Federal Control Board Overseeing Puerto Rico’s Finances Predicts ‘Tepid’ Economic Growth

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PUERTO RICO: The federal appointed control board overseeing the U.S. territory’s finances released on Monday its second annual report to the U.S. president, Congress and the governor and legislature of Puerto Rico. Chairman José Carrión said the board has made progress on its objectives of achieving fiscal balance and resolving the debt crisis, but the report criticizes Puerto Rico’s government for refusing to eliminate labor protections. The report blames on this refusal its prediction of “merely tepid economic growth” after 2023 when the effect of the federal disaster recovery stimulus wears off. The federal board has a budget of $60 million for professional services paid for by the bankrupt archipelago and has already spent $52.4 million since it was established by Congress in 2016…

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