Puerto Rico Introduces New Financial Plan, Details of Coronary Virus Impact | Business

The Puerto Rico government said on Monday that it had asked a federal oversight board to postpone austerity measures for at least two years and warned that it did not have enough money to pay bond holders as it struggled with the costs of recent earthquakes, the COVID-19 crisis and a post-hurricane Irma and Maria hurricane.

The officials said they have submitted a revised financial plan requested by the board of directors that oversees the island’s finances and said that US soil is preparing for billions of dollars in losses as a result of reduced tax revenue and lower tourists, among other factors.

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The recording came as the US Federal Emergency Management Agency announced it was extending the suspension of field operations related to a series of earthquakes due to the closure of the coronavirus.

On Saturday, a 5.5-magnitude earthquake damaged several southern towns, and continued a series of earthquakes that started in late December, causing losses estimated at $ 1 billion.

The government has cited these costs, as well as the upcoming hurricane season expected to be more active than usual and the COVID-19 crisis officials estimate will have an impact of $ 5.7 billion on the economy in its request to delay austerity measures.

The plan states that “Puerto Rico must be realistic and wise in preserving its resources in preparation for the unknown and unexpected events that have become increasingly inevitable.”

The Federal Monitoring Board did not immediately reply to a request for comment. It is unclear whether it will accept the proposed changes, which include the rejection of pension cuts requested by the Board.

Last week, the council ordered that the Puerto Rico municipalities pay a total of $ 66 million owed to the central government, despite some mayors warning that such a move would make them bankrupt.

Omar Marrero, Executive Director of the Financial and Financial Advisory Authority in Puerto Rico, said in a statement that he hoped to reach “reasonable agreements” with the Council in the coming weeks on the revised financial plan.

The plan was introduced on Sunday, exactly three years after Puerto Rico submitted its largest bankruptcy in the United States ever after announcing that it cannot pay the public debt burden of more than $ 70 billion.

Government officials stressed in their plan that COVID-19 would have “much broader and more profound” repercussions for Puerto Rico’s economy than any previous disaster despite the federal aid that was received. US soil is in the midst of a two-month closure as economists warn that real gross national product may contract by nearly 8% next year.

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