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Regional economy faces pandemic’s impact

mapa albaMember states of the Bolivarian Alliance for the Peoples of Our America-People’s Trade Treaty (ALBA-TCP) approved an Economic Contingency Plan to respond to the COVID-19 pandemic’s impact, following the 20th Political Council meeting and the 10th Economic Council of the regional bloc in virtual format.

The strategy for recovery from the effects of sars-cov-2 is designed to promote a new model of socio-economic development, based on regional self-sufficiency and complementarity between economies of ALBA countries.

In this regard, Cuban Minister of Foreign Affairs Bruno Rodríguez Parrilla – who was accompanied by Minister of Foreign Trade and Investment Rodrigo Malmierca Díaz – noted, “In the face of these challenges, ALBA-TCP countries have the instruments that will allow us to confront them effectively and emerge victorious.”

During the meeting, agreement was reached to reactivate PetroCaribe, 15 years after its creation, and to re-launch the ALBA Bank, considered the two fundamental pillars of the Alliance, according to Tareck El Aissami, Venezuelan Economic Vice President and Minister of People’s Power for Industries, National Production, and Oil.

With respect to PetroCaribe, a new operational and cooperation regimen was conceived to allow for regional energy sovereignty, while the ALBA Bank will have new mechanisms for compensation, financing and technical support. In this regard, one proposal is directed toward use of crypto currency.

Agreements reached include the reactivation of important programs addressing health and food; the creation of an alba-tcp humanitarian fund for support in any dangerous situation that may arise, such as health emergencies and natural disasters; the technical office for economic complementation; and the alba-tcp health observatory to monitor the evolution of the new coronavirus and its impact on health systems.

Other noteworthy initiatives include the establishment of a reserve supply of vaccines, medicines, equipment and supplies to deal with the pandemic and the holding of cooperation forums with other international actors including Russia, China and the African Union.

While in other parts of the world self-interest is prevailing, in our region the complementary economic zone alba-PetroCaribe is to be promoted as a true model of productive and technological development based on the values of solidarity and complementarity.


Cuba would provide advice and contribute to controlling the pandemic with its medical brigades; promote and expand collaboration; and continue training of human resources.


New mechanisms of compensation, financing and technical support would contribute to the establishment of a regional financial system that promotes the use of crypto-currency.


The organization’s operational and cooperation regimen is to be renovated, to consolidate a new energy framework that allows for greater sovereignty and better quality of life for the peoples of the region.


Promote projects for the agricultural recovery of member countries, ranging from seed production, to guarantee of fertilizers, food distribution and prices.


Funds to provide assistance in any dangerous situation that may arise in nations of the area.

(Source: Granma)

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