Government

PFA Approves Line of Credit for $100 Million Day After Senators Lambaste Executive Branch For Using $45 Million Without Legislative Authorization

Following recent controversy over the use of general funds without legislative approval, the Public Finance Authority has decided to negotiate with First Bank Puerto Rico to establish a $100 million line of credit. This comes after senators who make up the 35th Legislature had previously granted approval for the credit line. On Tuesday, it was revealed by Jenifer O'Neal, director of the Office of Management and Budget, that the administration had withdrawn $45 million from the Government of the Virgin Islands' General Fund. This was to make the first payment to Vitol as part of a settlement negotiated between the energy trading company and the Water and Power Authority. The payment was initially intended to come from the line of credit, however, according to O'Neal, the facility had not yet been closed. There remains a lack of clarity on why the credit facility had not been established, as O'Neal had informed lawmakers on April 5th that it was expected to be in place by the end of th...