Puerto Rican government to have new fiscal plan ready for oversight board
NEW YORK — Puerto Rico Gov. Alejandro García-Padilla confirmed Tuesday that his administration will have a new fiscal plan ready shortly after the federal fiscal oversight board is “appointed and operational.”
The seven-member board, which is a component of the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), should be appointed by Sept. 15, when the García-Padilla administration expects to “hit the ground running in complying with PROMESA’s requirements,” he said speaking to reporters and experts who took part in a special one-day seminar entitled “What’s next for Puerto Rico?” hosted by the Ravitch Fiscal Reporting Program at the CUNY Graduate School of Journalism in Manhattan.
“My administration is committed to proactively interact with the Board as the best strategy to ensure that its tenure is short and its potential for undemocratic intrusion is checked, and to assure the people of Puerto Rico that their work is transparent,” he said.
One of PROMESA’s most important requirements is the development of a fiscal plan that contains various key elements that seek to ensure fiscal and economic sustainability. In particular, the fiscal plan must: Provide long-term expense and revenue projections based on independent forecasts; Ensure the funding of essential services and public pensions; Provide for the elimination of structural deficits ; and provide for a debt burden that is sustainable, he said.
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