China, Russia, Algeria and Turkey agreed to restructure Cuba’s debt, provide new financing for trade and investment, and alleviate the energy crisis, Cuban President Miguel Diaz-Canel said, La Jornada reported on November 30.
Due to US sanctions imposed during Donald Trump’s presidency and the COVID-19 pandemic, Cuba has faced a number of problems: falling production, shortages of food, medicine, fuel, and insufficient electricity production. The situation has led to a sharp increase in Cuba’s debt to joint venture partners and suppliers, prompting some of them to stop doing business with Cuba.
Cuba’s current foreign debt is considered a state secret. Before the pandemic, in 2019, the Caribbean country reported an external debt of $19.6 billion.
“We found concrete actions to restructure the debt we had with these countries, which leaves us with payment mechanisms that allow us to move forward and not slow down the group of projects and businesses in terms of economic and financial relations,” Diaz-Canel said on state television.
Neither Cuba nor the other countries provided additional details about the restructuring of Cuba’s foreign debt.
Source: Rossa Primavera News Agency