ABSTRACT

U.S. Territories: Public Debt Outlook - 2021 Update, Report to Congressional Committees   [open pdf - 13MB]

From the Highlights: "The five permanently inhabited U.S. territories-Puerto Rico, USVI [United States Virgin Islands], American Samoa, CNMI [Commonwealth of the Northern Mariana Islands], and Guam- borrow through financial markets. Puerto Rico, in particular, has amassed large amounts of debt, and began to default on debt payments in 2015. In 2017, hurricanes caused widespread damage in Puerto Rico and USVI. Further, in 2018, American Samoa, CNMI, and Guam experienced typhoons and cyclones. The effects of the COVID-19 [coronavirus disease 2019] pandemic on the territories' economies is not yet fully known. In June 2016, Congress passed and the President signed the Puerto Rico Oversight, Management, and Economic Stability Act. It contains a provision for GAO [Government Accountability Office] to review the public debt of the five territories every 2 years. In this report, for each of the five territories, GAO updates (1) trends in public debt and its composition; (2) trends in revenue and its composition, and in overall financial condition; and (3) the fiscal risk factors that affect each territory's ability to repay public debt."

Report Number:
GAO-21-508
Publisher:
Date:
2021-06
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: http://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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