SAN JUAN, Puerto Rico (AP) — A top designated official for Puerto Rico's governor-elect says he plans to pursue public-private partnerships to rescue a public pension system underfunded by more than $40 billion and expected to run out of money next year.
Omar Marrero told reporters on Wednesday that revenue from the partnerships is key given that the U.S. territory has been unable to access markets amid a worsening economic crisis and ongoing multimillion-dollar defaults. Marrero is the designated executive director of the Authority of Public-Private Alliances.
He said he will turn to the private sector for help offering services that the cash-strapped government cannot provide.
His comments come a day after a federal control board that is overseeing Puerto Rico's finances urged the government to consider privatizing certain assets.