For Immediate Release
Puerto Rico Oversight Board Holds Economic Growth Meeting
WASHINGTON - Puerto Rico's Financial Oversight and Management Board meets in San Juan to discuss economic growth proposals for the island. At its March meeting, the board accepted Governor Rosselló's fiscal plan for a balanced budget.
"There is no path for economic growth in Puerto Rico without a major debt restructuring," stated Eric LeCompte, who is attending the San Juan meetings. LeCompte is the head of the religious development group Jubilee USA and he testified to the oversight board during their November meeting. "The island needs to be very careful about further austerity programs as these programs can deter economic growth."
Last December, a bipartisan Congressional task force made economic growth recommendation for the island. Puerto Rico's Archbishop Roberto González and Bible Society head Reverend Heriberto Martínez sent a letter to Congress last week urging action on the healthcare and child tax benefit recommendations. Medicaid in Puerto Rico is currently funded under a block grant. When it runs out, the island is expected to only receive enough funding to pay for less than one-third of its Medicaid related expenses.
"Both Congress and the oversight board have roles to play in resolving Puerto Rico's financial crisis," stated LeCompte. "Any decisions that are made in the coming months must carefully consider how vulnerable communities will be impacted."
Read the letter Archbishop González and Reverend Martínez sent to Congress