Pay raises for teachers, firefighters, corrections officers and other employees were included in a revised fiscal plan approved Thursday that will serve as Puerto Rico’s economic blueprint criticized by some as the island emerges from bankruptcy, the Associated Press reported. A federal control board that oversees the U.S.
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Puerto Rico can avoid budget deficits for the next quarter century because federal funds will help boost economic growth on the island as it exits bankruptcy, the commonwealth’s congressionally appointed financial oversight board said, Bloomberg News reported.
Over the past two years, every building but one that Margarita Gandia’s real-estate agency sold in Old San Juan went to a U.S. mainlander or a foreign buyer. Every purchaser cited Puerto Rico’s generous tax breaks as the reason for the move, Bloomberg News reported.
Puerto Rico received court approval to leave bankruptcy through the largest restructuring of U.S. municipal debt ever, ending years of conflict with creditors as the U.S. territory confronts other stubborn economic problems, WSJ Pro Bankruptcy reported.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.