Puerto Rico’s federally appointed oversight board yesterday rejected the U.S. territory’s budget proposal for next fiscal year, saying it did not comply with a financial turnaround plan for the island approved by the board last month, Reuters reported.
Puerto Rico in Distress
Video Features
ABI Analysis
Puerto Rico Gov. Ricardo Rosselló’s proposed fiscal year 2019 General Fund budget allocates $0 for paying the island's central government debt, the Bond Buyer reported.
Puerto Rico’s federal supervisors are preparing to scrutinize the U.S. territory’s bankruptcy advisers, reflecting broader concerns about potential overcharging and conflicts of interest in public contracting, WSJ Pro Bankruptcy reported.
Puerto Rico’s most-recent audited financial statements are almost four years old, casting doubt over just how broke the bankrupt island is as creditors fight over its cash and residents protest proposed austerity measures in the streets. The U.S. territory’s federal oversight board signaled it’s tired of waiting, Bloomberg News reported.