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Tue Oct 23, 2018, 12:42 PM

Puerto Rico's revised fiscal plan approved over government opposition

Source: Reuters

POLITICS OCTOBER 23, 2018 / 10:38 AM / UPDATED 19 MINUTES AGO

Puerto Rico's revised fiscal plan approved over government opposition

Luis Valentin Ortiz
5 MIN READ

SAN JUAN (Reuters) - Puerto Rico’s federally appointed financial oversight board on Tuesday unanimously approved a revised fiscal reform plan meant to put the bankrupt island on a path toward solvency, but faced opposition from its elected government for being too strict.

The seven board members voted in favor of the plan even though some raised concerns about its ultimate viability to help Puerto Rico resume fiscal balance and economic growth.

“Frankly speaking, I don’t like this fiscal plan,” said Ana Matosantos, a board member who expressed concerns over the magnitude of government spending cuts, which she said could “seriously weaken” services to citizens.

As in previous versions, the U.S. commonwealth’s revised fiscal plan calls for a range of fiscal and structural reforms as well as stiff reductions in government spending.

In addition to revised data on actual revenues and expenses, the new plan was updated to account for lower levels of migration from the island following last year’s Hurricane Maria, as well as an additional $20 billion in federal disaster relief funding. It also imposes more cuts to government spending, which have raised opposition from the island’s government.

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Read more: https://www.reuters.com/article/us-usa-puertorico-fiscal/puerto-ricos-revised-fiscal-plan-approved-over-government-opposition-idUSKCN1MX23J

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