Fri | Sep 22, 2017

Puerto Rico prepares for control board’s takeover

Published:Friday | September 30, 2016 | 9:00 AM
Governor of Puerto Rico, Alejandro Garcia Padilla.

Puerto Rico's governor is turning over the reins of his government's finances to a federal control board and is outlining what he considers priorities during a televised address to prepare the United States territory for a historic change.

Governor Alejandro Garcia Padilla urged the board on Thursday to protect the pensions of retired public workers and the jobs that have been created. He also wants to ensure that Puerto Rico receives equal benefits in the Medicare and Medicaid programmes, among other things.

He says his administration has tried everything to ameliorate a decade-long economic crisis before accepting that the creation of a federal control board was necessary.

The board was created under US legislation enacted this year. It is scheduled to hold its first meeting Friday in New York.