Folha de S.Paulo - = Vinicius Torres Freire: Mantega defende seu fundo

From: Subject: Folha de S.Paulo - Vinicius Torres Freire: Mantega defende seu fundo - 18/05/2008 Date: Sun, 18 May 2008 18:45:08 -0300 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0055_01C8B917.4BD44CD0" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.3198 This is a multi-part message in MIME format. ------=_NextPart_000_0055_01C8B917.4BD44CD0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://www1.folha.uol.com.br/fsp/dinheiro/fi1805200804.htm Folha de S.Paulo - = Vinicius Torres Freire: Mantega defende seu fundo - 18/05/2008

S=E3o Paulo, domingo, 18 de maio de = 2008=20

Texto= =20 Anterior | Pr=F3= ximo=20 Texto | =CDnd= ice=20

VINICIUS TORRES FREIRE=20

Mantega defende seu fundo =

Fundo =E9 um instrumento de pol=EDtica econ=F4mica = "quatro em um':=20 fiscal, monet=E1rio, cambial e pr=F3-empresas, diz ministro =

O MINISTRO Guido Mantega afirma, = ressalta e=20 enfatiza que a id=E9ia da cria=E7=E3o do fundo soberano n=E3o foi = dele -foi de=20 Lula. Mas Mantega, al=E9m de levar as pedradas dos cr=EDticos do = fundo e de,=20 obviamente, ter comprado a id=E9ia do presidente, =E9 o = encarregado-mor de=20 vend=EA-la =E0 opini=E3o p=FAblica econ=F4mica. O fato de pouca = gente querer=20 compr=E1-la em nada abala o ministro.
"Daqui a dois, tr=EAs = anos, quando=20 tivermos um fundo fiscal incrementado, a incompreens=E3o vai = diminuir.=20 Ali=E1s, as pessoas v=E3o ent=E3o elogiar a medida, como o = pr=F3prio FMI j=E1=20 come=E7ou a fazer, para dar um exemplo.
O problema =E9 que = pouca gente por=20 enquanto entende a l=F3gica e a estrutura do fundo", diz o = ministro. A=20 cr=EDtica mais comum ao fundo soberano do Brasil centra-se no fato = de que o=20 setor p=FAblico n=E3o tem excedentes -t=EAm d=E9ficit nominal = (depois de todas as=20 despesas com custeio, investimento e juros da d=EDvida, o setor = p=FAblico=20 ainda fica no vermelho). O governo, dizem os cr=EDticos, deveria = aumentar o=20 super=E1vit prim=E1rio a fim de n=E3o s=F3 atingir o equil=EDbrio = nas contas=20 p=FAblicas como ficar no azul e acelerar a redu=E7=E3o da d=EDvida = p=FAblica. Quanto=20 mais super=E1vit, mais rapidamente cai a d=EDvida, o que reduziria = a despesa=20 com juros e ajudaria a reduzir tamb=E9m a taxa de juros, segue o = argumento.=20
Mantega rebate a cr=EDtica em duas bases. Primeiro, a d=EDvida = p=FAblica=20 (medida em propor=E7=E3o do PIB) est=E1 caindo. Segundo, o fundo = soberano vai=20 permitir que sejam atingidos mais e mais diversificados objetivos = de=20 pol=EDtica econ=F4mica.
O fundo soberano, diz o ministro, = ter=E1 um papel=20 "antic=EDclico". Isto =E9, o governo vai fazer uma poupan=E7a, uma = reserva=20 fiscal em moeda forte, com retorno maior que o das reservas = internacionais=20 do BC, aproveitando o momento de "vacas gordas". Num per=EDodo de = menor=20 crescimento econ=F4mico e/ou menor receita de impostos, tal caixa = pode=20 ajudar a manter o equil=EDbrio fiscal.
A aquisi=E7=E3o de = d=F3lares para o=20 fundo soberano impediria ou atenuaria a cont=EDnua valoriza=E7=E3o = do real, que=20 prejudica as exporta=E7=F5es, da ind=FAstria em particular. "O = governo se=20 preocupa com o lado fiscal, com a infla=E7=E3o e, tamb=E9m com a = conta corrente=20 [saldo das transa=E7=F5es de bens e servi=E7os com o exterior]. = Queremos ampliar=20 a fatia das exporta=E7=F5es brasileiras no mercado mundial, ajudar = a expans=E3o=20 das empresas brasileiras e compensar a manipula=E7=E3o do c=E2mbio = em outros=20 pa=EDses, o que prejudica a competitividade dos nossos produtos", = diz o=20 ministro.
Outro m=E9rito do fundo seria o de "reduzir a = demanda=20 dom=E9stica e auxiliar o controle da infla=E7=E3o". O Fundo Fiscal = de=20 Estabiliza=E7=E3o e Investimento ser=E1 constitu=EDdo, na maior = parte, do dinheiro=20 de impostos n=E3o gastos (o super=E1vit prim=E1rio). Vai portanto, = reduzir o=20 consumo do governo, diz o ministro. De resto, o fundo vai, na = pr=E1tica,=20 financiar, via BNDES, a expans=E3o das empresas brasileiras no = exterior, vai=20 auxili=E1-las a conquistar mercados de importa=E7=E3o e, ainda, = fortalecer=20 projetos de integra=E7=E3o econ=F4mica do pa=EDs com seus = parceiros, diz Mantega.=20 O fundo, na maior parte, vai se destinar =E0 oferta de cr=E9dito, = a custos=20 baixos, para investimentos de empresas brasileiras e para a = exporta=E7=E3o,=20 via financiamento dos importadores de produtos do Brasil. =

vinit@uol.com.br

Text= o=20 Anterior: Arthu= r=20 Barrionuevo e Pedro Dutra: Mudan=E7as na = telefonia
Pr=F3ximo Texto: Para = Mantega, as empresas precisam exportar mais
=CDnd= ice=20

Copyright Empresa Folha da Manh=E3 = S/A. Todos os=20 direitos reservados. =C9 proibida a reprodu=E7=E3o do conte=FAdo = desta p=E1gina em=20 qualquer meio de comunica=E7=E3o, eletr=F4nico ou impresso, sem = autoriza=E7=E3o=20 escrita da Folhapress.=20

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