Puerto Rico’s financial oversight board told the bankrupt island’s governor on Monday to revise his proposed fiscal turnaround plan to add more detail on labor and other reforms, and to create room in the budget for a $1.3 billion emergency fund, Reuters reported. In a letter to Governor Ricardo Rosselló, the federally appointed, seven-member panel set a Feb.
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Dozens of entrepreneurs, made newly wealthy by blockchain and cryptocurrencies, are heading en masse to Puerto Rico this winter, the New York Times reported.
Puerto Rico’s bankrupt power utility, PREPA, is close to replacing former Executive Director Ricardo Ramos, a member of the utility’s board said yesterday during a panel discussion on the U.S. territory’s storm-ravaged energy sector, Reuters reported.
Governor Ricardo Rossello said yesterday that assets of the Puerto Rico Electric Power Authority (PREPA), the largest U.S. public power provider, could reap as much as $4 billion, Bloomberg News reported. The governor is seeking to place the bankrupt utility into private hands.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.