PR Governor emergency loans
Published:Monday | January 12, 2009 | 12:25 PM
Puerto Rico\'s newly installed governor plans to borrow US$1.2 billion from a state bank to pay overdue debts and finance an economic stimulus package.
Luis Fortuno said he would be requesting a loan to pay government suppliers $700 million for everything from school supplies to social workers.
He is also seeking $500 million to build roads, hotels and schools to help boost the island\'s negative growth rate.
Last week, the governor declared a fiscal emergency, in his first executive order.
He has ordered significant cuts in spending and a freeze on filling vacancies.
Puerto Rico has a budget deficit of $3.2 billion.