Puerto Rico oversight board to meet this week to certify fiscal plan

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April 15, 2018 3:04 PM EDT

The flag of Puerto Rico flies outside the Capitol building in San Juan, Puerto Rico May 4, 2017. REUTERS/ Alvin Baez

By Jessica Resnick-Ault

NEW YORK (Reuters) - The oversight board for Puerto Rico, created by Congress, will hold public hearings on Thursday and Friday to certify revised fiscal plans for the commonwealth, the board said on Sunday.

The board is expected to approve plans for the commonwealth, as well as the island's utility, Puerto Rico Electric Power Authority (PREPA), and other government-controlled entities at the meetings in San Juan on April 19 and April 20.

The board and Governor Ricardo Rossello have been at odds on issues including how pensions and labor reforms should be handled.

Congress created the board under the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), which was signed into law in June 2016.

In May last year, Puerto Rico filed the largest-ever U.S. local government bankruptcy.

The island's woes were compounded in September when Hurricane Maria tore through its outdated infrastructure and caused tens of billions of dollars in damage.

(Reporting by Jessica Resnick-Ault; Editing by Daniel Wallis)


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