Puerto Rico submits revised fiscal turnaround plan to oversight board

Reuters News
Posted: Mar 13, 2017 10:49 AM

NEW YORK (Reuters) - Puerto Rico on Monday laid out a revised fiscal turnaround plan forecasting $900 million in new revenues in the next fiscal year, and another $850 million in spending cuts to the U.S. territory's federally appointed financial oversight board. 

Gerry Portela, the executive director of the Fiscal Agency and Financial Advisory Authority (AAFAF) told the board the plan would also save $100 million in fiscal 2018 healthcare spending. The board, meeting in New York, is required to approve a turnaround plan for the U.S. commonwealth which is working to restructure some $70 billion in debt.

The board is expected to vote on Monday whether or not to accept the revised plan. The interim executive director of the board, Ramon Ruiz Comas, speaking during the meeting recommended that the revised plan be certified.

(Reporting By Nick Brown; Editing by Chizu Nomiyama; Editing by Daniel Bases)