Economic & Fiscal Reconstruction Advisory Council Recommendations
Shortly after his election on November 4, 2008, Governor Luis Fortuño designated an Advisory Council for Fiscal and Economic Reconstruction (CAREF by its Spanish acronym), to propose measures for the resolution of the expected government monetary shortfalls and to jumpstart Puerto Rico’s economy.
On Thursday, January 8, 2009, the Council presented its recommendations to address Puerto Rico’s budget deficit and balance the budget by fiscal year 2011-2012. Proposals of measures to jumpstart the economy are expected for Spring 2009. News of the proposed measures have stirred concern from industry and government leaders alike. This has prompted a debate on the CAREF’s proposals vis a vis the administration’s platform and has provided fertile ground for the discussion of measures to kick-start Puerto Rico’s economic activity.
McConnell Valdés hosted a Webcast with the purpose of discussing this subject in further detail and how the upcoming process may impact your business. For your convenience, a recording of the webcast, the PowerPoint presentation, and an Executive Summary of the CAREFs Recommendations have been posted at the following links:
