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Senate ready to address fiscal crisis measures, stimulate economic development

By on January 10, 2017

SAN JUAN — Senate Government Committee Chairman Miguel Romero assured Tuesday that the Senate will revise with urgency, the executive’s measures, which broaden the Puerto Rican Government’s capacities to act before Puerto Rico’s financial crisis and which contributes to creating more jobs and better the quality of life for Puerto Ricans.

“Just as we promised, we have begun today to work on our responsibility in a neat and expeditious manner, according to the urgency dictated by the fiscal situation of Puerto Rico. We came to this Senate to make a difference and act decisively to solve the deep problems that afflict our island. There’s no time to waste and the Senate will focus mainly on all measures that use the resources of the people of Puerto Rico,” the legislator said in a written statement.

He pointed out that the measures being evaluated by the Government Committee advisers are Senate Bill (SB) 2, which amends the “Public Private Alliances Act” to include more elements and incorporate the Participative Public Private Alliances to ensure better oversight of contract fulfillments and contribute to the capitalization of the Puerto Rico Employee Retirement Systems.

FILE - This Jan. 28, 2015 photo shows an aerial view of the south side of the Puerto Rico's Capitol building in San Juan, Puerto Rico. A federal judge ruled late Friday, Feb. 6, 2015 that a Puerto Rico debt-restructuring law that aims to protect the government from bankruptcy and make public corporations self-sufficient is unconstitutional. Gov. Alejandro Garcia Padilla approved the Recovery Act in June of 2014 after submitting a last-minute bill to legislators, urging them to approve it amid concerns that certain public agencies might collapse financially. (AP Photo/Ricardo Arduengo)

An aerial view of the south side of Puerto Rico’s Capitol building in San Juan. (AP Photo/Ricardo Arduengo)

“This legislation promotes a necessary resource for the infrastructure’s revitalization and fulfills a commitment to put Puerto Rico on track toward it’s recovery through partnerships with the private sector to establish new projects. Such collaboration advances an important imperative of this government, to turn Puerto Rico into a competitor of world caliber and at the same time contribute to guarantee the well-being and quality services our citizens deserve,” the Senator for San Juan said.

The second measure addressed is S.B. 211, which transforms Puerto Rico’s Fiscal Agency & Financial Advisory Authority (Fafaa) and boradens its powers to address the financial crisis more effectively.

“Recovering market confidence to obtain access to capital is vital in this process, as is similarly to achieving a necessary and fair budget balance in all government areas. With this measure, the new Fafaa will have the power to review transactions and regulations, curb debt growth and will be the only one authorized to renegotiate and restructure agreements with creditors to effectively face the financial situation,” the committee chairman explained.

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