Puerto Rico Announces Largest Budget in History

Puerto Rico ’s governor said Tuesday that the U.S. territory’s budget for the upcoming fiscal year will be the largest in history at $14 billion, with new funds meant to help the island’s elderly population , reduce violence and expand solar power programs , among other things. The announcement was made during Gov. Pedro Pierluisi’s annual territorial address, where he spoke for more than one hour, highlighting his administration's achievements as he seeks re-election this year.

He noted that Puerto Rico’s economy has strengthened after the government filed for the biggest U.S. municipal bankruptcy in history nearly seven years ago, although the $9 billion debt of the state power company has yet to be restructured. Pierluisi also touted reconstruction efforts following Hurricane Maria, which pummeled the island as a powerful Category 4 storm in September 2017, and a series of powerful earthquakes that struck southern Puerto Rico starting in late 2019. “We still have a lot to d

Puerto Rico Budget Fiscal Year Funds Elderly Population Violence Reduction Solar Power Programs Economy Bankruptcy Debt Reconstruction Hurricane Maria Earthquakes

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