Oversight Board certifies fiscal plans for PRIDCO, COSSEC, 10 towns
July 1, 2020
The Financial Oversight and Management Board for Puerto Rico announced that it certified the Fiscal Plans for the Puerto Rico Industrial Development Company (PRIDCO, in Spanish) the Public Corporation for Supervision and Insurance of Cooperatives (COSSEC, in Spanish) and 10 towns. “Both institutions are important contributors to Puerto Rico’s recovery and economic development,” said the […]
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Puerto Rico Oversight Board certifies COFINA fiscal plan
June 23, 2020
The Financial Oversight and Management Board for Puerto Rico announced that it certified the government of Puerto Rico’s updated Fiscal Plan for the Puerto Rico Sales Tax Financing Corporation (known as COFINA, in Spanish). The 2020 Fiscal Plan for COFINA is “based on the macroeconomic projections outlined in the Certified Fiscal Plan for the Commonwealth […]
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Oversight Board’s ’20 Fiscal Plan proposes 1-yr. pause on gov’t rightsizing
May 27, 2020
The Financial Oversight and Management Board for Puerto Rico today presented the 2020 Fiscal Plan for the Commonwealth of Puerto Rico for certification, which calls for, among other actions, a one-year delay in most government rightsizing activity to allow it to focus on structural reforms and efficiency measures. The document will be up for the […]
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Oversight Board unveils plan to help municipalities pay retirement benefits
April 29, 2020
The Financial Oversight and Management Board for Puerto Rico today presented the Municipal Revenues Collection Center (CRIM, in Spanish), Puerto Rico’s municipalities, and the government of Puerto Rico a repayment plan for towns to reimburse the Commonwealth for the retirement benefits paid to municipal retirees. The repeal of Puerto Rico Law 29-2019 by the U.S. […]
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Oversight Board makes suggestion to gov’t on use of $2.2B CARES Act funds
April 27, 2020
The Financial Oversight and Management Board for Puerto Rico offered the central government suggestions on how to spend the $2.2 billion allocation through the CARES Act to finance unbudgeted expenses related to the pandemic “in a way that is consistent, efficient, and transparent.” “The funds provided by the CARES Act are considerable and, if used […]
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Oversight Board launches COVID-19 information web page
April 17, 2020
The Financial Oversight and Management Board for Puerto Rico launched a web page providing information on the emergency measures by the U.S. and Puerto Rico governments, and how individuals and businesses can access the funds provided by several agencies. The Oversight Board created a page on its website to consolidate the information on the various […]
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Vázquez signs off on $500M to prop Puerto Rico’s economy amid COVID-19
March 30, 2020
Gov. Wanda Vázquez over the weekend signed off on an economic aid package for Puerto Rico’s individuals and businesses whose finances have been affected by a lockdown and 24/7 curfew in effect since Mar. 15, to contain the coronavirus COVID-19 spread. The first $500 million in assistance from the Emergency Measure Support Package that will […]
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OBoard to ask U.S District Court to pause $35B debt restructuring process
March 23, 2020
The Financial Oversight and Management Board for Puerto Rico announced that in light of the health crisis unleashed by the coronavirus (COVID-19), it will a motion in court to adjourn consideration of the proposed Plan of Adjustment’s disclosure hearing until further notice. Less than a month ago, the Oversight Board presented a proposed Plan of […]
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OBoard: Allowing foreign air carriers to expand will make P.R. ‘regional hub’
February 21, 2020
The Financial Oversight and Management Board for Puerto Rico welcomed the decision by the U.S. Department of Transportation to tentatively grant Puerto Rico’s request to allow foreign air carriers to engage in expanded cargo and passenger transfer operations at Puerto Rico international airports. “Removing regulatory burden that inhibits cargo commerce between Puerto Rico, the mainland, […]
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OBoard reaches deal with P.R. creditors to restructure $35B in debt
February 10, 2020
The Financial Oversight and Management Board for Puerto Rico has reached an agreement with certain Commonwealth bondholders to resolve $35 billion of debt and non-debt claims via a revised plan of adjustment. The new agreement reduces the Commonwealth’s debt service (including principal and interest from the COFINA Senior Lien bonds) by 56%, to $39.7 billion […]
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UPR, Justice Dept. head initiative to reduce property registry backlog
February 5, 2020
The Financial Oversight and Management Board for Puerto Rico welcomed today a new initiative to reduce the backlog of property deeds and other documents yet to be registered in Puerto Rico. This initiative was launched with the University of Puerto Rico and the Department of Justice. The new program, designed to tackle more than 400,000 […]
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Analysis: Mistaken assumptions on recovery funds could stump P.R.’s future growth
December 9, 2019
The Financial Oversight and Management Board for Puerto Rico’s admission that there will be significantly less federal recovery money flowing into the island could stump the island’s future growth and debt restructuring talks, an analysis by the H. Calero Consulting firm stated. Recently, the Oversight Board confirmed that the island would get about $30 billion […]
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Open Spaces urges Congress to push for greater transparency from OBoard
October 31, 2019
Nonprofit organization Open Spaces posed to several members of U.S. Congress that if the Financial Oversight and Management Board for Puerto Rico is not eliminated, transparency regulations must be imposed on its executives and its contractors, a firmer code of ethics, and a re-routing of the failed fiscal policies the body has implemented. In a […]
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Op-Ed: P.R. Financial Oversight Board was unconstitutionally appointed
August 30, 2019
By 2016, Puerto Rico’s government was in dire financial straits. To avoid bankruptcy, Congress enacted the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”), creating a board responsible for restructuring the island territory’s substantial public debts. But there are serious questions regarding the constitutionality of this Financial Oversight and Management Board for Puerto Rico […]
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OBoard OKs use $260M in Emergency Reserve Funds for Dorian-related expenses
August 29, 2019
In light of Hurricane Dorian and the related Federal declaration of a state of emergency for Puerto Rico, the Financial Oversight and Management Board authorized the government to dip into some $260 million in Emergency Reserve funds from fiscal years 2019 and 2020. Although for the most part, Puerto Rico dodged a bullet, Hurricane Dorian […]
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