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Puerto Rico Governor and Oversight Board Spar on Fiscal Plan

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Written by Jubilee USA Network   
Friday, 30 March 2018 01:48

The certification of a plan to get Puerto Rico out of debt and back to economic growth was delayed again this week. Puerto Rico's federally appointed oversight board told the island Governor Ricardo Rosselló to submit a revised plan next week with an aim towards board certification by April 20th.

"Various fiscal plan versions fail to take into account the continued suffering in Puerto Rico after hurricanes Maria and Irma," stated Jubilee USA Executive Director Eric LeCompte. "Before the hurricanes hit, nearly sixty percent of kids on the island lived in poverty. I'm worried that a final plan could propose paying debts instead of tackling hurricane recovery, limiting austerity and reducing child poverty."

LeCompte testified to the oversight board about solutions to the island's financial crisis before the board certified the original plan in 2017. After the hurricanes hit, the board revoked the previous plan to make room for a new fiscal plan that took into account the impact of the hurricanes. Sparring over benefit cuts and halts on debt payments, the Governor and oversight board have gone back and forth on new fiscal plan versions since January.

"Puerto Rico should not make a single debt payment until it sees positive and sustained economic growth," said LeCompte. "Puerto Rico can not afford to pay debt at the expense of its children."

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