Puerto Rico's governor signs US$9.8b budget

[PUERTO RICO] Puerto Rico's governor on Wednesday signed the commonwealth's US$9.8 billion budget for the fiscal year 2015-2016, which begins Wednesday, according to a statement sent by his office.

Passing the budget was one part of the Caribbean island's broader efforts to solve its fiscal problems as it tries to climb out of a US$73 billion debt hole.

The governor, Alejandro Garcia Padilla, said on Monday he wanted to restructure debt and postpone bond payments to solve the US territory's fiscal crisis.

Puerto Rico was criticised in a report by former IMF economists released Sunday night for having "weak budget execution and opaque data." Puerto Rico's budget was hashed out in a conference committee after its House of Representatives on Sunday failed to concur with the Senate's approved version.

REUTERS