During a media roundtable today on the Covid-19 pandemic’s impact on Puerto Rico’s public finances and economy, nonprofit Espacios Abiertos called for a moratorium of at least a year on all debt payments, including restructured COFINA and Government Development Bank bonds, and said the proposed commonwealth plan of adjustment and the proposed Puerto Rico Electric Power Authority’s restructuring support agreement are no longer viable and need to be reworked.
Espacios Abiertos Senior Public Policy Analyst Daniel Santamaría Ots, an economist, said that the recommendations are based on the new financial and economic projections contained in the revised commonwealth fiscal plan draft that the administration of Gov. Wanda Vázquez recently presented to the PROMESA oversight board. In a report issued today, the analyst argues that the new draft confirms the unsustainability of the proposed plan of adjustment and demonstrates that previous austerity measures enacted by the commonwealth have failed to improve financial or economic conditions.
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