Puerto Rico's governor has submitted a revised fiscal plan that estimates that the U.S. Caribbean territory's economy will shrink by 11 percent and its population drop by nearly 8 percent next year.

The proposal released early Thursday doesn't set aside any money to pay creditors in the next five years as the island struggles to restructure a portion of its $73 billion public debt.

The plan also assumes Puerto Rico will receive $35 billion in federal funds to help it recover from Hurricane Maria and another $22 billion from private insurance companies.

Gov. Ricardo Rossello said he aims to reduce the island's structural deficit from $1.6 billion to $27 million in the next five years.

A federal control board overseeing Puerto Rico's finances has to approve of the plan.