Puerto Rico Still Waits for $4.9 Billion From U.S. Treasury
- Promised loans haven’t arrived as island’s cash dwindles
- Rossello administration in talks with Washington over funds
Who Pays The Bill When Mother Nature Strikes?
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Over two months after Hurricane Maria devastated Puerto Rico, the island’s government still hasn’t received any of the $4.9 billion of short-term loans promised in the storm aid package Congress passed at the end of October.
Christian Sobrino, the governor’s representative on the island’s federal oversight board, confirmed Friday that no Puerto Rican entity has received any portion of the funds, which were requested for basic functions like making payroll. This week, the Puerto Rican government told the fiscal control board that the electric company, Prepa, and water utility, Prasa, would run out of money in December.