In-Brief

College of Engineers, Surveyors warns of loss of funds if gov’t crisis continues

The Puerto Rico College of Engineers and Surveyors urged the government to avoid the paralysis of the economy by acting quickly to resolve the political crisis it is going through.

“This is not a matter of parties or governors, but of the island. We’re in the international spotlight and our economy is paralyzed,” said Pablo Vázquez-Ruiz, president of the trade group known as the CIAPR.

“Puerto Rico desperately needs recovery funds to put all its infrastructure back on its feet. The disbursement of the funds depends in turn on private investment that is required to finance all the projects required in the public and private sectors,” said Vázquez-Ruiz.

He further expressed concern about the possibility that a political destabilization will lead to a paralysis of all economic activity on the island, particularly reconstruction projects related to the damages caused by Hurricane María in September 2017.

“You have to act quickly to avoid further damage. You have to make firm decisions as an island and regain credibility. Otherwise, we will not pull out of this crisis,” he added.

He said Congress and the private sector have stopped to observe the development of political events “and it’s the government’s responsibility to hurry in fixing the political environment so that it does not affect the island’s economic future.”

“The longer the political crisis spreads, the more we lose confidence in our ability to manage the resources we need,” he said. “The College urges the government to take decisive measures to resolve this crisis.”

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This story was written by our staff based on a press release.

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