OVERSIGHT BOARD GRANTS EXTENSION FOR THE GOVERNMENT TO SUBMIT REVISIONS TO THE COMMONWEALTH BUDGET FOR FISCAL YEAR 2019

(San Juan, PR – May 15, 2017) – The Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”) created by Congress under the bipartisan Puerto Rico Oversight, Management and Economic Stability Act (“PROMESA”) today announced it granted the Government of Puerto Rico’s request for an extension to submit revisions to the Commonwealth Budget for Fiscal Year 2019. The new deadline will be this Friday, May 18, 2018 at 5:00 pm.

In a letter to Governor Ricardo Rosselló, Senate President Thomas Rivera Schatz and House Speaker Carlos Méndez Núñez, the Oversight Board noted that, accordingly, the new deadline for the Oversight Board to make its determination pursuant to Section 202(c) of PROMESA is Friday, May 25, 2018 at 5:00pm.

The Oversight Board’s letter to the Governor and legislative leaders may be accessed here.