Eva Prados testifies on Resolution 28
Eva Prados, executive director of the Puerto Rico Citizen Commission for the Audit of Public Credit, testifies in support of Resolution 28. She discusses the commission's report 'A Lost Decade' and the board's failure to address structural causes of the fiscal crisis.
You may begin.
Good afternoon, members of the New York City Council.
My name is Eva Prados, and I'm here as the Executive Director of the Puerto Rico Citizen Commission for the Audit of the Public Credit.
I'm from Puerto Rico, and like millions of residents, I have lived through the consequences of the decision imposed on our island over the past decade.
I want to thank Council Member Alexa Viles and the rest of this Council for considering Resolution No.
28, which calls on Congress to establish a specific date for ending the Puerto Rico Financial Oversight and Management Board.
Ten years after PROMESA imposed the board, Puerto Rico continues to face deep economic and social challenges.
The board has exercised extraordinary authority over our government, challenged legislation, imposed fiscal policy, and prioritized
debt repayment, while essential public services and democratic decision-making have suffered.
Our recent report, A Lost Decade, on Maxkin La Junta in Puerto Rico, documents several serious concerns.
Due to time constraints, we submit a summary of this report as part of our registration.
And on our findings, the board's report
Debt savings do not fully account for billions in cash and additional payments to bondholders.
Meanwhile, austerity measures have contributed to cuts and privatization of essential services.
And Puerto Rico fiscal crisis has not been solved.
Promesa on the board have not addressed the structural causes of Puerto Rico fiscal crisis.
Its emphasis on debt payment, fiscal plans, and balanced budget has not resolved the underlying economic and political condition that contributed to economic stagnation and accumulation of public debt.
After 10 years of fiscal control, we continue to face fragile infrastructure, unreliable essential services, and economic vulnerability.
Puerto Rico needs democratic decision-making, transparency, and accountability, not indefinite federal control.
We urge the New York City Council to pass Resolution No.
28 and call on the Congress to establish a clear date for ending the board.
The people of Puerto Rico deserve the right to determine their own fiscal and economic future.
Thank you.
Thank you.