The Oversight Board will give more time for Rosselló Nevares’s administration to prepare a fiscal plan and extend the stay on litigations, subject to the implementation of a cutback plan equal to one third of the operational budget
Just as Puerto Rico enters its 12th year of economic depression, the Oversight Board (OB) informed Governor Ricardo Rosselló Nevares that they are willing to grant additional time for the submission of a new fiscal plan, as long as he is willing to lay off public employees, reduce the pensions of thousands of retirees, make budget cuts for the University of Puerto Rico and Mi Salud, and get an additional $1.5 billion from the pockets of corporations and individuals.
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