Puerto Rico Gov. Alejandro García-Padilla announced Tuesday the appointment of Secretary of State Víctor Suárez as executive director and sole member of the Financial Advisory Authority and Fiscal Agency to act as the Commonwealth’s fiscal agent, financial advisor and information agent.
The FAAFA is a public corporation created by the recently enacted Puerto Rico Emergency Moratorium and Financial Rehabilitation Act, which declared a fiscal emergency given the crisis the island is facing. The agency will oversee matters relating to the restructuring or adjustment of covered obligations comprising the government’s $70 billion debt. It will also coordinate and implement contingency measures for such obligations.
The independent public instrumentality will assist government agencies so that they can face serious the fiscal emergency, García-Padilla said.
Suárez will be the only member of the agency’s board and will also serve as president and secretary. He will not receive compensation for his services, and will be responsible for appointing committees to address issues relevant to the role of the FAAFA and its board.
Suárez, who is part of the governor’s fiscal team, hasled all strategies and government efforts to manage the actions related to the fiscal crisis. He also led the Working Group for the Fiscal and Economic Recovery, and was responsible for developing the government’s fiscal adjustment plan that includes competitive measures and strategies the commonwealth must undertake to spur economic development over the next five to 10 years.