Posts Tagged: Natalie Jaresko

PROMESA Oversight Board Advises Strategies for COVID-19 Funds

Puerto Rico’s Financial Oversight and Management Board (FOMB) has sent a letter to Governor Wanda Velazquez Garced to propose strategies for using coronavirus relief funds. Puerto Rico has been allocated $2.2 billion from a $150 billion fund dedicated to state, territorial and tribal governments under the Coronavirus Aid, Relief, and. Economic Security (CARES) Act. “This funding,… Read more »

Even More People Are Leaving Puerto Rico

Two months after Hurricane Maria made landfall in Puerto Rico, most of the Island remains without electricity, safe water is not available everywhere, many businesses are still closed, and many people are still homeless. Natalie Jaresko, Executive Director of the PROMESA fiscal oversight board, predicts that 170,000 people will have left Puerto Rico between Hurricane… Read more »

The U.S. Senate Committee on Energy and Natural Resources Posts Testimony for Hearing of Hurricane Recovery Efforts in Puerto Rico and U.S. Virgin Islands

Witness testimony for today’s U.S. Senate Committee on Energy and Natural Resources  hearing on hurricane recovery efforts in Puerto Rico and the U.S. Virgin Islands has been made public. The witnesses include: The Honorable Kenneth Mapp, Governor, United States Virgin Islands The Honorable Ricardo Rosselló Nevares, Governor, Commonwealth of Puerto Rico The Honorable Bruce Walker,… Read more »

House Natural Resources Committee Examines Challenges in Puerto Rico’s Recovery

On November 7, the House Natural Resources Committee held an oversight hearing “Examining Challenges in Puerto Rico’s Recovery and the Role of the Financial Oversight and Management Board” The witness panel was composed by Natalie Jaresko, Executive Director Financial Oversight and Management Board for Puerto Rico, Noel Zamot, Revitalization Coordinator Financial Oversight and Management Board… Read more »

Rossello To Fight Board over PREPA

The administration of Puerto Rico Governor Ricardo Rossello Nevares made clear this afternoon that it would not accept the decision of the territory’s federally-named Financial Oversight and Management Board to make its infrastructure permitting (“Revitalization”) coordinator, Noel Zamont, the “emergency manager” and “Chief Transformation Officer” of the Electric Power Authority (PREPA). The Governor’s Secretary of… Read more »

Board Seeks New Fiscal Plans in the Aftermath of Hurricane Maria

The Puerto Rico Financial Oversight and Management Board “is actively working to assess how” the 10-year fiscal adjustment plans for the Government of Puerto Rico and several of its instrumentalities that it adopted “should change in the aftermath of Hurricanes Irma and Maria.” In a letter released Saturday, the Board wrote  to eleven Democratic U.S. Senators… Read more »

Board Changes Worker Furlough Plan, Steps up Pressure for Enhanced Federal Assistance

In response to the Hurricane Maria disaster that has devastated Puerto Rico, the territory’s federally-named Financial Oversight and Management Board has dropped its demand that Governor Ricardo Rossello Nevares (New Progressive Party-NPP) cut the working hours of all territorial Executive branch employees and pensions by 10% during insular Fiscal Year 2018, which ends next June… Read more »

PROMESA Board Demands Worker Cuts; Puerto Rico Government Refuses

Puerto Rico’s federally-imposed fiscal control board this morning decided that the Government of Puerto Rico would have to reduce hours of employees other than police by two days per month September 1st — but the Governor’s non-voting representative on the Board said that the Government would not comply. The Financial Oversight and Management Board established… Read more »