Puerto Rico earthquake earthquake and virus revenue reduced by $ 1 billion

A bike rider rides a destroyed building in Guanica, Puerto Rico, on January 12.

Photographer: Xavier Garcia / Bloomberg

Photographer: Xavier Garcia / Bloomberg

The earthquakes that rocked Puerto Rico in January and the coronary epidemic cost the island $ 1.1 billion in estimated revenue as Governor Wanda Vasquez closed nearly all unnecessary activities to help stem the spread of the virus.

Puerto Rico’s Treasury Secretary Francisco Paris Alicia said in a statement on Wednesday that Puerto Rico collected $ 1.1 billion in revenue for the fiscal year ending June 30 compared to the original estimates. While revenue groups have fallen from initial expectations, the $ 9.29 billion that Puerto Rico brought in fiscal year 2020 is $ 276 million more than the revised revenue projections made on May 27.

The amount of Puerto Rican revenue collection will help determine the amount that the island can pay its creditors. US soil is seeking to cut nearly $ 18 billion in Commonwealth debt. A supervisory authority managing Puerto Rico’s bankruptcy in May cut $ 15 billion from the estimated amount available to pay the capital and interest until 2032 after the virus disrupted the island’s economy.

Puerto Rico’s tax revenues were strong in the first seven months of fiscal year 2020, reaching $ 667 million above the original estimates. A 6.4-magnitude earthquake in January, additional plus dependencies and a coronavirus changed that as revenue groups from February to July were $ 1.78 billion lower than the original budget forecast, with company revenue, sales, and individual taxes falling further.

Officials revised their revenue forecasts on May 27 to reflect the sharp drop in economic activity.

Before he was here, he is at Bloomberg Station.

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