Puerto Rico is in trouble. Hurricane Maria battered the island in 2017, killing nearly 3,000 people, destroying 85% of the housing stock and causing $90 billion in damage.

More than 18 months later, federal and local authorities and aid agencies are still working to rebuild the physical infrastructure and to make whole lives shattered by the Category 4 catastrophe — or as whole as they can be made.

As if that weren’t enough, Puerto Rico has also suffered from a financial storm.

Years of local-government fiscal mismanagement created a debt burden of more than $70 billion. That, plus $60 billion in unfunded pension liabilities, a culture of government officials making promises they couldn’t afford and a decade of recession have combined to engulf the island in a sea of red ink.

But now there is a way forward. Today, Puerto Rico finally has the fiscal oversight it needs to succeed.

I am a Puerto Rican, a resident of and a taxpayer in San Juan, a businessman and an entrepreneur. I also serve as the chairman of the Financial Oversight and Management Board for Puerto Rico, which Congress has tasked with getting Puerto Rico through its bankruptcy and ensuring fiscal discipline and balanced budgets.

The sources of Puerto Rico’s ­unsustainable $130 billion debt burden are many, including years of bad governance, irresponsible spending, lack of transparency about how taxpayer dollars were spent and long-term structural economic deterioration that was brought about by the issuing of additional debt as opposed to budgetary tightening.

There is plenty of blame to go around. Elected officials’ lack of accountability created distrust among the people of Puerto Rico. Governments kept borrowing, and creditors irresponsibly kept lending despite our fiscal reality.

Puerto Rico’s economic model didn’t welcome investors and job creators in the right way. Instead, it pushed away investors.

Puerto Rico inevitably defaulted and now has to reform itself to get back to fiscal health.

The oversight board is imposing budgetary discipline and making the case for deep economic ­reforms. Thus far, the board has successfully renegotiated some of the island’s debt, and we are working on agreements with the other creditors.

There are several reforms ­Puerto Rico could take on, including welfare-to-work measures and making Puerto Rico an employee-at-will state.

Unfortunately, the current government isn’t implementing all of these reforms, despite the fact that they could make Puerto Rico much easier to do business in and present a better case for attracting investments.

Puerto Rico now has a chance to get this right.

Part of the oversight board’s work is to ensure that President Trump’s concerns are addressed: making sure federal funds are managed wisely at all levels of ­Puerto Rico’s government. No federal funds will be used to pay ­Puerto Rico’s debt.

But the local government needs to step up, make the hard choices to reduce spending while improving necessary public services.

We can’t waste time in implementing ­reforms, modernizing the energy industry and making ­Puerto Rico a more attractive place to do business and a more competitive market. Jobs and investment will come when government is transparent, when it’s easier to hire and fire workers and when bureaucrats get out of the way of investors.

This has to happen as soon as possible. And with political will, we can do it ourselves.

That’s when the board will disappear. Until then, we will continue our work to help turn ­Puerto Rico around and make sure its people have the opportunities and future they deserve.

José B. Carrión III is the chairman of the Financial Oversight and Management Board for Puerto Rico. He is also chairman of HUB International.