Puerto Rico is expected to post a cumulative budget surplus of $15.2 billion through 2035 as $123.5 billion of federal disaster funds and coronavirus relief money helps boost the local economy, according to the commonwealth’s latest fiscal plan and reported by Bloomberg.
Puerto Rico in Distress
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The Puerto Rico Oversight Board sought on Tuesday to restart suits on $6.4 billion of revenue bonds and to set the central government bankruptcy disclosure hearing for June 16, The Bond Buyer reported. The board also extended a deadline for the bond insurers to withdraw their support of the debt deal.
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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.