Governor asks fiscal board for access to emergency reserve to mitigate fuel cost effects

Gov. Pedro Pierluisi Urrutia requested on Thursday of the Financial Oversight and Management Board that the Puerto Rico government be allowed access to the State Emergency Reserve due to the extraordinary circumstances that have arisen due to the invasion of Ukraine by Russian forces and as a result the increase in the cost of fuel. “To mitigate the impact on our economy due to the increase in fuel costs, the government requests that the Board authorize the use of no less than $200 million from the Emergency Reserve for the purpose of subsidizing the cost of electricity and avoiding the need for significant increases that will negatively impact our population,” the governor said in the letter to the oversight….(Excerpt from the San Juan Daily Star)