Tuesday, January 31, 2023

FOMB Set to Approve Own Budget Amendment

By on February 25, 2022

Lawmakers Fail to Pass POA Funding Measure

As Caribbean Business was going to press, Puerto and Management Board (FOMB) was in the process of approving on Tuesday its own resolution to amend the current fiscal year 2022 general fund budget to include $23.3 billion in creditor and debt payments required by the plan of adjustment (POA) that was confirmed in federal court, after the island’s legislature failed to pass its own amended version of the measure.

An amended version of House Resolution 278, which would authorize the POA-mandated payments, was passed in the Puerto Rico House of Representatives last week in a 26-24 vote, the minimum to ensure passage, with the votes of only the Popular Democratic Party (PDP) majority.

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