Following Sunday’s confirmation that Puerto Rico Treasury Secretary Juan Zaragoza had stepped down from his post at the Government Development Bank’s board of directors, to “avoid a conflict of interest,” a group of bi-partisan lawmakers demanded transparency from the troubled public agency.
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.
Drops in electric power generation, gasoline consumption and cement sales kept Puerto Rico’s economic activity in negative territory in November, according to the Government Development Bank’s Economic Activity Index (GDB-EAI) released Tuesday.
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