Puerto Rico Launches New Effort to Regain Financial Credibility

May 17, 2016 12:00 pm PST | Public Finance
Puerto Rico
Photo: Kara Turner

This month, Puerto Rico partnered with Socrata to launch TransparenciaFinanciera.PR. We connected with Mario Marazzi, Executive Director of the Puerto Rico Institute of Statistics, to find out more about their efforts to increase financial transparency.

Socrata: Tell us why Puerto Rico decided to launch a financial transparency site.

Mario Marazzi: The Puerto Rico Institute of Statistics, also known as the “Instituto de Estad√≠sticas de Puerto Rico,” has championed this effort. The Institute is a relatively new organization established in 2007 to promote greater transparency and quality in the data and statistics of Puerto Rico.

The Puerto Rico Financial Transparency site is an effort to improve the transparency of the expenditures of the Government of Puerto Rico. We believe this effort is essential for the Government of Puerto Rico to regain access to global financial markets.

Socrata: How will Puerto Rico residents benefit from the program?

Marazzi: We hope that TransparenciaFinanciera.PR will fill an important information vaccum that exists regarding how public funds are used in Puerto Rico. In the process, we hope to increase civic engagement and positively affect our citizens in many other ways given Puerto Rico’s delicate financial situation.

More specifically, it is our hope that through TransparenciaFinanciera.PR, the Government of Puerto Rico can regain the credibility to access global financial markets. This is essential in order for our citizens to continue to receive basic public services, like education and health.

Socrata: How do you see your program growing?

Marazzi: Currently, TransparenciaFinanciera.PR shows transaction level detail of all the expenses and incomes of the Puerto Rico Institute of Statistics, since it began operations in 2007. It is our hope it will grow to include all units of the Government of the Commonwealth of Puerto Rico. Already, we have begun to receive messages from other public entities in Puerto Rico who are interested in joining. It is our hope that by leading through example the 78 county (municipios) governments also join TransparenciaFinanciera.PR.

Learn how Socrata for Public Finance is helping other governments achieve their goals.

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