SAN JUAN, Puerto Rico (AP) — Natalie Jaresko announced Thursday that she is stepping down after five years as executive director of a federal board of control that oversees Puerto Rico’s finances as part of a historic restructuring of the debt.
The announcement comes just weeks after a federal judge signed a board-supervised and approved plan to help the U.S. territory emerge from bankruptcy, marking the largest municipal debt restructuring in history. the United States.
“Having reduced most of Puerto Rico’s debt…to affordable levels, fulfilled our obligation to stabilize Puerto Rico’s finances, and created a roadmap to prosperity…Puerto Rico has reached an important turning point,” said Jaresko in a statement.
She is expected to resign on April 1. The board said it was looking for a new executive director, having previously noted he would remain in place until Puerto Rico approves four consecutive balanced budgets.
The US territory declared in 2015 that it was unable to pay its public debt of more than $70 billion that it had accumulated over decades of mismanagement, corruption and excessive borrowing. A year later, the US Congress created the Board of Trustees, and in 2017 the government of Puerto Rico filed the largest municipal bankruptcy in US history.