Puerto Rico updated fiscal plan directs $10.3 billion to pension trust
Puerto Rico can avoid budget deficits for the next quarter century because federal funds will help drive economic growth on the island as it exits bankruptcy, the commonwealth's congressionally appointed financial oversight board said. The board Thursday unanimously approved a revised multiyear fiscal plan that incorporates federal funds that Congress authorized in the last year, an increase in federal Medicaid funding that's expected to save Puerto Rico $6 billion through fiscal 2026, and a new pension reserve trust that will...
