Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

White House announces $11.6 billion aid for Puerto Rico

Published 09/18/2020, 09:21 AM
Updated 09/18/2020, 11:55 AM
© Reuters. FILE PHOTO: The flags of the U.S. and Puerto Rico fly outside the Capitol building in San Juan

WASHINGTON (Reuters) - The federal government will award an $11.6 billion aid package to Puerto Rico, focused on the territory's energy and education systems, to help the island recover from the devastation brought by 2017's Hurricane Maria, the White House said on Friday.

The Federal Emergency Management Administration (FEMA) will provide $9.6 billion in funding for the Puerto Rico Electrical Power Authority to make replacements, repairs and improvements to equipment and buildings, the White House said.

An additional $2 billion grant for Puerto Rico's Education Department will "focus on restoring school buildings and educational facilities across the island," the White House said.

Puerto Rico was already struggling financially before the deadly hurricane struck three years ago, and filed a form of municipal bankruptcy for the commonwealth in 2017 to restructure about $120 billion of debt and obligations.

Since then, the U.S. commonwealth has been hit by more hurricanes, earthquakes, the coronavirus pandemic and political upheaval, and has been the target of increased federal scrutiny into its use of U.S. aid. A large portion of its financial distress was linked to the territory's power utility.

Meanwhile, Republican President Donald Trump is working to woo Hispanic voters in the upcoming Nov. 3 presidential election, where he is in a tight race against Democrat Joe Biden.

Biden said Trump "has done nothing but assault the dignity of Hispanic families" in a speech on Tuesday in Kissimmee, Florida, where many people settled after fleeing Maria's devastation.

Latest comments

about 3 years too late
Maybe he Govt. should CONSIDER paying the NATIONAL dept ??
Fozen FEMA funds now alocated! Political pawns for November's election..
That's a lot of pandering money.....there must be an election coming up and someone wants puerto rican votes......
Trump going after the Puerto Rico vote.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.