Jubilee USA Addresses Third Meeting of Puerto Rico "Control" Board

 By Greg Williams

Jubilee Executive Director Eric LeCompte addressing the Financial Oversight and Management Board of Puerto Rico

The Puerto Rico Financial Oversight and Management Board holds its third meeting at the El Conquistador Resort, Fajardo, Puerto Rico. This is the first time the "control" Board meets on the island. The board will discuss Puerto Rico Governor Alejandro Garcia Padilla's recently released fiscal plan. The board has the authority to approve or reject the Governor's plan, which calls for government reform, infrastructure investment and minimal cuts to social services. Congress created the board as part of legislation passed in June to address Puerto Rico's ongoing debt and fiscal crisis. 

"The crisis is getting worse in Puerto Rico," noted Eric LeCompte, who presented public testimony to the board and is the executive director of the religious development coalition Jubilee USA. LeCompte serves on various United Nation debt expert groups. "Debt restructuring is the key to ending this crisis and the clock is ticking."

LeCompte urged the board to pursue comprehensive debt restructuring to combat poverty, grow the economy and protect the island's investors. He noted that Puerto Rico's economy is vulnerable to external shocks and urged the board to support a "Hurricane Clause" to temporarily halt debt payments in the event of unforeseen crisis.‎ LeCompte further recommended the board consider new bonds linked to economic growth on the island.

Jubilee USA's director closed his comments by reading a statement from Monsignor Roberto González Nieves, Archbishop of San Juan de Puerto Rico and Reverend Heriberto Martínez, General Secretary of Puerto Rico’s Bible Society. These religious leaders are at the forefront of defending vulnerable communities as the crisis continues to unfold.

"We believe that any plans, policies and debt restructurings must be judged in view of how they will impact vulnerable populations," LeCompte told the board. "Those who did nothing to create this crisis are bearing the brunt of some of the worst aspects of the crisis."

 

Read Eric LeCompte's address to the Fiscal Oversight and Management Board of Puerto Rico

Watch a video of the address

 

Read more about the Fiscal Oversight and Management Board of Puerto Rico