U.S. territory, Puerto Rico, will be welcoming U.S. Treasury Secretary Jacob Lew this Wednesday as the island continues to struggle with its growing deficit and public debts that are projected to balloon up to $24 billion in 2025, Fox News Latino reports.

According to the publication, a visit from the Lew is a necessity for Puerto Rico since its government is planning to restructure their fiscal and economic plan in light of the current financial crisis they have been experiencing.

Puerto Rico's deficit, according to officials as reported by the news agency, may rise to up to $16 billion from $14 billion over the next five years and at the same period of time, revenues are also expected to be down by $1.7 billion.

The news outlet reports that the U.S. territory is looking at declaring bankruptcy because of the deficit including the $72 million public debt it holds. Puerto Rico is also already facing lawsuits so their government is looking for reform.

"Continuation of these measures is neither sustainable nor in the interest of any stakeholder, as they will only deepen the financial gaps," Secretary of State Victor Suarez said as quoted by the publication.

As Lew pays a visit to the island, he brings along with him a possible solution to the enormous financial problem on the U.S. territory. In a letter to House Speaker Paul Ryan, Lew said "Only Congress can enact the legislative measures necessary to fully resolve this problem," he said as quoted by Marketplace.

The trip is reportedly to support Puerto Rico in lobbying the U.S. Congress for a possible reconstruction of its mechanisms that may or may not ease out the financial crisis in the island, the publication further reports.

"The information contained in the updated plan makes all the more clear that actions must be taken before the Commonwealth runs out of options to pay its debt and provide essential services to the people of Puerto Rico," President of the Government Development Bank Melba Acosta said as quoted by the Fox News Latino.

However, the publication reports that Puerto Rico cannot declare bankruptcy because it is a U.S. territory and therefore under federal law. However, Gov. Alejandro Garcia Padilla urges that if Congress doesn't act soon, Puerto Rico will be under "humanitarian crisis under the United States flag," he said as quoted by the news agency.

The governor has reportedly signed a debt-restructuring law which a federal judge ruled as unconstitutional. Meanwhile, an appeal is already on the Supreme Court and is still in process.