Puerto Rico Farmers Association says Oversight Board Jeopardizes Aid Programs
Puerto Rico Farmers Association President Héctor Cordero Toledo said the budget proposed by the Financial Oversight and Management Board for Puerto Rico jeopardizes farmer aid programs in the island.
He said the Administration for the Development of Agricultural Companies (ADEA by its Spanish acronym) would receive a $58 million cut from their $120.2 million budget, composed of general funding and the agency’s income revenues mainly from the coffee industry.
“These significant changes place a burden over services and products for island farmers,” said Cordero Toledo.
He said the budget reduction represents a big blow to the farming industry that is still reeling from the effects of Hurricane María.
“The Oversight Board approved the use of $6.4 million from the General Fund (of the Government of Puerto Rico), forcing the agency to seek $58 million since it only has $56 million in equity,” said Cordero Toledo.