Fiscal board announces open meeting next week in Puerto Rico
However, Reorg Research, a news service that specializes in distressed-debt, reported Friday that at the meeting, board members plan to ask the government to submit a new fiscal plan by Jan. 30.
In addition, there will be government presentations on Puerto Rico’s financial state, its condition after Hurricane Maria, including the recovery efforts that are being carried out, as well as a preliminary report on storm-related damages.
Likewise, the board-proposed “chief transformation officer” for the Puerto Rico Electrtic Power Authority (Prepa), Noel Zamot, is also expected to give a presentation. Finally, the draft of the agenda published by Reorg Research includes a board report on the investigation underway into the island’s public debt.
As for the government’s fiscal plans, the fiscal panel will request delivery, by Nov. 30, of revisions to the plans for the Aqueduct and Sewer Authority, Highways Authority, Government Development Bank, University of Puerto Rico and the Cooperatives Supervision & Insurance Corp. (Cossec by its Spanish acronym).
On Thursday evening, the board asked federal judge Laura Taylor Swain to authorize Zamot to assume “all the powers of a chief executive officer” at Prepa.
The powers would include the supervision and direction of all employees, officials and agents of the public corporation. Zamot would consult his decisions with the government, whenever “appropriate.”
The Rosselló administration lashed out against the board, saying it does not have the faculty to assume governance of public power utility, adding it will defend its position in federal court.