The federal control board overseeing Puerto Rico’s finances announced its focus on fostering economic growth in the U.S. territory as it emerges from an extensive bankruptcy process. Robert Mujica, the board’s new executive director, presented a new fiscal plan, which will serve as Puerto Rico’s economic blueprint for the near future.
The proposed plan calls for an overhaul of the island’s education, tax, and infrastructure sectors, as well as attracting more investors by reinforcing its fragile power grid and streamlining business processes. The board aims to collaborate with government officials, education leaders, and NGOs to strengthen Puerto Rico’s education sector, which has long been underperforming. The fiscal plan also calls for an extensive review of the island’s tax system.
The board was created by the U.S. Congress in 2016 and will continue to oversee Puerto Rico’s finances until the territory approves four consecutive balanced budgets. In response to the news conference, Puerto Rico Governor Pedro Pierluisi said his administration is still analyzing the fiscal plan and supports reforms in various sectors.