Control is sought over accounts outside of Treasury scope

With Law 26, the government seeks to “self-finance,” given the minimum effect of the Medicaid allocation

Elías Sánchez, representative of Puerto Rico before the Oversight Board (OB). (Archive/GFR)

Although the US Congress authorized $295.9 million in Medicaid funds to the Island and the Government created the Law on Fiscal Compliance (Law 26) to transfer control over 242 government agencies’ accounts to the Department of the Treasury, these measures will not provide any recurring funds to the Treasury and therefore, will not have an impact on the budget for next fiscal year or will they avoid the cutbacks program that is to start implementation next July.

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Control is sought over accounts outside of Treasury scope

With Law 26, the government seeks to “self-finance,” given the minimum effect of the Medicaid allocation