By — Associated Press Associated Press Leave a comment 0comments Share Copy URL https://www.pbs.org/newshour/economy/puerto-ricos-economy-will-shrink-11-percent-by-2019-governor-says Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter Puerto Rico’s economy will shrink 11 percent by 2019, governor says Economy Jan 25, 2018 6:50 AM EDT SAN JUAN, Puerto Rico — Puerto Rico’s governor has submitted a revised fiscal plan that estimates that the U.S. Caribbean territory’s economy will shrink by 11 percent and its population drop by nearly 8 percent next year. The proposal released early Thursday doesn’t set aside any money to pay creditors in the next five years as the island struggles to restructure a portion of its $73 billion public debt. The plan also assumes Puerto Rico will receive $35 billion in federal funds to help it recover from Hurricane Maria and another $22 billion from private insurance companies. Gov. Ricardo Rossello said he aims to reduce the island’s structural deficit from $1.6 billion to $27 million in the next five years. A federal control board overseeing Puerto Rico’s finances has to approve of the plan. By — Associated Press Associated Press
SAN JUAN, Puerto Rico — Puerto Rico’s governor has submitted a revised fiscal plan that estimates that the U.S. Caribbean territory’s economy will shrink by 11 percent and its population drop by nearly 8 percent next year. The proposal released early Thursday doesn’t set aside any money to pay creditors in the next five years as the island struggles to restructure a portion of its $73 billion public debt. The plan also assumes Puerto Rico will receive $35 billion in federal funds to help it recover from Hurricane Maria and another $22 billion from private insurance companies. Gov. Ricardo Rossello said he aims to reduce the island’s structural deficit from $1.6 billion to $27 million in the next five years. A federal control board overseeing Puerto Rico’s finances has to approve of the plan.