NEW YORK Feb 18 Puerto Rico will have to make
additional deep cuts to meet a pledge to balance its budget in
fiscal year 2015, officials from the U.S. territory' Government
Development Bank said on Tuesday.
Collective bargaining agreements and higher retirement
contributions will be partly offset by some cost reductions but
will present challenges, Carlos Rivas, Director of the
commonwealth's Office of Management and Budget, said on a
conference call for investors.
The government, which announced plans to balance its budget
in fiscal 2015 after seeing its credit rating cut to junk
earlier this month, plans to present a budget proposal in March
or April, Rivas said.