The Fiscal Board accepts the legislative amendments to the project to restructure the public debt

The Fiscal Oversight Board (JSF) indicated this Thursday that it is willing to continue with the confirmation process of the Adjustment Plan, so it will not be necessary to enter into a mediation process.

The (Board) carefully reviewed Law 53 of 2021, before House Bill 1003, adopted by the Legislature of Puerto Rico and signed by Governor Pedro Pierluisi on October 26, 2021 and concluded that the changes made by the Legislature to the legislation amended after the October 25 hearing by the federal court of the District of Puerto Rico forms the basis for the issuance of new general obligation bonds, which is part of the seventh Adjustment Plan “the agency said in a written statement.

According to the agency, the measure will allow to continue without entering a mediation process as ordered by Judge Laura Taylor Swain last Monday, in case the parties continue to disagree.

“I am relieved and satisfied that we are back on track to move forward with the PDA to end the painful bankruptcy of Puerto Rico,” said Board President David Skeel, adding that the plan on the table reduces the debt of the central government at sustainable levels and its confirmation will provide the footing for “sustainable economic growth.”

After learning of the agency’s decision, Governor Pierluisi indicated that “Puerto Rico is on the way to recovery.”

“The wise decision to go ahead with the confirmation of the PDA to make the debt restructuring of the government of Puerto Rico viable is a great step towards the promising future of Puerto Rico,” said the president.

Pierluisi thanked the Board for “its willingness to reach the consensus that Puerto Rico needs” to redirect efforts towards rebuilding the island.

Stay tuned to ElNuevoDí for more details.