Board Urges Puerto Rico to Implement Tax, Labor Reforms

The executive director of a federal control board that oversees Puerto Rico’s finances says the island is likely to receive $20 billion more than initially estimated in federal hurricane relief.

Natalie Jaresko says that should help the island’s struggling economy to rebound — though she says the gains will be short-lived unless there are tax and labor reforms.

Jaresko met reporters Monday to outline a new fiscal plan for the U.S. territory, which has been in a recession for 12 years and is trying to restructure part of its $70 billion in public debt.

The board is scheduled to approve the new plan on Tuesday. The island’s government has rejected previous board plans.

The five-year economic blueprint anticipates a $17 billion surplus.