Puerto Rico Oversight Board extends Jaresko’s contract 26 months

Bonds

The Puerto Rico Oversight Board has extended Executive Director Natalie Jaresko’s contract by 26 months.

A signed amendment to her employment contract effective July 30 is posted to the board’s website.

Puerto Rico Oversight Board has extended its contract with Executive Director Natalie Jaresko to Sept. 17, 2023.

Aaron Weitzman

Jaresko started work on March 20, 2017, nearly seven months after the federal government founded the board. The initial contract was for four years, with compensation at $625,000 per year. In May 2020 she signed an amendment prolonging the contract term to September 17, 2021.

The July 30 amendment extends her term to Sept. 17, 2023 with the same annual pay rate.

Jaresko’s responsibilities with the board include overseeing its staff; selecting the board’s consultants and law firms; preparing the Puerto Rico government budget; serving as liaison to the local government, U.S. Congress, and the Biden administration; revising fiscal plans for the central government and its instrumentalities on an annual basis; monitoring the central government and its instrumentalities following of the fiscal plan; and negotiating with bond holders.

“It is a good idea. She has done a good job in a difficult situation,” Puerto Rico attorney John Mudd said.

Jaresko spent two years as Minister of Finance of Ukraine in 2014-2016 when the country was racked by a deep recession, foreign occupation, and war on its territory. During the period she oversaw the restructuring of the country’s sovereign debt.

She holds a master’s degree in Public Policy from Harvard University’s Kennedy School of Government.

The contract allows the board to terminate Jaresko for certain causes. It also allows the board or Jaresko to end her employment with 60 days notice without cause.

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