Puerto Rico, known for its beautiful beaches and the charm of Old San Juan, has a lot more going on than its tourist spots; it's an island that is facing a major debt crisis and it's in need of a U.S. economic boost.

In the coming months, federal officials are slated to announce incentives to boost Puerto Rico's economy, so what does that entail?

According to Puerto Rico Senate President Eduardo Bhatia, "the help is unlikely to include direct financial aid," he said at an investor gathering in New York, but he not provide specifics, Fox News Latino reports.

"The assistance would come in response to the last four years of recession in the Caribbean territory," Bhatia adds. "It has been given added urgency due to a spike in Puerto Rico's debt yields in the recent months."

A shrinking economy, a high unemployment rate, and per capita debt, which are higher than that of any U.S. state, (Puerto Rico's unemployment rate is nearly 14 percent, higher than any U.S. state) have been the motivations for the selloff in Puerto Rico's bonds.

"We are waiting to hear an announcement from the Treasury and the White House. We know for a fact they have been very aggressively thinking of how to be sure that they can help Puerto Rico send a very strong signal of stability right now," Bhatia explained at the meeting.

How much debt is Puerto Rico in right now?

"Puerto Rico has about $70 billion of outstanding debt, or nearly 2 percent of the overall $3.7 trillion municipal bond market. That dwarfs the $18 billion held by Detroit, which roiled the muni market when it filed for municipal bankruptcy earlier this year," Fox News Latino adds.

"Puerto Rico's debt is held widely by mutual funds, increasing the systemic risk. The island will not be entitled to Chapter 9 municipal bankruptcy."

The island's debt costs have soared this year. "In May, 30-year general obligation bonds carried a yield of about 5.3 percent and hit a peak of 8.6 percent in mid-September. The debt is now trading with a yield of 8.1 percent, which is far higher than any U.S. state's. Puerto Rico's debt is rated BBB, one notch above junk."