Blog

Since 2020, 170 students from the University of Puerto Rico’s faculties of Law, Business Administration, Social Sciences and Humanities help reduce the backlog in the Puerto Rico Department of Justice’s Property Registry Office, resolving over 400,000 backlog cases. Now the Oversight Board approved UPR’s request to allocate an additional $8 million to this successful program, …

Improving Government Operations While Creating a High-Performance Workforce Part II Read More »

To ease some of the hardship Hurricane Fiona caused tax filers in Puerto Rico, the Financial Oversight and Management Board approved, with observations, the Puerto Rico Department of Treasury’s (Hacienda) proposal to extend several tax filing deadlines and other tax administrative measures to allow individual and commercial taxpayers more time to comply with their tax …

FOMB approved 13 emergency tax measures Read More »

The people of Puerto Rico depend on clean and reliable water – for drinking, for cooking, for life. That is why the people depend on a stable water company that can provide clean and reliable water now and in the future. The Puerto Rico Aqueduct and Sewer Authority (PRASA) reached important milestones, leading to improved …

PRASA’s Recipe for Success Read More »

The legislative review process of the Financial Oversight and Management Board for Puerto Rico is an important component of strengthening and sustaining fiscal responsibility for Puerto Rico. PROMESA requires the Governor to submit each new law to the Oversight Board with a formal estimate of the impact, if any, that the law will have on …

Legislative Review Important for Ensuring Fiscal Responsibility Read More »

The Financial Oversight and Management Board for Puerto Rico and the Government of Puerto Rico together completed the largest public sector debt restructuring in U.S. history earlier this year. Still, there are plenty more challenges ahead until Puerto Rico firmly turns the stability and predictability provided by the Commonwealth’s Plan of Adjustment into a real …

What Comes After Bankruptcy? Read More »

David Skeel, Chair of the Financial Oversight and Management Board Fiscal year 2022 was a turning point for Puerto Rico, particularly in stabilizing Puerto Rico’s finances and restructuring significant parts of the debt. Further, the Government and the Oversight Board worked together to begin changing the way government works for generations, showcasing that close cooperation …

Cooperation Leads to Success Read More »

Developing a capable and skilled workforce and enhancing opportunities for the people of Puerto Rico has always been one of the top priorities for the Financial Oversight and Management Board. The Universidad de Puerto Rico – UPR (UPR), which serves as Puerto Rico’s principal center of higher education, plays an essential role in this process, …

Improving Government Operations While Creating a High-Performance Workforce Part I Read More »

The Commonwealth of Puerto Rico recently exited bankruptcy. Now, after a long process slowed down by natural disasters, political crisis, and the global COVID-19 pandemic, 80% of the more than $70 billion debt has been restructured and guardrails have been put in place to keep the Puerto Rico government on the fiscal straight and narrow. …

How to Prevent Another Bankruptcy in Puerto Rico Read More »

The UPR is a center of academic excellence and a source of pride for all Puerto Ricans. UPR will undoubtedly play an essential role in PR’s recovery and its future. Yet, UPR is facing significant challenges, including a bloated cost structure that finances an outdated bureaucracy rather than investing academic excellence and student life. The …

Misconceptions Related to the Accreditation Warning to the UPR Medical Sciences Campus from the Middle States Commission on Higher Education Read More »

Mismanagement of government funds in Puerto Rico’s recent past is one of the main reasons why the Oversight Board was put in place. Previous administrations spent money Puerto Rico did not have. It ended in the bankruptcy of the government – and of the pension system. One of the Oversight Board’s mandates under law is …

Working to Resolve Concerns Around Act 80 Read More »