Puerto Rico’s federally appointed Financial Oversight and Management Board said on Friday it would postpone certification of the bankrupt U.S. commonwealth’s fiscal plan and announce a new certification date soon, Reuters reported. The board said it would also reschedule the plans to transform the island’s deficit for its power and water authorities, Puerto Rico Electric Power Authority (PREPA) and the Puerto Rico Aqueduct and Sewers Authority (PRASA). Asked about the reason for the decision, a spokesman said the board “is continuing to work with the government on the details of the plans.” The board is tasked with helping the U.S. territory manage its finances as it navigates the biggest bankruptcy in U.S. government history, trying to shed $120 billion in bond and pension debt. Natalie Jaresko, who leads the oversight board’s executive team, told Reuters she had expected the revised fiscal reform plans submitted by Puerto Rico’s government to be certified today. Read more.
The people of Puerto Rico need your help. Thousands are still without regular power service, and many more need to rebuild their homes. Please join the ABI Endowment and the Mariano Rivera foundation for a charity benefit for Puerto Rico on April 4, 2018, at the New York Athletic Club.
