Puerto Rico yesterday presented a budget proposal of $10.7 billion for fiscal year 2022 — about $700 million more than the federally-appointed oversight board is recommending, Bloomberg News reported. Governor Pedro Pierluisi called his spending plan “realistic” and necessary to jump-start the economy of the bankrupt U.S. territory.
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Insurers of around $3 billion in Puerto Rico highway bonds will ask an appeals court to let them continue their fight for toll revenues on Thursday, this time with the goal of pursuing their case outside of the court overseeing the commonwealth’s debt restructuring process, Reuters reported. The bond insurers, which include Assured Guaranty and Ambac Assurance, are urging the 1st U.S.
A federal control board revealed Friday that Puerto Rico paid more than $28 million in salaries in recent months to people who no longer work for the U.S. territory’s Education Department, even after officials last year flagged the practice as a problem, the Associated Press reported. The announcement came during a meeting of the board that oversees Puerto Rico’s finances as the U.S.
The federally-appointed board overseeing Puerto Rico's $70 billion debt restructuring will appear in court next week to once again defend the validity of the process, which is now three and a half years old, Reuters reported.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.