Puerto Rico governor ups revenue forecast in revised fiscal plan

Reuters News
Posted: Mar 11, 2017 1:43 PM

(Reuters) - Puerto Rico Governor Ricardo Rossello's revised blueprint for steering the U.S. territory out of economic crisis identifies an extra $262 million in new revenues, the governor's office announced on Saturday.

An earlier version of the plan envisioned $12.9 billion in new revenues over 10 years, but was rejected by Puerto Rico's federally-appointed oversight board, which must approve a turnaround plan for the island under the federal Puerto Rico rescue law known as PROMESA. The draft relied on overly optimistic forecasts for economic growth, the board said.

(Reporting by Nick Brown, Editing by Franklin Paul)