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by Greg Williams
Friday, Mar. 31, 2017 at 3:09 PM
Puerto Rico's Financial Oversight and Management Board meets in San Juan to discuss economic growth proposals for the island.
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."
Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than 0 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org
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