2023 Laws of Puerto Rico › TITLE THREE - Executive (§§ 1 — 9311) › Chapter 118 - Puerto Rico Fiscal Oversight and Economic Recovery Organic Act (§§ 9231 — 9251) › Subchapter II - Puerto Rico Fiscal Oversight and Economic Recovery Board (§§ 9241 — 9251) › § 9248 - Fiscal and economic growth plan approval process

(a) Proposal.— On or before the end of the second quarter of Fiscal Year 2016 or once all the members of the Board have been appointed, whichever is later, the Working Group shall submit for the Board’s review and endorsement a proposal for a consolidated five (5)-year Fiscal and Economic Growth Plan.
(b) Objectives.— The objectives of the Fiscal and Economic Growth Plan shall be:
(1) To implement structural, social, educational, environmental, health, and prevention reforms in order to reestablish the economic growth and competitiveness of the Commonwealth;
(2) to close fiscal gaps and reduce the debt burden of supervised entities to sustainable levels; and
(3) to restore Puerto Rico’s institutional credibility by optimizing budget formulation and execution and information transparency.
(c) Initial review and approval.— The Board shall have thirty (30) days to review the fiscal and economic growth plan proposed by the Working Group. The Board shall endorse the proposed fiscal and economic growth plan if, after review thereof, the Board concludes that it meets the objectives of subsection (b) of this section. If the Board does not endorse the proposed plan, it shall make any recommendations it deems appropriate to the Working Group to ensure that the objectives of subsection (b) of this section are met. The Working Group shall have twenty (20) days to submit a new proposal for the fiscal and economic growth plan for the Board’s reconsideration and approval. Once the fiscal and economic growth plan is endorsed by the Board, the Working Group, if necessary, shall begin to negotiate with the creditors of the supervised entities one or more creditor agreements that are consistent with the fiscal and economic growth plan endorsed by the Board. Once the creditor agreements needed for the implementation of the fiscal and economic growth plan endorsed by the Board are executed, the Governor shall issue an Executive Order approving such creditor agreements (if applies) and the fiscal and economic growth plan considered in said agreements (said agreements shall be known as “Creditors Agreement” and the Fiscal and Economic Growth Plan considered in said Creditors Agreement shall be known as the “Fiscal and Economic Growth Plan.”) Those measures of the Plan that require legislative action shall be introduced in the Legislative Assembly in accordance with the schedule established in the Plan in order to be processed.
(d) Revision of approved plan.— The Fiscal and Economic Growth Plan approved by the Governor may be revised if the Working Group proposes a revised Fiscal and Economic Growth Plan and the Board endorses said plan after determining that it meets the objectives of subsection (b) of this section. Once the Board has endorsed the revised Fiscal and Economic Growth Plan and the same has been approved by the Governor by means of Executive Order, said revised plan shall be known as the “Revised Fiscal and Economic Growth Plan”.
History —Dec. 8, 2015, No. 208, § 208.