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Governor reacts following Fiscal Oversight Board’s first meeting

By on September 30, 2016

SAN JUAN – Gov. Alejandro García Padilla issued a statement Friday following the Financial Oversight & Management Board’s first meeting and its appointment of José Carrión III as its president.

“As I said yesterday, today began the process of collaboration between the Government of Puerto Rico and the Fiscal Oversight Board. This effort will require openness and determination to achieve results in the shortest time possible and thus move the country toward recovery. My administration is committed and ready to assume our historic responsibility.”

The governor considered Carrión’s nomination a “positive step” and said he is “pleased” a “Puerto Rican, with knowledge of the economic situation the country faces since 2006, is who has been designated to chair the body,” and added, “We are betting on the abilities and talents of all members of the board, and even more so that of the Puerto Ricans, and I’m sure [the board] will work to achieve the transformation for Puerto Rico we all long for.

“We hope that the effort begun today along with the Fiscal Oversight Board will be framed by cooperation and in initiatives that result in viable economic recovery and allow us to repay the public debt,” García Padilla said.

Puerto Rico’s central government, three retirement systems (teachers, judicial and employees), university (UPR) and all its public corporations, including the Aqueduct and Sewer Authority and Electric Power Authority, were placed under the immediate control of the entity. 

García Padilla is required to inform the board periodically on cash flow, bank accounts, revenue, receipt and disbursement of federal funds and payroll.

Oct. 14 was established as the date of for the governor to deliver the fiscal plan, although it is yet to be known if the board adopted a timeline proposed by the governor in his broadcast message Thursday.

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