New Puerto Rico Fiscal Plan OK’d; Governor Says Too Austere
A federal control board has approved a five-year fiscal plan for Puerto Rico, though Gov. Ricardo Rossello warns it’s too austere and will affect government services.
The economic blueprint approved on Tuesday aims to help pull the U.S. territory out of an economic crisis following a 12-year slump and devastation caused by last year’s Hurricane Maria.
The plan estimates that $82 billion in federal hurricane recovery funds will briefly boost Puerto Rico’s economy.
But President Donald Trump tweeted that what he called the “ridiculously high amount of funds” can’t be used to pay the island’s debt. He said “inept politicians” on the island are trying to do that.
Board executive director Natalie Jaresko said the funds aren’t budgeted for debt payments but will help stimulate the island’s economy.
To Read The Full Story
Are you already a subscriber?
Click "Sign In" to log in!
Become a Web Subscriber
Click “Subscribe” below to begin the process of becoming a new subscriber.
Become a Print + Web Subscriber
Click “Subscribe” below to begin the process of becoming a new subscriber.
Renew Print + Web Subscription
Click “Renew Subscription” below to begin the process of renewing your subscription.