Monday, December 9, 2019

Gov’s rep to Puerto Rico fiscal board demands list of revitalization coordinator nominees

By on March 25, 2019

Writes to chairman, stressing panel director cannot take over role

(CB file)

SAN JUAN – Less than a week after doing so, the executive director of Puerto Rico’s Fiscal Agency and Financial Advisory Authority (Aafaf by its Spanish acronym), Christian Sobrino Vega, again wrote to the island’s fiscal oversight board, this time addressing Chairman José Carrión, demanding a list of nominees be sent for the governor to consider naming a revitalization coordinator.

Carrión had said the fiscal board’s executive director, Natalie Jaresko, took over the position left vacant by Noel Zamot–who had resigned and later alleged the government had attempted to monopolize certain infrastructure projects–and would be serving on an interim basis while the board selected candidates to recommend for Gov. Ricardo Rosselló to appoint permanently.

In his letter Monday, Sobrino, who is also the governor’s representative to the board, again urged the congressionally established panel to comply with the process established under the Puerto Rico Oversight, Management and Economic Stability Act (Promesa) for the appointment of a revitalization coordinator.

Promesa, Sobrino wrote, “does not contemplate nor allow for interim Revitalization Coordinators. Therefore, our [the government’s] position is that such designation of Ms. Jaresko has no authority, no consequence and no validity of any kind whatsoever.

Carrión had also said the board would continue to inform and encourage investors to participate in the expedited permitting process for critical infrastructure allowed by Promesa’s Title V.

“We can all agree that Puerto Rico would benefit from private capital investment and we want to assure investors that – as you would agree – Puerto Rico is open for business,” Carrión wrote last week, to which Sobrino replied Monday that the government has “no objection to the extent such educational efforts is accurate and does not seek to misrepresent the scope of Title V of PROMESA and the proper role of the Revitalization Coordinator.”

Read Sobrino’s letter to Carríon here.

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