Puerto Rico Says Shortfall to Increase to $23.9 Billion
- Commonwealth revises its fiscal and economic growth plan
- Puerto Rico is seeking to reduce a $70 billion debt load
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Puerto Rico said the island’s financial situation is worsening and increased estimates of how much the commonwealth will fall short of being able to make debt payments over the next decade to $23.9 billion.
Revenue will fall short of covering principal and interest payments each year through 2025, according to an updated fiscal and economic growth plan released by Governor Alejandro Garcia Padilla’s administration Monday. The payment deficit over the next five years has widened to an estimated $16.06 billion, up from a $14 billion forecast in September. Creditors asked Puerto Rico to extend the plan to 10 from five years, the administration said.