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  • Writer's pictureThe San Juan Daily Star

Governor signs executive order for credit recovery, other fiscal responsibility measures

By The Star Staff

Gov. Pedro Pierluisi Urrutia announced on Tuesday the signing of Executive Order (EO) 2024-004, a measure that creates the Working Committee for the Recovery of the Credit Rating of the Government of Puerto Rico and Its Public Corporations, as well as the Governor’s Economic Council, both initiatives aimed at promoting the fiscal and financial stability of Puerto Rico.

“Puerto Rico’s fiscal situation has improved substantially in the last three years, with balanced budgets, historic [revenue] collections and government efficiency measures that have generated positive results,” the governor said in a written statement. “In addition, five audited financial statements have been issued since 2021, which represents significant progress in terms of tax transparency. However, we must continue working to ensure that this progress is maintained and that Puerto Rico fully regains access to the capital markets under reasonable terms.”

The “Working Committee” will function as an advisory body to evaluate the factors considered by the credit rating agencies, with the objective of guaranteeing Puerto Rico’s access to the capital markets under favorable conditions. The committee will make recommendations to the Fiscal Agency and Financial Advisory Authority to incorporate the parameters considered by the rating agencies in public policy, and will coordinate its efforts with the Financial Oversight and Management Board established by the Puerto Rico Oversight, Management and Economic Stability Act, commonly known as PROMESA.

Meanwhile, the Governor’s Economic Council will function as an advisory body attached to the Office of the Governor, providing advice and recommendations to the chief executive on the sustainable economic development of Puerto Rico. It will be made up of five professionals with recognized experience in the fields of economics, planning, finance and public policy.

Tuesday’s executive order also continues other fiscal responsibility measures previously included in another EO.

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