Puerto Rico Wins Deal With Mnuchin to End Impasse Over Loans
- Treasury chief promises to executue loan deal “quickly”
- Island officials had complained about delayed disaster funds
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U.S. Treasury Secretary Steven Mnuchin struck an agreement with Puerto Rico that will speed up the island’s to access to federal disaster loans, ending an impasse over funds the bankrupt island needs to rebuild from the storm that ravaged it six months ago.
After meeting with Puerto Rico Governor Ricardo Rossello in San Juan, the two announced they reached a deal that will allow the territory to access community-disaster loans once its cash balance drops below $1.1 billion, up from a previously proposed $800 million threshold. The government had about $1.45 billion as of March 9.