Articles of Economy

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Cuban state budget prioritizes social programs

Cuba bodega

The monetary re-ordering process underway necessarily implies changes for Cuba’s 2021 state budget. Given the effort to ensure the most appropriate use of resources, the plan includes eliminating excessive subsidies, without foregoing its predominately social character, with human beings at the center of the country’s life. This was reiterated on the Mesa Redonda television program recently by Meisi Bolaños Weiss, minister of Finances and Prices (MFP), who explained that, during the year coming to an end, the country faced the tightening of the U.S. blockade

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Cuba’s largest coffee exporter completes first direct commercial operation to European market

cafe recolectora

After almost a year of adjustments to gain self-sufficiency in foreign trade operations, the Asdrúbal López Coffee Processing Company, the largest Cuban exporter of the aromatic grain, this month completed its first direct commercial operation, towards the European market. And so this efficient socialist company was launched in its category as the first exporting pole of Guantánamo – approved in January of this year – which authorizes it to trade with the world directly, a crucial step to assume its promising position within the strategic program of local development.

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Cuba facing the economic crossroads

Bandera cubana

The country has had to face the paralysis of tourism for months, as a consequence of the expansion of COVID-19; which has notably affected foreign exchange earnings and the Gross Domestic Product. In turn, it has had to spend more than 1,500 million Cuban pesos and more than 100 million dollars for the expenses of the confrontation with the pandemic by the national public health system.

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Cuban president to participate in virtual ALBA-TCP Summit

Canel-alba

Cuban President Miguel Diaz-Canel will participate in the 18th Summit of the Bolivarian Alliance for the Peoples of Our America-People’s Trade Treaty (ALBA-TCP), which will be held this Monday virtually. During the meeting, the Heads of State and Government of the Alliance’s member nations will analyze the regional political situation and the challenges posed by the Covid-19 pandemic.

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New electricity tariff in Cuba will protect vulnerable families

ministro economia

The new electricity tariff to be implemented in Cuba next January 1 as part of the monetary regulation process, will protect vulnerable families, a government practice in force on the island. Cuban Deputy Prime Minister Alejandro Gil explained that the increase in prices will occur in the energy sector as well as in other areas, as a result of the elimination of the monetary and exchange duality planned for next year.

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Cuban science focuses on food security and sustainable development

cuba ciencias

The Center for Environmental Research (CIMAC) in Camagüey province is promoting projects that respond to the Agenda 2030 for Sustainable Development approved by the United Nations, and which seeks food security. “With an integrated view with the academia, our scientific work has as a premise the environmental management as a support to the sustainable advance of tourism, food production and other economic-social spheres,’ stated the director of the institution, Nereyda Junco.

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Cuba will take action against inflation

ministra precios

Cuba will take measures from January 1 to curb an expected inflation derived from the monetary reordering, a process that today draws the attention of Cubans. With the arrival of the new year, the convertible Cuban peso (CUC) will disappear and only the regular Cuban peso (CUP) will be used for all operations, with an exchange rate of 24 to 1 against the dollar.

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Cuba participates at the highest level in climate Summit

Canel-ONU

The president of Cuba, Miguel Díaz-Canel, heads the delegation of the Caribbean island to the Climate Ambition Summit that will take place virtually, five years after the adoption of the Paris Accords. The appointment is scheduled prior to the Conference of the Parties number 26 of the United Nations Framework Convention on Climate Change (COP26), to be held in November 2021 in Glasgow, United Kingdom.

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Cuban President affirms 2021 will be a year of challenges

-canel-habana

The coming 2021 will be a year of challenges for Cuba, a stage of improvement, dialogue and continuity in line with the transformations advancing today in the country, said President Miguel Díaz-Canel. In the midst of these complex changes, the nation demands efforts and unity, the president acknowledged in a recent meeting with capital authorities after a two-day government visit to this province.

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In Cuba, new monetary order will be gradual and just

murillo

In Cuba, new monetary order will be gradual and justHavana, Dec 12 (Prensa Latina) The elimination of excessive subsidies and undue gratuities within the monetary system will be carried out in Cuba gradually and protecting vulnerable sectors, a government practice in force today on the island. The head of the Commission for carrying out the Guidelines of the Communist Party of Cuba, Marino Murillo, explained the eve that this process.