Puerto Rico Governor Appoints New President of Development Bank

By: Caribbean Journal Staff - October 15, 2014

Above: Puerto Rico Governor Alejandro Padilla Garcia (centre) at a press conference Wednesday)

By the Caribbean Journal staff

Puerto Rico Governor Alejandro Garcia Padilla has designated Melba Acosta Febo as the new president of the island’s Government Development Bank.

Acosta Febo, an attorney and CPA by trade, will maintain her role as principal official of Public Finance, Garcia Padilla said. She had been serving as Puerto Rico’s Treasury Secretary.

The designation was part of a wider change to his economic team that included the appointment of Luis Cruz as director of the Office of Management and Budget and Juan Zaragoza Gomez as Secretary of the Treasury.

“”In these 21 months, my tax team has worked tirelessly to address the fiscal challenge we received when we assumed the government; we have addressed the general fund deficit, liquidity and solvency of BGF public corporations,” the Governor said. “We are reporting for the first time in over 20 years, a balanced budget while focusing resources on priority areas of health, safety, education and economic development. We can not deviate from that route. So these movements in my fiscal team come to strengthen our public policy of fiscal discipline, dismiss staff, meeting the basic needs of our citizens and promoting economic growth of our country.”

The appointments need to be confirmed by Puerto Rico’s senate.

Popular Posts

The 10 Best Overwater Bungalows in the Caribbean, From Aruba to Belize

Overwater villas at Caribbean resorts aren’t just a novelty — they’re also among the most luxurious and beautiful accommodations you can stay in. And while all of the bungalows perched above the waves have their charms, some stand out among […]

The Bahamas’ Atlantis Paradise Island Just Completed a $150M Renovation

walking on the beach in nassau

A new eatery by Michelin-star Chef Michael White. A new-look casino. State-of-the-art guest rooms and the Caribbean’s first Shake Shack.  The Bahamas’ Atlantis Paradise Island resort has officially completed a $150 million resort-wide renovation, a significant project that included a […]

United Airlines Is Launching New Nonstop Flights to Belize

river in belize

The river lodges. The blue hole. The Maya history. The reefs. If you haven’t been to Belize, you’re missing one of the Caribbean’s most beautiful, adventure-filled destinations.  And now with another new flight, it’s easier to get there than ever […]

Related Posts union island

Post-Beryl, Grenadines the Center of Storm's Destruction

“Decimated.” In a chat with Caribbean Journal, that’s the word Quirin Schaedle (known locally as King King) uses to describe the post-Hurricane Beryl landscape across St. Vincent and the Grenadines, but more specifically the Grenadine chain. The director/owner of real […]

This Historic Downtown Nassau Hotel Just Went on the Market 

historic hotel nassau

An historic boutique hotel in downtown Nassau has hit the market, Caribbean Journal Invest has learned.  The property has 40 rooms across 19,500 square feet. It’s a “blank canvas” for investors, according to The Agency, which has the listing on […]

This Riviera Maya All-Inclusive Is Set for a Big Renovation and a Rebrand 

riviera maya resort

A new all-inclusive resort is coming to the Riviera Maya this winter, Caribbean Travel Advisor has learned.  It’s the product of a major renovation and a rebrand, the company told CTA. So what’s in store? The new Mexican Caribbean resort […]


Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.

No. Thank You