February 18, 2014 / 8:06 PM / 4 years ago

More cuts needed to balance Puerto Rico budget-officials

NEW YORK, Feb 18 (Reuters) - 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.

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