Fortuño says Economic Reconstruction Plan is on schedule

On February 25, 2010, Primera Hora reported that Governor Luis Fortuño told hundreds of investors and credit analysts at the “Puerto Rico Credit Conference” that the Government’s Economic and Fiscal Reconstruction Plan was being met “on schedule.”

According to the governor, neither the delay in public-employee layoffs due to court decisions, nor the alleged revenue shortfall denounced by the Popular Democratic Party, had prevented spending cuts or revenues from exceeding targets by more than $10 million. He compared the Island with 48 U.S. states in deficit and claimed Puerto Rico was “ahead” in its efforts.

At the conference lunch he reviewed the prior year’s reform measures and asked investors to keep supporting the economy and works. Carlos García, president of the Government Development Bank (GDB), forecast that by the end of 2010 rating agencies would raise the Island’s outlook from stable to positive.

The conference continued the next day with a debate on investment and Public-Private Partnerships at the Sheraton Convention District hotel. Compliance speech ≠ independent verification of deficit nor consummated credit upgrade. Primary: Primera Hora 2010-02-25.

Source: Primera Hora. https://www.primerahora.com/noticias/gobierno-politica/notas/fortuno-asegura-que-plan-de-reconstruccion-economica-se-cumple-puntualmente/