Governor, FOB Reach Budget Agreement; Legislature Still Not On Board The Governor and the Fiscal Oversight Board reached an agreement to resolve an impasse that threatened to further delay the budget process. The Governor agreed
Bondholders Reach Tentative Deal to Restructure Half of Puerto Rico’s Debt; FOB, Commonwealth Oppose Agreement but Fiscal Board Calls Framework “Step in the Right Direction” Groups holding up to half of Puerto Rico’s $70 billion
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More Questions Than Answers After Senate Energy Hearing The Senate Energy and Commerce Committee held a hearing on the path forward for Puerto Rico’s electricity grid, eight months after Hurricane Maria devastated the Island. Committee
Fiscal Plan Puts FOB on Collision Course with Governor Late last week the Fiscal Oversight Board approved 10-year fiscal plans for the Commonwealth, the Electric Power Authority (PREPA), the Aqueduct and Sewer Authority (PRASA), the
PREPA Privatization Hits a Snag Senate Special Committee on Energy Chairman Larry Seilhamer (NPP) said that the bill to privatize the Electric Power Authority (PREPA) would undergo changes. Seilhamer stated that the legislation will leave
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HUD Awards $18 Billion in CDBG Funds to the Island The US Department of Housing and Urban Development (HUD) announced it will award an additional $7.5 billion to Puerto Rico under the Community Development Block
PREPA Board Appoints New Executive Director PREPA appointed a new Executive Director, Walter M. Higgins III, who will come out of retirement to lead the utility starting this Sunday. Prior to retiring, Higgins lead the
Report: Government Awards $2 Billion in Contracts After Hurricane Maria; Half of Contracts were Unrelated to the Storm El Nuevo Día newspaper released a review of contracts awarded by the Commonwealth in the aftermath of Hurricane
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US Treasury releases partial disaster loan to Puerto Rico The US Department of Treasury announced that it has authorized a $2.065 billion loan, as part of a Community Disaster Loan (CDL) that Congress authorized to
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Revised Fiscal Plan to Produce Surplus this Fiscal Year Governor Ricardo Rosselló submitted a revised fiscal plan to the Fiscal Oversight Board (FOB) last night. The revised plan projects a budget surplus at the end
