US Treasury Secretary also speaks with fiscal oversight board
SAN JUAN – Besides the meeting with Gov. Ricardo Rosselló, U.S. Treasury Secretary Steven Mnuchin also spoke over the phone Friday with fiscal control board Chairman José Carrión about Puerto Rico’s fiscal and economic situation.
Mnuchin “made it clear he is very familiar with Puerto Rico’s ongoing economic challenges, including continued outmigration and the need to close large, structural budget deficits,” a Treasury release says.
“The critical next step under PROMESA is for the Governor to submit, and Oversight Board to certify as soon as possible, a credible multi-year Fiscal Plan based on realistic revenue projections and expense assumptions,” the statement reads in reference to the plan the administration has to present to the board by Feb. 28. For its part, the board expects to certify the plan on or before March 15.
Meanwhile, the U.S. Treasury secretary emphasized to the governor that he must work together with the fiscal board to take advantage of the mechanisms provided by the federal Promesa law. He also assured that lines of communication between all parties will be kept open.
Caribbean Business had previously reported that the oversight board was interested in coordinating a meeting with the new head of the U.S. Treasury once confirmed by the Senate. Carrión admitted there had been no communication with the federal agency since the departure of the administration of former President Obama.
Treasury’s release adds that Mnuchin thanked Carrión “for his service to the people of Puerto Rico” and congratulated Rosselló on his election.