Strengthening Puerto Rico’s Economy

Sound infrastructure is essential to any municipality. Today, funding for our municipalities remains more critical than ever. The Puerto Rico Government has an opportunity to emerge from the current situation stronger…with the U.S. Congress’s help. Improving Puerto Rico’s infrastructure, its electrical grid in particular, growing its pharmaceutical industry and getting Puerto Rico out of bankruptcy are keys to revitalizing Puerto Rico’s economy.

Below are some articles that discuss how Puerto Rico can strengthen its economy. After years of bankruptcy proceedings, fulfilling PROMESA’s goal of restoring market access for Puerto Rico’s government should remain a key goal for all stakeholders, as that is an essential ingredient to growing Puerto Rico’s economy over the long term.

Puerto Rico Housing Department asks for more time to use CDBG-DR funds
(El Nuevo Dia, 12/7/22)

Legal push to cut Puerto Rico power company debt delayed
(Associated Press, 12/1/22)

Puerto Rico: A U.S. Territory in Crisis
(Council on Foreign Relations, 9/29/22)

Puerto Rico Board Seeks Island’s Bankruptcy Exit This Year
(Bloomberg, 5/27/21)

Think tank: Broader discussion needed on use of federal recovery funds
(The San Juan Daily Star, 5/27/21)

With debt deal filed, Puerto Rico is now closer to exiting bankruptcy
(The San Juan Daily Star, 5/13/21)

Puerto Rico Oversight Board affirms PREPA deal
(The Bond Buyer, 5/12/21)

Bill refiled in Congress to develop renewable energy in PR, USVI
(The San Juan Daily Star, 4/29/21)

Puerto Rico board’s population number shown to be too pessimistic
(The Bond Buyer, 4/27/21)

Puerto Rico Debt Crunch Eases as U.S. Aid Lifts Surplus
(Bloomberg, 4/24/21)

Puerto Rico to distribute $750 million for permanent recovery projects
(The San Juan Daily Star, 4/22/21)

Governor names task force on Medicaid & Medicare
(The San Juan Daily Star, 4/20/21)

Biden administration releases $8 billion in disaster funding for Puerto Rico
(The Hill, 4/19/21)

Puerto Rico Towns to Receive Additional $100M in Pandemic Aid: Funds Totaling $300M for Emergency Services During Covid-19 Crisis
(Caribbean Business, 4/14/21)

Puerto Rico Seizes on Junk-Bond Rally With $1.8 Billion Sale
(Bloomberg, 4/8/21)

Puerto Rico ERS bond deal reached
(The Bond Buyer, 4/5/21)

Puerto Rico awarded $900M to help boost island’s education
(The Associated Press, 3/23/21)

Nearly $600 million allocated for PAN, equaling funding levels in states
(The San Juan Daily Star, 3/22/21)

Puerto Rico to get an estimated $10 billion in federal emergency aid
(The Bond Buyer, 3/17/21)

Gov’t redistributes up to $1B in disaster relief funds for island mayors
(The San Juan Daily Star, 3/17/21)

Puerto Rico Files Debt Cutting Plan to Bankruptcy Court
(Bloomberg, 3/9/21)

Puerto Rico to Slash Bond Debt in New Restructuring Pact
(Bloomberg, 2/23/21)

Oversight Board Presents Report on Manufacturing Opportunities for Puerto Rico (press release)
(The Financial Oversight and Management Board for Puerto Rico, 8/4/20)

Manufacturing Opportunities for Puerto Rico: Pharmaceuticals and Medical Devices
(Report by the Boston Consulting Group, Inc. for the Puerto Rico Financial Oversight and Management Board, 8/4/20)

Puerto Rico Healthcare Manufacturing Strategy
(Boston Consulting Group, 8/4/20)

Amid Pandemic, Puerto Rico Poised for Continued Pharma Growth: Island is home to 12 of the world’s top 20 grossing pharma companies (opinion)
(The Weekly Journal, 6/10/20)

Puerto Rico Poised to be Part of the National Conversation on Manufacturing
(Puerto Rico Report, 3/30/20)

Proskauer’s Revenue Crosses $1B Amid Growing Puerto Rico Workload: More firm lawyers than ever worked on Puerto Rico’s reorganization, while Proskauer’s London office revenue increased by 18.5%
(The New York Law Journal, 3/10/20)***

*** Then Executive Director of Puerto Rico’s Oversight Board, Natalie Jaresko, in Q1 2020 released this statement: “Not only is remaining in bankruptcy costly to the economy now, but without access to capital markets in the future, Puerto Rico’s ability to invest in infrastructure is limited. It is paramount that we turn the corner from this crisis as soon as reasonably possible.”