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Hurricane Dorian: $260 million emergency fund approved in Puerto Rico


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The Financial Oversight and Management Board in Puerto Rico on Wednesday approved USD 260 million in emergency reserve funds as Hurricane Dorian inched closer to the island.
The funds will be used to prepare for the hurricane, according to Sputnik.
"In light of Hurricane Dorian and the related Federal declaration of a state of emergency for Puerto Rico, the Financial Oversight and Management Board has authorized utilization of Emergency Reserve funds from fiscal years 2019 and 2020 as needed by the Government of Puerto Rico without prior Oversight Board approval of reapportionments through September 28, 2019," the statement issued by the board read.
"The $260 million in aggregate funds can only be used for Hurricane Dorian emergency-related expenses," it further stated.
The USA's National Hurricane Center on Wednesday predicted that the hurricane was expected to make landfall in Puerto Rico and the US Virgin Islands in the next six to 12 hours.

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First Published: Aug 29 2019 | 5:41 AM IST

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