Written by Jubilee USA Network   

The International Monetary Fund (IMF) will categorize Puerto Rico as its own entity in its economic database for the first time. Puerto Rico is in the midst of a significant debt crisis but is not eligible for IMF assistance because it is not a country. The IMF tracks economic data for a small number of other territories, including Hong Kong and the Cook Islands. The announcement came during the IMF/World Bank Spring Meetings in Washington DC.

"It's important that the International Monetary Fund is monitoring Puerto Rico's debt crisis," noted Eric LeCompte, a United Nations sovereign debt expert and Executive Director of the religious development coalition Jubilee USA.

The IMF regularly focuses on debt crises during its Spring and Annual meetings. This year's Spring World Economic Outlook Report noted global growth is slowing and debt levels are rising in developing and emerging economies.

Puerto Rico's people face continued cuts to health, education and law enforcement services as Congress debates solutions to the crisis. According to the Puerto Rican Surgeons and Physicians' Association, an average of one doctor left the island each day in 2014 and there are only two neurologists left for Puerto Rico's 3.5 million US citizens.

House Natural Resources Committee Chair Rob Bishop announced a delay of debate on Puerto Rico legislation in order to continue negotiations with the White House. Representative Sean Duffy formally introduced the Puerto Rico Oversight, Management and Emergency Stability Act on April 12th. The bill includes debt restructuring tools and a fiscal oversight board.

"We are seeing some progress in Congress," stated LeCompte. "There is a lot of work still to do and we are grateful to Representatives Duffy and Bishop and Speaker Ryan for their leadership."

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