The Department of Interior, Office of Insular Affairs economist, Wali Osman, sounded a cautionary note for American Samoa about borrowing to pay debts or it will be in the same situation as Puerto Rico and the Virgin Islands.
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Osman described the fiscal woes of Puerto Rico.
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The DOI economist says while the Virgin Islands’ situation is not as extreme, it’s also heading in the same direction as Puerto Rico.
The government there needs $110 million to meet a bond debt or it will also face bankruptcy.
Osman is compiling a report on how to achieve economic growth in the US territories,in the shortest term and with few resources.
