The U.S. Treasury Department and storm-ravaged Puerto Rico say that they have reached a deal to let the bankrupt U.S. territory access billions of dollars in long-disputed federal loans to help it recover from last year’s Hurricane Maria, Reuters reported. In a joint news conference on Thursday in San Juan, broadcast on the internet, Puerto Rico Governor Ricardo Rosselló and U.S.
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Treasury Secretary Steven Mnuchin said he aims to wrap up negotiations today on a multi-billion dollar loan to Puerto Rico’s government that the territory’s leaders have complained is long overdue after Hurricane Maria ravaged the island in September, Bloomberg News reported.
Puerto Rico’s bankrupt power authority, PREPA, has appointed Walter Higgins as its new chief executive officer, the utility said on Tuesday, on the six-month anniversary of Hurricane Maria’s destruction of the island’s power grid, Reuters reported.
Though economic activity in Puerto Rico has picked up in recent months, businesses large and small are struggling, the Wall Street Journal reported. Electricity woes continue to plague the island, where 91 percent of power generation has been restored but the grid is prone to sudden outages.
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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.