U.S. Virgin Islands

The USVI government intends to refund the remainder of its outstanding bonds at the end of March.

If all goes to plan, officials say the deal would prevent the islands' pension system from running out of money.

Virgin Islands Sen. Kurt Vialet said he expects the legislature to approve the refunding bill by Monday. The current bill does not include an interest rate cap that killed a refunding deal attempted in September 2020.

While challenges abound — shuttered industries, outmigration and COVID — there are positive signs the territory’s economy can be boosted.

The territory’s economy has continued to struggle in the past two years, with the islands’ employment down 9.5%.

This would be fourth attempt to refund the islands' debts. Moody's Investors Service projects the island's pension fund will run out of cash by the start of fiscal 2024.

While the U.S. continues to lag pre-pandemic levels, Puerto Rico is now ahead by 2.3% from November 2019.

The $35 million of tax-exempt and taxable notes were privately placed with Nuveen.

The governor wants to use savings to address the islands' $3.3 billion pension underfunding.

The government is also hoping an outside company will take over the Limetree oil refinery in St. Croix.