According to the Fiscal Control Board (FCB) executive director, Natalie Jaresko, the government will need $1.6 billion for structural repairs and improvements in order to meet the Fiscal Plan's projections for infrastructure development.

'Given the current economic scenario and the inability to enter the capital markets, the government's 10-year budget does not contemplate a lot of (economic) growth or infrastructure investment. Instead, Puerto Rico would need $1.6 billion in new or improved infrastructure just to reach the fiscal plan's growth projections,' Jaresko explained during an appearance at the Puerto Rico Manufacturers Association convention, which was held on Thursday at the El Conquistador hotel in Fajardo.

From the executive director's point of view, the path towards infrastructure improvements will greatly depend, in the short term, on the establishment of public-private partnerships (PPP). 'The results obtained from attracting and promptly negotiating the significant investments made by the private industry for critical infrastructure projects will play a major role, moving us forward and revitalizing Puerto Rico,' Jaresko added.

She said that, in this regard, the Board is trying to obtain the necessary federal and private funds to foster economic growth. She explained that for every $5 billion invested in infrastructure, the annual economic growth would increase by 1.6%.

She made these statements just hours after Governor Ricardo Rosselló Nevares submitted his budget proposal for next fiscal year before the legislature. This proposed budget adds up to just over $9 billion. In fact, Jaresko issued a written statement yesterday, noting that, even though they are satisfied with the government's achieved goals, they will remain watchful to guarantee that 'past infringements will not reemerge.'

In the speech delivered before the Puerto Rico Manufacturers Association, Jaresko also upheld that the submitted budget, 'will be the first in many years to be deficit-free,' and that it also covers essential services. She added that the budget expands the tax base, improves revenue collections, and promotes an efficient use of the available state resources.