The San Juan Municipality announced the signing of a debt refinancing agreement, which, according to Mayor Miguel A. Romero Lugo, will significantly reduce the cost of servicing its existing debt and generate approximately $84 million in projected savings until fiscal year 2033.
The transaction, previously evaluated and authorized by the Financial Advisory Authority and Fiscal Agency (AAFAF) and the Fiscal Supervision Board (JSF), consists of refinancing existing debt under more favorable financial conditions, accompanied by a smaller issuance for permanent improvement projects and covering the costs of the transaction. The refinancing will reduce the cost of debt servicing without affecting the continuity of municipal services.
Mayor Romero Lugo stated that this transaction is the result of several years of fiscal discipline, planning, and responsible administration, highlighting that the municipality has registered five consecutive operational surpluses, strengthened its liquidity, and received the Distinguished Budget Presentation Award for four consecutive years. The refinancing will allow the municipality to pay less for its existing debt, freeing up resources to continue strengthening security, infrastructure, health, community maintenance, and other essential services for its citizens.