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SAN JUAN, Puerto Rico (AP) — The federal control board overseeing Puerto Rico's finances says it is inclined to extend both a debt moratorium and a deadline for the U.S. territory's government to submit a revised fiscal plan.
The board made the announcement Wednesday as it ordered Puerto Rico's new governor to present a plan that would generate $4.5 billion a year in revenue or savings through 2019. Officials said the U.S. territory should reform its tax system and reduce health care and higher education spending as well as the size of government.
Officials say the board might accept a revised fiscal plan by Feb. 28 and extend a debt moratorium until May 1, but only on conditions including that the government not take on more loans and that it develop a liquidity plan.
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