In only six months, we have tackled several key challenges faced by Puerto Rico for decades to protect our investment grade ratings. We faced a virtually insolvent retirement system which was shaping up to be a significant burden on the general fund for years to come, a general fund budget deficit of approximately $2.2 billion, and several fiscally strained public corporations such as the Ports Authority, the Puerto Rico Aqueduct and Sewer Authority (PRASA), and the Highways and Transportation Authority (HTA). Despite all these hurdles, we moved swiftly to correct the problems that were weakening our credit rating and restraining Puerto Rico from sustainable economic growth. We feel confident that we have come a long way in completing these major tasks:
• Puerto Rico has delivered on its long-standing promise of enacting meaningful and comprehensive pension reform.