Puerto Rico touts $150M in cuts amid deepening economic crisis

Economic Indicators Associated Press

Puerto Rico's government says that in recent years it has reduced certain expenditures by nearly $150 million amid a worsening economic crisis.

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Budget director Luis Cruz says the cost of contracting for professional services has dropped by more than 55 percent. He says the government of the U.S. territory also has cut contracts related to services purchased by $93 million.

Cruz said late Monday that the government also has moved public offices from private buildings to state-owned locations for nearly $20 million in savings.

Puerto Rico is entering its ninth year of recession and is struggling with $72 billion in public debt that Gov. Alejandro Garcia Padilla has said is unpayable given the current economic conditions.

Government officials have been meeting with creditors to obtain payment moratoriums.