e a dos portos, mais R$ 3,1 bilhões. Levantamento feito pelo Itaú BBA aponta potencial de investimento de R$ 291,6 bilhões em cinco anos (Folha 7/1).

Desde que foi criado, no início do governo Temer, o PPI leiloou 105 projetos, a maior parte deles em petróleo e energia elétrica, totalizando R$ 228 bilhões em investimentos previstos. Os leilões proporcionaram R$ 46,4 bilhões de arrecadação para a União, amenizando o déficit fiscal. Esse é um dos principais objetivos do governo Bolsonaro, além da preferência liberal pela privatização.

Pelas primeiras afirmações do ministro da Infraestrutura, a herança de Temer será levada em conta. Em entrevista ao assumir o posto, Freitas antecipou uma série de concessões na área de transportes. Em rodovias, um dos destaques é a concessão da BR-381 (MG), conhecida como Rodovia da Morte, pela quantidade recorde de acidentes. Também estão nos planos a concessão de outras cinco rodovias e ainda a relicitação da Presidente Dutra (Rio-São Paulo), cujo contrato expira em 2021. Nas ferrovias, se comprometeu a fazer o leilão da Ferrovia de Integração Oeste-Leste (Fiol), entre Caetité e Ilhéus (BA); e da Ferrogrão, importante para o agronegócio, que ligará Sinop (MT) a Miritituba (PA).

Mais recentemente, na semana passada, os secretários da pasta detalharam a programação ambiciosa para a realização, entre os dias 15 de março e 5 de abril, de nada menos do que o leilão de 12 aeroportos, dez terminais portuários e da Ferrovia Norte-Sul (Valor 4/1). Para ajudar, a Empresa de Planejamento e Logística (EPL), criada para estruturar o trem-bala e que estava "na corda bamba", será mantida, passando ao âmbito do Ministério da Infraestrutura.

No pano de fundo para viabilizar essa programação audaciosa, há questões de caráter mais institucional que precisam ser resolvidas. Uma delas se refere ao que o novo governo chama de "rearranjo institucional" das agências reguladoras, que têm sido alvo de várias críticas pelo aparelhamento. As regras para o licenciamento ambiental também precisam ser revistas. Falta ainda clareza em relação à divisão de responsabilidades dentro do governo. Apesar de o Ministério da Infraestrutura vir se pronunciando mais frequentemente a respeito do tema, existe a Secretaria de Desestatização do Ministério da Economia, chefiada pelo empresário Salim Mattar; há a Secretaria do PPI, ligada à Secretaria de Governo; e a EPL, no âmbito da Infraestrutura.

Igualmente importante é o financiamento dos investimentos. Há técnicos do governo que apostam que as debêntures de infraestrutura podem garantir os recursos que o BNDES não mais fornecerá. Para isso, defendem que o incentivo fiscal atualmente garantido ao investidor pessoa física seja estendido às empresas e investidores institucionais. De janeiro a novembro de 2018, foram emitidos R$ 22 bilhões em papéis de infraestrutura, 17% do total de R$ 126,7 bilhões em debêntures colocados no mercado. Se os investidores institucionais e empresas tiverem incentivo para aplicar nesses títulos, certamente o volume vai aumentar. Resta saber se o governo vai abrir mão dessa receita tributária no atual cenário de crise fiscal.

Fonte: VALOR ECONÔMICO (SP)

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