31 January 2018

Puerto Rico Sees No Debt Payment Ability Until 2022

Governor Rossello issued revised fiscal turnaround plans, painting a bleak picture of an island struggling after its worst natural disaster in 90 years.

Puerto Rico’s governor has projected Thursday his bankrupt, hurricane-ravaged U.S. territory will run a budget deficit for the next four fiscal years, requiring new financing while leaving next to nothing to repay the island’s US$72 billion debt until 2022.

The announcement is supposed to justify Rossello’s decision to privatize the power utility, PREPA. Rossello's plan also predicted a minimum of US$35.3 billion in federal aid to help recover from Hurricane Maria that devastated Puerto Rico in September, as “external liquidity support” to maintain basic services.

READ THE FULL REPORT IN telesur.

No comments: