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UN Commission Hears Puerto Rico Call for Debt Restructuring

By on May 29, 2016

SAN JUAN – At its 36th session, the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), heard a declaration by Puerto Rico intended to raise the awareness of international organizations on the importance of the island being provided tools to restructure its public debt and ensure sustainable economic development, Puerto Rico Secretary of State Víctor Suárez announced after the event this week in Mexico.

ECLAC 1“It is important that Puerto Rico is integrated into the agenda of collaboration and strategic business alliances proposed by the ECLAC. The agenda, called ‘Horizon 2030,’ approved by the United Nations in September 2015, sets out the strategies that ECLAC will use to promote trade cooperation between Latin America and the Caribbean,” Suárez said.

One of the five regional commissions of the UN, ECLAC was established in 1948 with the purpose of contributing to the economic development of Latin America and the Caribbean, reinforcing economic ties among countries and with other nations. Puerto Rico has participated in the organization as an associate member since 1990.

Suárez said the island’s involvement supports and gives continuity to efforts by the administration of Gov. Alejandro García Padilla to create strategic business alliances with countries in the region to promote Puerto Rican companies that export their goods and services, adding that the island has already begun this with the Dominican Republic, Panama, Colombia and Peru. He assured he is working on the participation of  Puerto Rican businesses in bids for projects funded by the World Bank in Latin America.

Suárez also announced that the first report on Human Development in Puerto Rico, a two-year effort by a multidisciplinary team of Puerto Rican professionals with technical assistance from the UN Program for Development, will be released soon.

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