Thursday, June 30, 2022

Puerto Rico Gov’t Awaits Deadline for Fiscal Plan

By on September 7, 2016

SAN JUAN – The government of Puerto Rico is waiting for Promesa’s fiscal board to provide it with a schedule that details the next steps, including when to present the administration’s long-term fiscal and economic growth plan for the island, as provided by the federal law.

However, Gov. Alejandro García Padilla told reporters Wednesday that officials are working on “a new fiscal plan” to be presented “as soon as possible” and “probably before due [as established by the board].”

As previously reported by Caribbean Business, the administration seeks to have the document, covering a 10-year period, ready before the end of the month, along with a new commonwealth financial report.

See: Gov’t to Submit Updated Fiscal Plan to Oversight Board and Stuck in a Holding Pattern

“We presented and approved a fiscal plan, if I remember correctly, in December 2015. That plan, in its structure, meets almost every requirement of Promesa,” García Padilla said. He added that the federal law’s requirements for an acceptable fiscal blueprint were “modeled” on his plan.

The local Financial Advisory & Fiscal Agency Authority and U.S. Treasury staff have been in charge of reviewing the administration’s fiscal plan, which was first introduced in September 2015 and revised in January. Efforts have been largely focused on reviewing and updating the estimates and revenue projections.

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