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Credit unions new bill would push the government into a deficit

The Fiscal Board claims that there will not be a balanced budget this year if it pays for the losses suffered by cooperatives with Puerto Rico’s bonds

July 4, 2024 - 5:41 PM

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Robert Mujica, executive director of the Financial Oversight and Management Board, indicated that if the government takes action on PS 644, the fiscal year 2025 budget could be considered the second of four balanced budgets. (Nahira Montcourt)

By Efraín Montalbán Ríos

Periodista de Negociosefrain.montalban@gfrmedia.com

The government did not comply with what would be the second balanced budget submitted to the Financial Oversight and Management Board (FOMB), among other things, because it included amid its expenses the bill that would create a mitigation plan for the cooperatives to recover some $400 million for the losses the sector experienced with the Puerto Rico bonds.