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Puerto Rico needs up to $21 billion of aid, overseer says

Puerto Rico will need an unprecedented rescue from the U.S. government to recover from the hurricane that ravaged it in September.

By Rebecca Spalding | Updated on November 07, 2017
A boy accompanied by his dog watches the repairs of Guajataca Dam, which cracked during the passage of Hurricane Maria, in Quebradillas, Puerto Rico, Tuesday, Oct. 17, 2017. The dam was built around 1928, and holds back a man-made lake. (AP Photo/Ramon Espinosa)

(Bloomberg) – Puerto Rico will need an unprecedented rescue from the U.S. government to recover from the hurricane that ravaged it in September, deepening a financial crisis that had already pushed it into a record-setting bankruptcy, the executive director of the island’s federal oversight board said.

The territory will need from $13 billion to $21 billion over the next two years to keep the government operating and cover the salaries of police officers, teachers and other employees, Natalie Jaresko said in testimony prepared for the House Natural Resources committee Tuesday.

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