Treasury Secretary resigns

On December 19, 2007, Primera Hora reported that Treasury Secretary Juan Carlos Méndez submitted his resignation, effective December 31, for personal reasons, according to a statement.

Méndez said he felt part of Governor Aníbal Acevedo Vilá’s financial team that, in his view, stabilized the government’s credit situation and implemented Tax Reform, including the Sales and Use Tax (IVU). He said IVU collection estimates had been met despite an unfavorable economic scenario, and highlighted orientation and enforcement campaigns against evasion; he indicated that in two years twice as many evasion cases had been referred to Justice as in the prior ten years.

He pointed as a success to having identified a repayment source for extraconstitutional debt: the 1% of IVU assigned to that end, and said that issuance obtained “the highest rating” granted to the Commonwealth in the last 30 years. The note places the departure as the seventh recent high-level exit; it also mentions resignations or departures from Economic Development, Agriculture, Emergency Management, Medical Emergencies, the Women’s Advocate, Alfredo Salazar (BGF, for candidacy) and Alejandro García Padilla (DACO, for senatorial aspirations).

Outgoing official’s statement and cited figures ≠ independent audit or proof that the credit was locked in. Primary: Primera Hora 2007-12-19 (archive).

Source: Primera Hora. https://www.primerahora.com/noticias/puerto-rico/notas/renuncia-secretario-de-hacienda/