With an estimated $700 million in the Government Development Bank’s coffers and a Treasury Department that reported $488.6 million in revenue collections in November, Gov. Alejandro García-Padilla announced Sunday public sector employees will receive their Christmas bonuses, as established by law.
The Puerto Rico Government Development Bank announced today it has met its scheduled payments of $354 million in principal and interest after Gov. Alejandro García-Padilla instructed his fiscal team to redirect available revenues from other instrumentalities by activating contractual clawback provisions.
Puerto Rico’s economic activity increased by 1.0 percent on a year-over-year basis in October, and reflected a month-over-month increase of 0.2 percent, according to the Government Development Bank’s Economic Activity Index released Monday.
The government of Puerto Rico is facing a busy week with the development of three key events on- and off-island, headed by a decision to make a $354 million bond payment by the Dec. 1 deadline.
The Government Development Bank has contracted New York-based Bondholder Communications Group, LLC to develop a communications database of information regarding bonds issued by the government and their value, a report by the Center for Investigative Journalism released Wednesday confirmed.
Puerto Rico Government Development Bank President Melba Acosta confirmed Tuesday that the agency will not be publishing the Comprehensive Annual Financial Report on Oct. 30, as it had announced earlier this year it would do.
Puerto Rico’s economic activity registered a year-over-year decrease of 0.4 percent, and a month-over-month reduction of 0.3 percent, according to the latest index released by the Government Development Bank Thursday.
The Puerto Rico Government Development Bank released Monday its latest liquidity report showing the agency had $777.8 million left as of May 31, representing a 24 percent drop from the $1.02 billion it had in April.
The José M. Berrocal Institute for Economics and Finance, a subsidiary of the Government Development Bank for Puerto Rico, this week welcomed 28 talented college students to its 13th internship program, which will provide them a professional development opportunity in the different government agencies.
Government Development Bank President Melba Acosta came down hard on Moody’s Investors Service’s decision to downgrade the Commonwealth’s credit rating deeper into junk status by saying the move shows “ratings agencies are totally out of tune with what’s happening” in Puerto Rico.
The Government Development Bank for Puerto Rico released its most recent liquidity statement late last week, showing a balance of $1.02 billion net as of April 30, representing a drop from the $1.11 billion the agency reported for the prior month.
The Puerto Rico Government Development Bank on Wednesday released a revised Economic Activity Index for March that registered a -0.4 percent year-over-year reduction, and a month-over-month increase of 0.5 percent.
The Puerto Rico Government Development Bank (GDB) warned Gov. Alejandro García-Padilla that without an approved tax reform and a budget adjusted to public spending and the island’s fiscal reality, the government could run out of money and shut down within the next three months.
The strategy set forth by Gov. García-Padilla’s administration to try shore up liquidity for the Government Development Bank for Puerto Rico through the reliance on a recently approved oil tax hike may fall short if prices increase, or the island’s population continues to shrink, economist firm H. Calero Consulting exposed in its most recent monthly publication.
Government Development Bank President Melba Acosta-Febo announced Wednesday the range of government banking services that are now available to public corporations, agencies and municipalities, essentially provided at no charge.
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