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Puerto Rico oversight board rejects governor's fiscal turnaround plan
March 9, 2017 / 9:11 PM / 7 months ago

Puerto Rico oversight board rejects governor's fiscal turnaround plan

NEW YORK, March 9 (Reuters) - Puerto Rico’s federally appointed fiscal oversight board rejected on Thursday a fiscal turnaround plan proposed by Governor Ricardo Rossello, saying it did not comply with PROMESA, the restructuring law passed last year by the U.S. Congress.

In a letter obtained by leading newspaper El Nuevo Dia and posted on its website, the board said the plan to put the U.S. Commonwealth on a sustainable fiscal path was insufficient.

“The Board has determined that the Proposed Plan does not comply with the requirements set forth in PROMESA,” the letter said. Representatives of the board said it was not making the letter public, and Rossello’s office said it could therefore not make the letter public either as a matter of protocol.

“The Proposed Plan does not provide a path to restructuring debt and pension obligations to reach a sustainable level, and ensuring funding of essential services for the people of Puerto Rico,” the letter said. (Reporting By Daniel Bases; Editing by Jonathan Oatis)

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