Thursday, June 30, 2022

Puerto Rico Government Faces Fiscal Oversight Board

By on October 14, 2016

promesa-board-2Gov. Alejandro García Padilla was making his first official appearance before Promesa’s fiscal control board Friday morning.

Government officials and advisers have already anticipated a fiscal gap that exceeds prior estimates disclosed in two earlier versions of the administration’s fiscal plan and economic growth.

See: $10M Already Disbursed to Fiscal Board

Besides presenting a draft of the plan during the second official meeting of the board, García Padilla was also reporting on Puerto Rico’s current financial situation, and answering questions from the seven board members.

The governor is joined by Víctor Suárez, the secretary of State and director of the commonwealth’s new fiscal agency; Chief of Staff Grace Santana; Treasury Secretary Juan Zaragoza; and Office of Management & Budget Director Luis Cruz.

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The lower Manhattan building where the meeting is taking place.

This second fiscal board meeting is being held in New York, this time on the 20th floor of the Metropolitan Transportation Authority’s headquarters, at 2 Broadway St.

The board was to announce how the 25 public entities placed under its direct supervision, along with the central government, will move forward as overseen instrumentalities. According to a press release, “additional fiscal plans” for these entities will be requested, but it offers no further details regarding the extent of the petition.

The rest of Friday’s agenda includes approval of the first meeting’s minutes, a report by board Chairman José Carrión III and other administrative matters.

The event is being broadcast live on www.juntasupervision.pr.gov.

Meanwhile, La Fortaleza has yet to provide details on the status of the weekly report of expenses and revenue required by the board in its first official act.

The local government contingent arrived Wednesday in New York, where García Padilla held meetings with members of his fiscal team and advisers, according to La Fortaleza.

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Activists such as Hedge Clippers, Vamos4PR, New York Communities for Change and Make the Road NY who are demanding “representation of the interest of the people and not creditors,” according to a press release.

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