GAO GAO-23-106045: U.S. Territories: Public Debt Outlook - 2023 Update
U.S. TERRITORIES Public Debt Outlook – 2023 Update Report to Congressional Committees June 2023 GAO-23-106045 United States Government Accountability Office United States Government Accountability Office Highlights of GAO-23-106045, a report to congressional committees June 2023 U.S. TERRITORIES Public Debt Outlook - 2023 Update What GAO Found GAO identified the most significant factors—which vary by territory—affecting each territory’s future capacity for economic growth and debt repayment. Commonwealth of Puerto Rico: Puerto Rico’s gross domestic product (GDP) was $106.5 billion as of June 30, 2021. In March 2022, Puerto Rico finalized its largest debt restructuring: issuing $7.4 billion in new bonds replacing $34.3 billion in outstanding bonds (a 78 percent reduction). The restructuring also contained several initiatives to reform Puerto Rico’s struggling pension system, including a new trust fund—financed by government surpluses—to support future pension payments. …
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