Puerto Rico Sales Tax Financing Corp (COFINA)

Revenues were also up compared to the Oversight Board's projection made on Jan. 27.

The Economic Development Bank estimated the first half of fiscal 2022 had experienced a 5.5% increase in growth, upward from a 3.6% increase in previous estimates.

The governor highlighted the positive role of federal aid on the island.

The commonwealth's unemployment rate hit a record low in February.

Some critics say relying on federal aid may obscure the underlying problems Puerto Rico faces in the longer term as it emerges from bankruptcy.

The Puerto Rico Fiscal Agency and Financial Advisory Authority has requested pre-qualified investment banks to provide ideas and opportunities for refunding for savings.

More federal Medicaid funding and higher-than-expected economic growth will lead to more revenues, the board expects.

The Economic Activity Index is up 3.5% from a year earlier.

One observer questions if enough money is available.

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

Revenues were also up compared to the first quarter of fiscal 2021.

While the economy is stronger than a year ago, it is still down from two years ago.

The island's General Fund gained $1.476 billion of revenue.

The deal for new bonds will likely be passed but experts say the final Plan of Adjustment may not lead to a sustainable recovery for the island.

The Oversight Board must lobby Congress and the Biden administration to take a hard stance and pass a new federal debt limit for Puerto Rico, like the one repealed in 1961.

Gov. Pedro Pierluisi signed increases into law on Tuesday but economists are skeptical they will help the island's economy.

If residents become eligible for the government money, it would increase income and spending, providing a lift to the commonwealth's economy.

The local planning board is more optimistic about the next 10 years of Gross National Product growth than is the Oversight Board.

Federal benefits for Child Tax Credits will also be expanded.

Both board members and government officials reiterated their stances on cuts to public pensions — for and against — but neither party said agreements had been reached during the meeting.