Puerto Rico seeks inspector general to audit public funds

SAN JUAN, Puerto Rico — Puerto Rico is seeking to hire an inspector general to audit the use of public funds in a U.S. territory mired in a deep economic crisis and where officials have long been accused of corruption.

Wednesday's announcement comes as the island awaits nearly $5 billion in aid approved by Congress in late October to help with post-hurricane recovery efforts.

The previous administration had eliminated Puerto Rico's Office of Inspector General and handed those responsibilities to the Office of Management and Budget in what legislators at the time said was a bid to save money and avoid redundancies.

Puerto Rico is in its 11th year of recession and trying to restructure $73 billion in public debt as it struggles to recover from Hurricane Maria.

Other News

Japan's economy slows to snail's pace as exports falter

Aug 15, 2016

Japan's economy slows in the April-June quarter, as weaker exports and business investment weigh on the faltering recovery of the world's third-largest economy

Hedge-fund manager Cohen settles with US commodities agency

Aug 16, 2016

Billionaire hedge-fund manager Steven A. Cohen agrees to stay away from commodities business in deal with US agency

Dominican leader assumes 2nd term, pledges tech revolution

Aug 16, 2016

The president of the Dominican Republic has been sworn in for a second term as leader of the country boasting the best economic grown in Latin America and the Caribbean

The Budget Report seeks to provide comprehensive coverage and analysis on the current economic, financial issues around the world. First hand finance and economic news all day, every day.

Contact us: sales@thebudgetreport.com