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Puerto Rico GDB Had $778 Million of Net Liquidity as of May 31

buPuerto Rico’s Government Development Bank had about $778 million of net liquidity as of May 31, down from $1.02 billion at

the end of April, according to data released on the bank’s website Monday.

The bank, which lends to the junk-rated commonwealth and its localities, may run out of cash by Sept. 30 unless Puerto Rico sells $2.9 billion of bonds backed by oil-tax revenue, according to the island’s financial filings.

Proceeds from the bond deal would repay loans the highway authority owes the development bank. Puerto Rico lawmakers voted last month to raise the U.S. territory’s sales tax to ease a cash crunch.

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