Puerto Rico: Treasury cuts $5B disaster relief loan to $2B

FAN Editor

Puerto Rico’s governor is demanding action from U.S. Congress after announcing that the Treasury Department has cut a nearly $5 billion disaster relief loan by more than half.

Ricardo Rossello said Tuesday that federal officials reduced the amount to $2 billion without providing an explanation. He warned the move puts the U.S. territory in a “dangerous financial dilemma” and that his administration could be forced to cut some essential services.

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Congress had approved the loan in October to help Puerto Rico recover from Hurricane Maria. The Category 4 storm killed dozens of people and caused up to an estimated $94 billion in damage. Some 15 percent of power customers remain in the dark.

A Treasury spokesperson did not immediately return a message for comment.

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