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AP
The president of Puerto Rico’s Government Development Bank is resigning less than a week after the federal government passed measures to aid the US
territory’s dire finances.
Melba Acosta said she’ll step down July 31
to focus on her professional career.
She directs a bank that issues loans to government agencies and is responsible for overseeing Puerto Rico’s debt transactions. The bank was recently placed under a state of emergency given its dwindling liquidity amid a decade-long economic crisis. That means only withdrawals for essential public services are allowed.
Puerto Rico has defaulted on part of its US$68 billion public debt load that the governor has said is
unpayable.
US President Barack Obama recently signed the rescue package meant to restructure a portion of that debt.