In April 2023, less than four months after taking office as President, Luiz Inácio Lula da Silva removed Correios from the privatization list prepared by the previous government. The decision was based on the PT's view that the company should fulfill its "social function."
Since then, the state-owned company's losses have grown exponentially. In the first year of his term, the loss was R$ 597 million. In the following year, it jumped to R$ 2.6 billion. Last year, it reached R$ 8.5 billion. Having closed the first half of this year at R$ 5.5 billion, a new record is expected by December.
Correios has not recorded a positive quarterly result since September 2022. The financial situation of the state-owned company has deteriorated continuously since the decision to keep it under state control.
Furthermore, the 2027 budget proposal sent by the government to Congress provides for a R$ 6 billion injection from the National Treasury into the state-owned company. The article concludes that this entire decision represents a growing cost to the country.
