Puerto Rico Oversight Management Board

The Puerto Rico Oversight Management Board (PROMESA) was established in 2016 to assist Puerto Rico in addressing its financial crisis and managing its enormous debt. Created by the U.S. Congress, the board has the authority to oversee Puerto Rico's financial affairs and ensure it follows a fiscal plan aimed at economic recovery. The board aims to restore credibility with creditors and help the island improve its public services, ultimately seeking a sustainable economic future. However, it has faced criticism for its lack of local representation and the impact of austerity measures on residents' lives.