Breaking News. San Juan, PR In accordance with the agreed procedures, the Supervisory and Financial Management Board for Puerto Rico (JSF) and the Puerto Rico Financial Advisory and Tax Agency (AAFAF) published today,,
Saturday, the materials that were exchanged during the current mediation, related to an amended Adjustment Plan for the Associated Free State of Puerto Rico.
Initially, the creditors of the Government of Puerto Rico had provided an analysis of the Fiscal Plan for Puerto Rico, certified in May 2020, and the prospect of creditors regarding Puerto Rico’s ability to meet higher levels of obligations than those set out in the Certified Tax Plan.
According to mediation procedures, the Supervisory Board and the Government of Puerto Rico responded to creditors’ statements with a detailed presentation of the Certified Tax Plan and its analysis of Puerto Rico’s recovery and long-term economic and fiscal forecasts.
Puerto Rico has experienced a structural economic and demographic decline for more than a decade, which has been further exacerbated by recent natural disasters and the COVID-19 pandemic. Without structural change, Puerto Rico’s economy will continue to struggle to grow sustainably. Despite some progress, many structural reforms critical to sustainable economic growth have not yet been implemented. The Supervisory Board is committed to working with the Government towards implementing the necessary structural reforms.
The Supervisory Board’s proposal for an amended Adjustment Plan published in October and discussed during subsequent public meetings reflects a postponement in the implementation of structural reforms and the long-term effect of the COVID-19 pandemic on Puerto Rico’s economy.