Microsoft Corp. could be close to landing a contract to implement a unified accounting system across Puerto Rico government agencies, which currently are unable to share data with each other, making reporting a challenge.
Government Development Bank President Melba Acosta said Tuesday the administration “has faith” it will pull Puerto Rico out of the fiscal abyss it is currently in, and will set up mechanism to avoid a repeat of the island’s current $73 billion debt scenario.
Investors in Puerto Rico debt got double-whammied by the island’s government Monday, which missed a $58 million debt payment as it had predicted it would, and separately told creditors it has temporarily suspended monthly deposits to its General Obligation (GO) bonds redemption fund.
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