SAN JUAN, Puerto Rico (AP) — Puerto Rico’s governor has submitted a revised fiscal plan that estimates that the U.S. Caribbean territory’s economy will shrink by 11 percent and its population drop by nearly 8 percent next year.
The proposal released early Thursday doesn’t set aside any money to pay creditors in the next five years as the island struggles to restructure a portion of its billion public debt.
The plan also assumes Puerto Rico will receive billion in federal funds to help it recover from Hurricane Maria and another billion from private insurance companies.
Gov. Ricardo Rossello said he aims to reduce the island’s structural deficit from .6 billion to million in the next five years.
A federal control board overseeing Puerto Rico’s finances has to approve of the plan.