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In page Economy of Puerto Rico:
"There was a similar situation at the municipal level with 36 out of 78 municipalities experiencing a budget deficit, putting 46% of the municipalities in financial stress.[20] Just like the central government, the municipalities would issue debt through the Puerto Rico Municipal Financing Agency to stabilize its finances rather than make adjustments. In total, the combined debt carried by the municipalities of Puerto Rico account for US$3.8 billion or about 5.5% of Puerto Rico's outstanding debt.[k][l]
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