Puerto Rico Governor Ricardo Rossello flew to New York this week on a mission: persuade potential tourists that the hurricane-ravaged island was ready for their return, the New York Times reported.
Puerto Rico in Distress
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Two major holders of Puerto Rico bonds that opposed a restructuring deal for the bankrupt U.S. commonwealth’s Sales Tax Financing Corporation (COFINA) revenue bonds are now part of the agreement, the island’s federally appointed oversight board announced on Friday, Reuters reported.
Billions in federal dollars are pouring into Puerto Rico to address damage wrought by Hurricane Maria last year, rekindling concerns about the U.S. territory’s credibility as a fiscal steward, WSJ Pro Bankruptcy reported.
Puerto Rico’s federal overseers are poised to raise their forecast for the island’s budget surplus over the next four decades after an influx of aid and rebuilding from last year’s storm is expected to give a jolt to the economy, Bloomberg 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.