Articles of Economy

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An equation for the Cuban economy

Canel economistas

This meeting has made a contribution; we had already analyzed in some depth the issues you raised, but now, with your input, they are more clear, stated Miguel Díaz-Canel Bermúdez, First Secretary of the Communist Party of Cuba, discussing the current state of the Cuban economy with specialists and students of Economic Sciences, yesterday August 4. The problems raised were identified in the Central Report to the 8th Party Congress and in the closing speech, and you have confirmed them and are supporting us, reiterated the President.

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Micro, small and medium-sized businesses in Cuba: A smooth start

pequeñas empresas

The creation in Cuba of micro, small and medium-size businesses (MSMEs), as part of the overhauling of the economic actors has risen an intensive debate and a lot of expectations, especially in the non-state sector. As it has was recently reported by Deputy Prime Minister and Minister of Economy and Planning (MEP) Alejandro Gil Fernández on Cuban television’s Mesa Redonda program, they are currently working at an accelerated pace in the norms that will rule the organization and functioning of these companies dedicated to the production of goods and services.

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Cuba thanks Russia for humanitarian aid

rusia donacion

July 25, two An-124 aircraft landed at Havana’s José Martí International Airport, carrying 88 tons of food and a million medical facemasks, as part of a donation from the Russian Federation. Party Political Bureau member and Foreign Minister Bruno Rodriguez Parrilla posted a tweet thanking Russia for a humanitarian donation that arrived in Cuba aboard two aircraft July 25.

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Hatred cannot take possession of the Cuban soul, which is one of goodness

canel mesa redonda

President Diaz-Canel again addresses the nation on Cuban television, calling for peace and tranquility, respect and solidarity among compatriots and others around the world, saving Cuba to continue building and dreaming. Communist Party of Cuba First Secretary and President of the Republic, Miguel Díaz-Canel, appeared on Cuban television, yesterday evening, and stated, “Peace and citizen tranquility, respect and solidarity among compatriots and others in need around the world, saving Cuba to continue building, growing, dreaming and achieving the greatest possible prosperity. This is our message to our people.”

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Cuban FM condemns use of unconventional ways to overthrow governments

bruno

Cuba´s Foreign Minister Bruno Rodriguez on Wednesday denounced the interference in the internal affairs of States and the use of non-conventional methods to overthrow governments before a conference of the Non-Aligned Movement. On speaking online at the Ministerial NAM Conference, the foreign minister warned of the threats and actions in violation of international law undertaken with the purpose of ending the sovereignty of territories. The diplomat condemned the use of force and the escalation of unilateral coercive measures applied to nations.

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Questions and answers on the suspension of U.S. dollar cash deposits

CUba Banco Dolar

The fierce financial persecution Cuba suffers as a result of the U.S. economic, commercial and financial blockade led to the decision by the Central Bank of Cuba (BCC) to announce the temporary suspension of cash deposits of U.S. dollars in the country’s bank branches. In view of the obstacles created by interventionistU.S. policy toour national banking system’s ability to deposit abroad the cash in U.S. dollars collected on the island.

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Cuba has not renounced economic growth of approximately 6%

Cuba industria desarrollo

Despite the ravages of the blockade and the impact of COVID-19, Cuba has not renounced economic growth of approximately 6% in 2021, reported Alejandro Gil Fernandez, deputy prime minister and head of Economy and Planning, in an update on the economy’s performance in the first four months of the year. He pointed out that the Gross Domestic Product declined in 2020 on the order of 11%.

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Havana Leather Company THABA keeps unstoppable pace

Maria-Eugenia-Martinez

Havana Leather Company THABA, leader in domestic market and focused on productive linkages with other centers and in pursuit of import substitution, started this year at a good pace. Despite of being hit by the economic, commercial and financial US blockade against Cuba for more than 60 years, affected by the Covid-19 pandemic and blocking of the delay of some materials, THABA fulfilled its first quarter plan.

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Sovereignty, self-determination and independence are not on the table

Canel PCC

Party work to support meeting objectives that are key to the country’s future was the focus of discussion during working meetings held in Ciego de Avila and Camagüey, chaired by Miguel Diaz-Canel Bermudez, first secretary of the Communist Party of Cuba Central Committee and President of the Republic. The goals addressed iincluded making progress on strategic programs, including monetary re-ordering, confronting COVID-19, consolidating unity within the party ranks, and developing a systematic approach to the public agenda in the media and knowledge of history.

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Cuba temporarily suspends cash bank deposits in U.S. dollars

mesa redonda

As a result of measures associated with the asphyxiating U.S. blockade of our country, the Central Bank of Cuba announced the temporary suspension of cash deposits of U.S. dollars in Cuban banks, as of June 21, 2021. “This is a measure meant to protect the Cuban banking and financial system, which applies only to U.S. currency in cash, not existing accounts in this currency. Deposits of U.S. dollars in accounts held by individuals and legal entities are not affected by this measure in any way,” the Central Bank announcement states.