World Economy

Puerto Rico May Cut Public Jobs

Puerto Rico May Cut Public JobsPuerto Rico May Cut Public Jobs

Puerto Rico’s budget director says the US territory cannot pay off its debt and provide essential services at the same time, AP reported. Luis Cruz Batista spoke during a public hearing in which Puerto Rico legislators debated a proposed $9.1 billion budget. He warned that nearly 3,500 public employees would have to be laid off in part if the island were required to meet all its debt obligations. The proposed budget sets aside only $209 million to help pay interest tied to a $2 billion debt payment due July 1. Puerto Rico is mired in a 10-year economic slump and its government is grappling with $70 billion in public debt.