Commonwealth of Puerto Rico

Without the increase U.S. Virgin Islands matching funds bonds would have defaulted in the next few years, some observers said.

The budget is a good sign, analysts say, and may be a first step towards ultimately ending the Oversight Board's authority over the territory.

The bondholders and board faced off over the creditors' belief they they are due the administrative expense claim.

The Oversight Board will continue to "prepare for a more dire outcome but continue to hope for the best," said Chairman Arthur Gonzalez.

At issue is whether PREPA bondholders may get a portion of the roughly $575 million available for unsecured claims against Puerto Rico's government

Some observers say Jenniffer González Colón, who took office in January, may be more open to compromise with Puerto Rico Electric Power Authority bondholders.

Some analysts question how much a leftist governor would impact financial and bond issues.

The study also projected a $1.475 trillion loss to productive infrastructure by 2050.

The plan involves building modern infrastructure and streamlining government operations and delivery of services.

Current Members Andrew Biggs and John Nixon will be reappointed for another three years.

The board's executive director said he is unsure how much longer the PREPA bankruptcy proceedings will take.

In a separate development, the board asked an appeals court to reconsider its PREPA decision.

David Skeel said he was proud about cutting Puerto Rico's debt and stabilizing the island's finances.

Oversight Board Executive Director Robert Mujica said the only recently released fiscal 2022 ACFR showed revenues and expenditures continue to be imbalanced.

Resident Commissioner Jenniffer González Colón surprised incumbent Gov. Pedro Pierluisi in the New Progressive Party primary for governor.

The goverment must address expected fiscal challenges or bond payments after 2031 are in jeopardy.

Board chairman says Juan Sabater will bring valued economic expertise to the panel.

Nelson Pérez Méndez will become the interim Secretary of the Treasury.

Higher income tax collections, mainly from corporations, have contributed to the higher than expected revenue, for the period that began on July 1.

Taxpayers will get refunds in April, if the legislature approves the deal.