New Puerto Rico Fiscal Plan Approved Today; Rossello Says It Is Too Austere
OVERSIGHT BOARD: Two members of Puerto Rico’s PROMESA federal government oversight board.
SAN JUAN — 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 today aims to help pull the U.S. commonwealth 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.