GAO GAO-19-525: U.S. Territories: Public Debt Outlook – 2019 Update
U.S. TERRITORIES Public Debt Outlook – 2019 Update Report to Congressional Committees June 2019 GAO-19-525 United States Government Accountability Office ______________________________________ United States Government Accountability Office June 2019 U.S. TERRITORIES Public Debt Outlook – 2019 Update What GAO Found Puerto Rico: Puerto Rico has finalized two out of six total debt restructuring agreements to date. Through this restructuring process, Puerto Rico’s bonds are replaced by bonds with new repayment terms. Public debt was 93 percent of Gross National Product in fiscal year 2016, the most recent fiscal year for which audited financial statements were available. Puerto Rico’s general revenue decreased by 11 percent and longstanding deficits persisted during this period. Puerto Rico’s capacity for debt repayment depends primarily on the outcomes of the ongoing debt restructuring process and its ability to generate sustained economic growth. …
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