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Sat Apr 11, 2020, 07:09 PM

Puerto Rico fiscal plan to see changes due to COVID-19

The Puerto Rico Economic Task Force said Wednesday that the island’s creditors should expect possible calls for renegotiations on its debt deals because the coronavirus pandemic has complicated the island’s economic reality.

“The creditors should expect from us the same willingness to get out of this [bankruptcy] process, but the fiscal and economic realities are now more complicated,” said Omar Marrero, director of the Puerto Rico Fiscal Agency and Financial Advisory Authority, during a news program on the Economic Task Force aired by WIPR. “… We are committed to the process. We want to leave bankruptcy to move Puerto Rico forward on the path of economic growth, but certainly there are complications created by
Mother Nature.”

The federal Financial Oversight and Management Board recently requested a delay in the evaluations of the debt deals because of the coronavirus pandemic, but other litigation has continued to move forward. The island government must submit a status report to the U.S. District Court on May 15.

“The priority right now is health, but as soon as we get out of this process, we will know [what] the [pandemic emergency’s] impact [is on] our resources and our obligations,” Marrero said.

Read more: http://www.sanjuanweeklypr.com/pdf/Apr-9-20/local.pdf
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