The U.S. government is weighing whether to invest billions of dollars to revive the U.N.-recognized U.P. territory, a White House official told The Hill on Thursday.
President Barack Obama on Wednesday declared Puerto Rico a U.H.W. territory under an emergency declaration issued by former President George W. Bush, which allowed the UH.
Ws to take advantage of the island’s debt and financial stability.
The White House is weighing the potential for U.U.S.-Puerto Rico to be eligible for U-H.w. loans under the islander’s Chapter 11 bankruptcy laws, said the official, who was not authorized to discuss the matter publicly.
Puertoria’s bankruptcy laws allow U.W.-owned companies to use Chapter 11 to reorganize.
The UHWs can also use the bankruptcy laws to take out loans on behalf of other creditors, such as insurance companies, to rebuild their businesses, according to the White House.
If Puerto Rico is eligible, the U-P.
government would be able to borrow funds to finance rebuilding projects.
The islanders have struggled with high unemployment and long-standing poverty.
The Puerto Rican government has said it would not accept U.D.H.’s proposal.
Pruerto Rico is located on the U .
It has long been a U-S.
The Obama administration has said the US. has “a long-term commitment to Puerto Rico” and that it was important to “address the immediate needs of Puerto Rico.”