BREAKING NEWS

Puerto Rico governor ups revenue forecast in revised fiscal plan

By REUTERS

MARCH 11, 2017 20:57

Puerto Rico Governor Ricardo Rossello's revised blueprint for steering the U.S. territory out of economic crisis identifies an extra $262 million in new revenues, the governor's office announced on Saturday.

An earlier version of the plan envisioned $12.9 billion in new revenues over 10 years, but was rejected by Puerto Rico's federally-appointed oversight board, which must approve a turnaround plan for the island under the federal Puerto Rico rescue law known as PROMESA. The draft relied on overly optimistic forecasts for economic growth, the board said.

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