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Gov’t Finances Still a Challenge to Bankruptcy Exit

By on March 25, 2022

Work Unfinished on Uniform Commonwealth Accounting

Gov. Pedro Pierluisi’s fiscal team says it is charting a path to Puerto Rico’s exit from bankruptcy, despite the unfinished task of creating a sustained and uniform accounting system that would allow timely issuance of the commonwealth’s audited financial statements, which are currently three years behind.

Island government officials have acknowledged that the years-long delays in issuing comprehensive annual financial reports (CAFRs)— which are essential in meeting the fiscal requirements of the federally created Puerto Rico Oversight, Management and Economic Stability Act (Promesa)—are largely the result of disparate accounting systems at 130 central government agencies.

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