Page 12 - ARUBA TODAY

A12 WORLD NEWS
Friday 26 January 2018

Puerto Rico warns of 11 percent GDP drop in new fiscal plan

to restructure a portion of ricane recovery because
its $73 billion public debt. they believe the island cur-
The original plan had set rently has sufficient funds.
aside $800 million a year “I think counting on $30
for creditors, a fraction of billion is overreaching,”
the roughly $35 billion due Puerto Rico economist
in interest and payments Jose Caraballo said in a
over the next decade. The phone interview. “There’s
five-year plan also assumes great uncertainty in that
Puerto Rico will receive at sense, and especially with
least $35 billion in emer- a Republican government
gency federal funds for that cares little to nothing
post-storm recovery and about what is happening in
another $22 billion from pri- Puerto Rico.” The plan also
vate insurance companies projects a brief burst of 7.6
— figures still far below the percent GDP growth for
$95 billion in damage offi- 2019 — a figure Caraballo
cials estimate was caused said is overly optimistic.
by Hurricane Maria, which “Puerto Rico would grow
hit in September. more than Panama, Do-
Some analysts view the as- minican Republic and Chi-
sumption of that much aid na, and that seems a bit ex-
as risky given that the U.S. aggerated to me,” he said.
In this Nov. 13, 2017 photo, Puerto Rico Gov. Ricardo Rossello speaks during a news conference,
in Washington. Rossello submitted a revised fiscal plan Thursday that estimates the U.S. Caribbean Treasury Department and But Gerardo Portela, di-
territory’s economy will shrink by 11% next year. U.S. Federal Emergency rector of the island’s Fis-
(AP Photo/Evan Vucci) Management Agency re- cal Agency and Financial
By DANICA COTO plan Thursday that esti- 8 percent next year. cently told Puerto Rico of- Advisory Authority, said
Associated Press mates the U.S. Caribbean The proposal doesn’t set ficials that they are tempo- federal funds should help
SAN JUAN, Puerto Rico (AP) territory’s economy will aside any money to pay rarily withholding billions of boost the economy by that
— Puerto Rico’s governor shrink by 11 percent and its creditors in the next five dollars approved by Con- amount and said he was
submitted a revised fiscal population drop by nearly years as the island struggles gress last year for post-hur- confident they will arrive. q

Brazil offers e-visa to Americans in bid to increase tourism

SAO PAULO (AP) — Bra- part of Brazil’s efforts to at- to 576,000 in 2015. In 2016, In addition to implement- peated disease outbreaks.
zil is making it easier and tract more foreign tourists. the year Rio de Janeiro ing the e-visa, Beltrao said A Zika outbreak that be-
cheaper for Americans to South America’s biggest hosted the Olympics, the the current administration gan in 2015 put off many
apply for a visa following country offers a wide vari- number fell further to ap- is trying to make travel to would-be travelers after
a decline in the number of ety of destinations for visi- proximately 570,000. and within Brazil cheaper the mosquito-borne virus
visitors from the U.S. in re- tors, from eco-tourism in the “The federal government by allowing increased for- was linked to severe birth
cent years. Amazon rain forest to colo- for a long time didn’t un- eign investment in domes- defects. This year, a yellow
Starting Thursday, Ameri- nial towns built by the Por- derstand the economic im- tic airlines. It is also hoping fever outbreak is spreading
cans can complete the tuguese to miles and miles portance of tourism: no ac- to quadruple the budget just weeks before Carnival.
visa process completely of unspoiled beaches. Yet tions to promote destina- of Embratur, Brazil’s tour- The World Health Organiza-
online, instead of visiting a in 2016, Brazil welcomed tions, no partnerships with ism board, and is working tion now recommends for-
consulate or paying an ex- fewer than 6.6 million for- operators to attract visitors, to overhaul its promotion eigners visiting anywhere
peditor to do so. The price eigners, about half the to diversify tourism,” Tourism strategy. in Sao Paulo or Rio de Ja-
of the visa will drop from number that traveled to Minister Marx Beltrao said Brazil has very real chal- neiro states get a yellow
$160 to $40. the city-state of Singapore. in an interview with The As- lenges to confront, includ- fever vaccination before
The new e-visa program American visits have sociated Press this week. ing high rates of violent traveling, though Beltrao
has already been put in dropped in recent years. “Tourism became part of crime in some areas, the and other Brazilian officials
place for Australians, Jap- Their numbers fell from ap- the economic agenda just steep cost of travelling have said urban areas are
anese and Canadians as proximately 657,000 in 2014 a year and a half ago.” within the country and re- safe.q