The government’s economic team, headed by Puerto Rico Treasury Secretary Melba Acosta and Government Development Bank Interim President José Pagán confirmed the introduction of a bill to expand the Sales Tax Fund Financing Corporation's (COFINA, by its Spanish acronym) capacity to issue bonds and facilitate the execution of a more cost-effective financing for the Commonwealth.
The Puerto Rico Treasury Department collected $40 million less last month with $472.7 million in net revenue, down from the $513.5 million in net revenue in the books for the same month last year, according to figures the agency released Thursday.
Puerto Rico’s government agencies, certain corporations and other entities are dragging a combined $39 billion net asset deficit, which represents an increase of approximately $5.3 billion when compared to the fiscal year ended June 30, 2011.
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