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. We're not going anywhere. Stand up for truly independent, trusted news that you can count on! Donate now 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. We're not going anywhere. Stand up for truly independent, trusted news that you can count on! Donate now