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Banks expect oversight board, gov’t administration to reach consensus on fiscal plan

By on March 10, 2017

SAN JUAN – The Bankers Association said Friday it remains vigilant as to the request made by the Financial Oversight and Management Board, giving the government until Saturday to change its fiscal plan, claiming it does not comply with the federal Promesa law.
The association’s executive vice president, Zoime Álvarez Rubio, said the organization acknowledges the “great challenges” the government faces in trying to balance cuts, size, debt restructuring and economic development.
Puerto Rico Bankers Association VP Zoimé Álvarez

Puerto Rico Bankers Association VP Zoimé Álvarez

“For the banking industry, it is imperative that a constructive dialogue between the Fiscal Oversight Board and the administration take place over the next few days to achieve a Fiscal Plan that includes needed fiscal adjustments and at the same time establishes the foundation for development and sustainable economic growth that promotes more investment and allows for job creation,” she said in a written statement.

Gov. Ricardo Rosselló said he wanted the technical teams of the oversight board and the government to discuss and clarify the proposed amendments, asserting that he believes the board may be relying on faulty data. During an event with local bondholders, the governor defended his fiscal plan by claiming it can achieve the goals set out by the board.

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