As part of an economic development initiative with special focus on business development in special communities, as well as to promote the establishment of a model toward economic self-sufficiency, the Economic Development Bank and the Office the General Coordinator for Socioeconomic Financing (OFSA) formalized a partnership to establish a line of support for small businesses that sprouting in those areas.
The Puerto Rico Treasury Department released Tuesday a draft of the Commonwealth’s unaudited Basic Financial Statements for the fiscal year ending June 30, 2014, more than a year after their required release.
The Puerto Rico Aqueduct and Sewer Authority’s board of directors approved Tuesday a plan mapping out its finances through the end of the fiscal year that is anchored on the approval of the bill establishing a new credit-issuing entity that is already facing opposition.
On April 1, Puerto Rico will adopt a Value Added Tax (VAT) system and the island's advertising industry will fall in line with other business sectors in paying a tax for services from which it was temporarily exempted.
Since going into effect last October, the Sales & Use Tax (SUT) on business-to-business (B2B) services has generated $26.4 million, the Puerto Rico Treasury Department reported.
WASHINGTON — The prognosis for Puerto Rico’s health system is already critical and will only get worse if Congress doesn’t act fast, warned a panel of doctors and finance experts meeting on Capitol Hill this week.
Former Washington, D.C. Mayor Anthony A. Williams, who steered the nation’s capital from financial ruin to prosperity, told U.S. lawmakers Tuesday that solving the immediate fiscal crisis, while absolutely essential, will not alone be sufficient to bring Puerto Rico back to the position of economic self-sufficiency.
The Puerto Rico Aqueduct and Sewer Authority is considering dipping into its rate stabilization fund to pay off $90 million due to creditors by month’s end, which would drain the reserve entirely, utility officials said Monday.
The U.S. House Subcommittee on Indian, Insular and Alaska Native Affairs Committee will hold an oversight hearing on Feb. 2 to provide commentary on a possible solution to the Puerto Rican debt crisis, emphasizing on improved management policies and long-term sustainability.
The Puerto Rico Electric Power Authority and its bondholder group announced this morning they have resumed talks, after walking away from the table nearly a week ago.
U.S. Senator Maria Cantwell (D-Wash.), ranking member of the Senate Energy and Natural Resources Committee, along with Minority Leader Harry Reid and 44 other Democrats and Independents in the Senate, wrote to Leader Mitch McConnell urging bipartisan, legislative action to give Puerto Rico access to the appropriate financial restructuring tools.
In the two years since the government passed Laws 20 and 22, some 900 companies have gotten decrees and generated more than $1.4 million in economic activity in Puerto Rico through new operations and exports, a study revealed Tuesday by the Economic Development and Commerce Department showed.
The Puerto Rico Science, Technology and Research Trust on Thursday offered details about the start of construction of Laboratory Road, a $10 million project that will be the main thoroughfare that will provide access to Science City facilities.
The Subcommittee on Indian, Insular and Alaska Native Affairs of the U.S. House Natural Resources Committee will hold a hearing on Jan. 26, to analyze Puerto Rico’s fiscal crisis.
Puerto Rico will be $923 million in the hole by summer if it meets all of its upcoming obligations, including debt service payments and payments to suppliers, as the fiscal crisis tightens its grip on the island’s finances.
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