Governor Lolo Moliga is setting the groundwork for a review of the territory’s public debt by the US Government Accountability Office (GAO).
The review is required under the Puerto Rico Oversight, Management and Economic Stability Act or PROMESA which was passed last year to stave off Puerto Rico’s bankruptcy.
In February, the Office of Insular Affairs said American Samoa had some $170-million in public debt, including bonds, pensions and other long-term obligations in Fiscal Year 2015, according to the latest single-audit of the territory’s finances.
The figure compares with a whopping $600 million -plus in public debt for Guam, which has struggled for years with the public needs of migrants from the Freely Associated States.
But Puerto Rico owed some $77-billion, at the time PROMESA was enacted.
A June 11 memo from Governor Lolo said that the 2017 territorial debt engagement was a successful review and if possible, ensure continuity of resources to meet the federal requirement of the GAO review of public debt every two year.
He alerted the following departments to be prepared when the call is given for the review to be present.
The departments are:Treasury, Program Planning and Budget, Commerce, Attorney General, Territorial Audit Office, Office of Financial Institutions, American Samoa Power Authority, American Samoa Telecommunications Authority, American Samoa Shipyard, Port Administration and Governor’s Office.
