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The
economic and disaster recovery plan allocates the money to
housing, water and energy systems, education, transportation,
public buildings, communications, planning, municipalities, as
well as to the economy and environment, according to Governor
Ricardo Rossello's office.
Puerto Rico's severe financial problems, which led to bankruptcy
court in May 2017 to restructure about $120 billion of debt and
pension obligations, were compounded by destructive hurricanes
that hit the island in September.
“Puerto Rico has a unique opportunity to innovate and rebuild in
order to become that Puerto Rico we all want," Rossello said in
a statement.
He added that the initiatives were aimed at "making us stronger
and resilient, while guaranteeing a long-term economic
recovery.”
Last November, Rossello requested $94.4 billion from Congress to
rebuild the island's infrastructure, housing, schools and
hospitals devastated by Hurricanes Maria and Irma.
That so-called Build Back Better plan contained a preliminary
assessment of damages and an initial estimate of money the
island needs to rebuild, according to the statement.
The final plan, which was submitted on the deadline day set in
the 2018 U.S. budget act, expanded the scope of the November
request and was developed with input from federal agencies, the
governor's office said. It was also posted on the internet and
subjected to public hearings prior to its submission.
Near-term priorities for the money include restoring Puerto
Rico's ailing electrical system, which was devastated by
Hurricane Maria, improving emergency preparedness, and repairing
public facilities. Long-term objectives include stopping
emigration and boosting economic growth.
(Reporting By Karen Pierog in Chicago; Editing by Daniel Bases
and Alistair Bell)
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