The government meeting held on December 9, 2024, by the Departamento de Estado Puerto Rico focused on critical financial issues concerning the management of funds related to FEMA projects and the implications of global minimum tax regulations on local businesses.

The meeting began with discussions about the Department of Treasury's advance payments to various government agencies in Puerto Rico. These funds were intended to facilitate the execution of FEMA-approved projects. However, concerns were raised regarding the lack of clarity on the total amount of money advanced and the status of reimbursements from FEMA. Attorney Verónica Frayoli highlighted that several agencies, including the Planning Board, owe significant sums—amounting to tens of millions of dollars—to the Department of Treasury. The officials present were unable to provide a comprehensive figure for the total advances, prompting a request for detailed information on the status of each agency's financial dealings with FEMA.

A major concern discussed was the potential risk of financial shortfalls for the Puerto Rican government. If agencies lack personnel skilled in navigating FEMA's processes, they may fail to access the necessary funds, leading to substantial deficits that could range from hundreds of millions to potentially more. This situation poses a significant financial risk to the territory.

The meeting also touched on the implications of the global minimum tax, particularly its effects on small and medium-sized enterprises (PyMEs) in Puerto Rico. It was clarified that the global minimum tax primarily impacts multinational corporations with substantial sales, particularly those based outside the United States. The discussions emphasized that while the tax regulations are complex, they do not directly affect all local businesses.

In conclusion, the meeting underscored the urgent need for transparency regarding FEMA funding and the importance of ensuring that government agencies are equipped to manage these financial processes effectively. Additionally, the implications of international tax regulations on local businesses were acknowledged, highlighting the need for ongoing dialogue and support for Puerto Rican enterprises navigating these challenges.