The Financial Oversight and Management Board (FOMB) has certified the 2020 Fiscal Plan for the Puerto Rico Electric Power Authority (Prepa), the Puerto Rico Highways and Transportation Authority (HTA), and the Puerto Rico Aqueduct and Sewer Authority (Prasa).
The three public corporations have long been subject to infrastructure problems and debt.
The news came as the island is suffering from the latest drought, with water rationing announced for 140,000 Prasa customers in the San Juan metro area, beginning Thursday, July 2. Last week, a long awaited public-private partnership agreement was announced for Prepa's transmission and distributions systems.
The three Fiscal Plans are roadmaps to a better qualify of life in Puerto Rico and more safety and continuity during hurricanes, during earthquakes, during droughts, and every day, according to the FOMB.
“Electricity, roads and water are essential for every resident, and neglect of those essential elements has negatively affected everyday life in Puerto Rico for years, if not decades,” said the Oversight Board’s Executive Director Natalie Jaresko. “All three elements require major improvements, all three areas need substantial new investments to reflect the needs of the people and businesses of Puerto Rico today, and all three authorities need to ensure that their finances are stable. To succeed in these goals, all three entities need to make major changes to the way they do business.”