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Cuba announces a new package of measures to boost its economy

The actions, announced this Thursday by the Prime Minister and Minister of Economy and Planning of Cuba, Alejandro Gil, have the objective of obtaining currencies and increasing offers.

The Deputy Prime Minister and Minister of Economy and Planning of Cuba, Alejandro Gil, has announced a new package of measures to boost the economy of the Latin American nation during the ninth regular session of the National Assembly of People’s Power, held this Thursday at the Convention Center in Havana.

Specifically, the Cuban Government will seek the flexibility of imports by natural persons of certain non-commercial items and the reduction of customs taxes with the aim of obtaining foreign currency and increasing offers.

Likewise, the Minister of Economy indicated that a series of definitions are being worked on to establish joint ventures between the state and private sector, as well as for the insertion of foreign capital to the Caribbean island.

He also assured that, although he Meanwhile, Cuba is advancing in the gradual recovery of its economy, detailing that during the first quarter of this year its gross domestic product (GDP) has increased by 10.9% compared to the same period in 2021.

Tourism takes off

Gil explained that among the factors that limit further progress in the objectives of the Executive led by President Miguel Díaz-Canel are, among others, the levels of foreign currency income, the US economic blockade, the persistence of covid-19, the difficulties in generating energy and fuel, as well as the inflation on a global scale.

In relation to the execution of income in foreign currency, it indicated that during the first quarter of 2022 2,521 million dollars in foreign currency were collected, which is almost 1,500 million less compared to the same period in 2019, before the health emergency.

In addition, he recognized that the lack of foreign currency is a fundamental problem in the Cuban economy, especially in the current situation, in which there has been a rise in the price of food and fuel in the world market. Therefore, he stressed that turning this situation around depends, to a large extent, on the takeoff of tourism.

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