Puerto Rico in Distress

ABI Analysis

Puerto Rico’s governor on Thursday promised wage increases for teachers, police officers, firefighters and other public workers, unveiling a government budget higher than the one submitted by a federal control board that oversees the island’s finances, the Associated Press reported. It is the first budget submitted by Gov.

Facing declining enrollment, a bloated pension system and more than $341 million in debt, the University of Puerto Rico needs to cut spending, boost revenue and reduce its retirement obligations, a federally-appointed oversight board said yesterday as it unveiled its 2020 fiscal plan for the institution, Bloomberg News reported.

The Puerto Rico Federal Oversight and Management Board submitted a proposed $10 billion budget on Thursday as federal legislators debate whether to curtail the board’s power over the U.S. territory, the Washington Post reported.

The federal control board that oversees Puerto Rico’s finances sued the U.S. territorial government on Monday, asking courts to order it to provide documents related to a failed multimillion-dollar purchase of Covid-19 testing kits and other medical supplies, the Associated Press reported.