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Country Report Puerto Rico Product Image

Country Report Puerto Rico

  • ID: 2138738
  • October 2014
  • Region: Puerto Rico
  • 17 Pages
  • The Economist Intelligence Unit

The government has reshuffled its economic team.

In a much-anticipated move the governor, Alejandro García Padilla, appointed the finance minister, Melba Acosta Febo, as head of the Government Development Bank (GDB), the government's principal fiscal agent and liaison with the credit markets. Ms Acosta will be replaced as finance minister by Juan Zaragoza, a tax expert and advisor to Ms Acosta for the past two years. The move cements Ms Acosta's standing as chief of the economic policy team, a distinction that has already been bestowed on her unofficially by the administration and the financial markets.

As head of the GDB, Ms Acosta will preside over the expected debt restructuring of the Puerto Rico Electric Power Authority and possibly those of other public corporations. She will also be charged with bolstering the bank's capital base and restoring its credibility as the guardian of financial stability in the island's central government and municipalities. Ms Acosta is experienced in government finances, having occupied top positions in the economic cabinet in two different administrations. She also worked in the top management echelons of a local private bank in mid-2000s.

Country Report Puerto Rico

Government's economic team revamped
Event
Analysis
Impact on the forecast

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