SAN JUAN, Puerto Rico (AP) — Puerto Rico’s government needs to move quickly to adopt measures to help pull the island out of a nearly decade-long economic slump, the president of New York’s Federal Reserve Bank said Tuesday.

William Dudley said during a visit to Puerto Rico that the New York Fed is working on a report that will analyze the U.S. territory’s fiscal health. He said Puerto Rico should aim to lower its debt, reform its tax system and strengthen labor market incentives, among other things.