PR Fiscal Agency urges for federal action on island crisis

Written by  //  December 20, 2016  //  Government  //  No comments

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Puerto Rico Secretary of State Víctor Suárez

The Puerto Rico Fiscal Agency and Financial Advisory Authority (FAFAA) made public Thursday updated financial information for the Commonwealth, outlining incomes and expenditures during the last eight fiscal years.

It also includes the income and expenditure estimates for fiscal year 2017, the Retirement Systems situation and data related to the government’s and agencies’ debts, such as the amount of debt issued, the annual service of debt and outstanding payments.

“From day one, this administration has upheld its policy of transparency and access to financial information,” said Víctor Suárez-Meléndez, Secretary of State and FAFAA director.

“The economic crisis and insolvency of Puerto Rico is no secret. The release of this report is additional proof of our efforts to make public our financial information, more than any other previous administration in history,” he said.

Suárez-Meléndez emphasized the legal tools needed for the restructuring of the Puerto Rican debt, which were granted by Congress and the President of the United States, and took into account the publication of detailed information about Puerto Rico’s present situation.

Suárez-Meléndez urged action based on the legal remedies under federal law to deal with the island’s fiscal crisis.

At the same time, he stressed the information made public Monday underlines the need for the Fiscal Supervision Board to authorize access to Title 3 of the Puerto Rico Oversight Management and Economic Stability Act (PROMESA), before the expiration of the moratorium created by the law, to achieve sustainable debt restructuring.

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