The Government Development Bank for Puerto Rico is seeking a $3 to $5 billion loan from the Federal Reserve and a potential $5 billion advance from the Troubled Asset Relief Program.

A financial boost from the federal government will help the GDB with its plans to jump-start Puerto Rico’s struggling economy through infrastructure investments and loans that it will extend to businesses. The island is in a protracted recession, has an unemployment rate of 13%, and will cut government payroll by 30,000 employees in the next year in order to reduce expenditures by $2 billion annually.

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