Puerto Rico’s economic situation raises serious questions about the capacity of policymakers to get it under control.
A renewed slide in investor confidence, on the heels of worsening economic and budgetary trends in Puerto Rico, raises the specter that in the absence of enlightened political leadership in San Juan, the U.S. Congress may soon have to establish a federal oversight board to manage the Commonwealth’s grave fiscal situation.
Puerto Rico Gov. Alejandro García-Padilla announced changes to his fiscal team Wednesday that call for shifting Treasury Secretary Melba Acosta to the helm of the Government Development Bank, and naming Juan Zaragoza-Gómez as her successor at the agency. The governor also announced the appointment of Luis Cruz as director of the Office of Management and Budget.
A team of federal officials representing several agencies will come to Puerto Rico next month to help the local government navigate through the economic crisis, prompting more rumblings of the possibility of a receivership for the island.
Puerto Rico Government Development Bank President Javier Ferrer told lawmakers Tuesday that without the necessary measures, the institution he heads will not have the capacity to float petitions by public corporations by summer.
El presidente de la Sociedad de Contadores Públicos Certificados de Puerto Rico, Kenneth Rivera-Robles, instó a todos los sectores a establecer un programa de reformas para ayudar a los nuevos líderes de la isla a superar la crisis actual.
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