WASHINGTON, D.C. – Puerto Rico has been reeling under its debt crisis but there seems to be some relief with a bill called the Puerto Rico Oversight, Management, and Economic Stability Act which was supported last week by the House Natural Resources Committee.
It will help the island to escape the crippling debt and help the economy grow. The 29 to10 vote kept most of the provisions same as endorsed by Paul Ryan, the House Speaker.
The bill will empower a board of federal supervisors to negotiate with investors and determine how much they will recover from approximately $70 billion which they had loaned the island.
On the other hand, the demand for locally produced agriculture products in the island is increasing helping more number of families to return to their lands. The financial incentives coming from the federal government and as well a focus on local agricultural produce has helped almost 1,700 new farms to become operational, according to the U.S. Department of Agriculture.
The sugar industry collapse and lack of development in farming decreased the self-sufficiency of Puerto Rico to a point where it had to import almost eighty five percent of its foods and that is a “critical situation”, says the secretary of Puerto Rico’s department of agriculture, Dr. Myrna Comas Pagan.