Elías Sánchez pleased with oversight board’s 6th meeting
SAN JUAN – Puerto Rico’s representative before the Financial Oversight & Management Board, Elías Sánchez, was pleased following the entity’s sixth meeting Friday in San Juan, in which it discussed measures to boost the island’s economic development amid its fiscal crisis.
“Various sectors had a broad opportunity to present what they believe should be done so Puerto Rico can boost its economy, which is fundamental and vital in this process since we will face several years of challenges in terms of reducing government expenses so our economy in Puerto Rico can flourish,” he said in a WKAQ 580 radio interview.
Sánchez said the main message has been to focus on the private sector to create the needed conditions for growth.
“There will not be a single initiative we can say will push Puerto Rico forward. It is a set of conditions so the economy in general may grow. Having had that discussion last Friday, we must follow up, implement at every facet related to economic development,” he said.
The official explained that an issue that will be more relevant this week will be the Puerto Rico Electric Power Authority’s (Prepa) negotiation, taking into special consideration one of the agreements between the former administration and its Prepa restructuring officer, Lisa Donahue, which expires Wednesday, April 5.
“The dialogue with the creditors…has been improving little by little…. This last stretch could lead either to extend it again or to reach a final agreement on or before Wednesday that benefits the people of Puerto Rico,” he said.
Sánchez said the next thing will be compliance by April 30, when the government must prove the “different measures that had been taken toward the $200 million cash reserve we will have June 30.”
Sánchez believes that with this reserve the administration can prove that the government’s plan is efficient, that the administration can reach its goals, and that it can deliver without implementing measures as aggressive as those initially recommended by the board.
“All this will serve to validate the plan that has been worked on, the vision of reducing government without layoffs, without the reduction of work hours, without such drastic taxes that could take the Puerto Rican economy out of proportion and that we can lead us toward a process of growth and economic development for Puerto Rico,” he said.