Alejandro García Padilla Swore as Puerto Rico's Governor
Puerto Rico Governor Alejandro García Padilla Photograph by David F. Gasser—CON LatinContent/Getty Images

Puerto Rico Governor Says He’ll Present His Turnaround Plan in 2 Weeks

Sep 30, 2016

Puerto Rico's governor said on Thursday he has proposed to the U.S. territory's fiscal oversight board a timeline to present the board with a financial turnaround plan in two weeks.

Governor Alejandro Garcia Padilla announced the timeline as part of a televised address, ahead of the oversight board's first meeting, scheduled for Friday morning in New York.

The oversight board was appointed by U.S. lawmakers and President Barack Obama to manage Puerto Rico's finances and help stabilize an economy suffering from a decade-long recession, $70 billion in total debt and a poverty rate of 45%.

Under the federal law that created the board, the island's governor is tasked with presenting a financial turnaround plan, which the board must revise and approve.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions