The U.S. Treasury Secretary Steven Mnuchin said the federal government is prepared to extend Puerto Rico the loans approved by Congress to help it recover from Hurricane Maria, disputing assertions from island officials that the funds have been needlessly delayed, Bloomberg News reported.
Puerto Rico in Distress
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The message coming out of an investment conference here in February was simple and optimistic: “Puerto Rico is open for business.” Attendees noted San Juan’s crowded restaurants and traffic-choked streets. But more than five months after Hurricane Maria plowed through Puerto Rico, some parts of the island are still in the dark, the New York Times reported.
Fluor Corp. said that it was prevented from fulfilling one-fourth of what was a $1 billion federal deal to repair Puerto Rico’s power grid over a legal dispute unfolding largely out of public view, WSJ Pro Bankruptcy reported. The U.S.
Puerto Rico faces a “dangerous financial dilemma” because of the U.S. Treasury Department’s delay in providing billions of dollars of disaster relief needed to help it recover from the wreckage caused by Hurricane Maria, the island’s governor said in a letter to Senate and House leaders, Bloomberg News reported.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.