Brazil: Estados em calamidade financeira concentram um terço das estatais

As estatais federais não são as únicas no radar do ambicioso plano de privatizações da equipe econômica. As empresas controladas pelos estados também estão na mira. O plano de recuperação para governos regionais em elaboração pelo Tesouro Nacional vai incluir um incentivo para aqueles que apresentarem planos de privatização. Hoje, segundo levantamento do Observatório de Estatais, da Fundação Getulio Vargas (FGV), feito a pedido do GLOBO, há 240 companhias públicas ou de economia mista nas mãos de governadores. Desse total, 30% estão nos sete estados que já decretaram calamidade financeira, inclusive o Rio.

O plano de incentivo às privatizações deve fazer parte do pacote de equilíbrio financeiro em gestação. A ideia é que os estados possam antecipar os recursos que venham a ser arrecadados com a venda de estatais.

Estão nessa lista, por exemplo, a Cedae, de saneamento, e a Emop, de obras públicas. O levantamento não incluiu o valor de mercado das companhias, uma estimativa considerada muito difícil por especialistas do setor.

Na avaliação do economista Márcio Holland, diretor do Observatório de Estatais, há um excesso de estatais no país, principalmente nos estados. O número de estatais estaduais é bem superior às 135 federais. Para Holland, faz sentido incluir o incentivo para venda em um programa de ajuda aos estados:

—É um mecanismo muito poderoso, que deveria ser incluído nesse pacote dos entes federados.

RECORRER AO BNDES

Seja na União ou nos estados, no entanto, historicamente há resistência contra privatizações. Parte das críticas envolve a ideia de que os ativos podem ser subavaliados. No Rio, o processo de venda da Cedae, por exemplo, foi interrompido por decisão da Assembleia Legislativa do estado. Em Minas Gerais, também em grave crise fiscal, o governador Romeu Zema (Novo) prometeu privatizar a Cemig, de energia elétrica. Mas, desde a posse, afirma que antes precisa recuperar a companhia. No Rio Grande do Sul, o governador Eduardo Leite (PSDB) já descartou a venda do Banrisul, mas considera privatizar a CEEE (energia) e a CRM (mineração).

O incentivo às privatizações nos estados deve ser estruturado pela Secretaria do Tesouro Nacional e a nova Secretaria de Desestatização e Desinvestimento, comandada por Salim Mattar. No mercado, a expectativa sobre o que será feito com as estatais estaduais tem provocado interesse.

Na avaliação do economista Claudio Frischtak, sócio da consultoria Inter.B, o principal ator do governo para viabilizar a privatização de estatais nos estados deve ser o BNDES. Ele considera que esse deve ser o principal foco do banco público nos próximos anos:

— O país está desperdiçando uma oportunidade em não levar o envolvimento maior do BNDES no processo de privatização. Tem mais de 2.800 funcionários, mais de 700 técnicos, e é possivelmente a instituição com mais competência técnica para avançar um programa dessa complexidade.

Enquanto isso, a leitura é que o processo nas estatais federais deve ser lento e gradual. Na avaliação de Gustavo Gusmão, diretor executivo de infraestrutura da consultoria EY, já existe uma apreensão do mercado para sinalizações mais concretas do governo sobre o programa de privatizações. No entanto, a expectativa é que números mais concretos só sejam revelados após o avanço da reforma da Previdência.

— Existe uma expectativa para enxergar esse fluxo de privatizações. Já seria necessário e possível apresentar isso. Mas tem uma dependência da reforma da Previdência. Anunciar um programa com muito detalhe neste momento pode obrigar o governo, em um horizonte de alguns meses, a redesenhar tudo — explica Gusmão.

Na avaliação de Elias de Souza, líder de serviços públicos e governo da Deloitte, é preciso ainda aguardar para ver qual será a modelagem de privatizações escolhida pelo governo:

— Estamos em uma fase de avaliar qual é o valor dos ativos, e qual é a melhor solução para eles.

Mauro Moura, consultor do escritório Veirano Advogados, também destaca que o trabalho será demorado, pois cada caso terá de ser analisado individualmente.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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