Cuba’s economic recovery is the priority, says president Diaz-Canel 

HAVANA, CUBA, (ACN) – Cuban president Miguel Diaz-Canel insisted that the country’s economic recovery is the main goal pursued by the new measures adopted by the Cuban government. On his X account, the head of state wrote that none of the actions taken are aimed at affecting the people since the announced measures will allow the take-off of the economy.

During the session of the Cuban parliament this week, prime minister Manuel Marrero announced new measures to be adopted and the projections for the country’s economy for next year.

The projections establish the increase of wholesale and retail prices of fuel taking as reference the prices in US dollars in the region in tune with the exchange rate of the official exchange market.

The Cuban government announced on Wednesday a package of measures to boost the country’s economic performance in 2024. The initiative aims at empowering the role of enterprises, increasing production and export of goods and services, collecting hard currency and improving the monetary market.

Measures to boost economic performance

Amidst the strong US blockade and the international crisis, the country has to keep going and put an end to distortions affecting the people and the local economy, said prime minister Manuel Marrero in his remarks at the second session of the Cuban parliament.

The premier made a detailed analysis of the deficiencies of different economic sectors, which have led to the people’s dissatisfaction which requires immediate action.

He explained that the measures adopted aim at recovering the flow of remittances, and the use of new bank cards to pay for goods and services, which can be charged from abroad or in cash.

Other actions favour the payment for imports in Cuba and not necessarily abroad, while e-commerce will be reinforced; foreign investment will also be encouraged by prioritizing food production projects and the use of renewable energy.

The recovery of the sugar industry is also top on the agenda as well as businesses that increase agricultural production; meanwhile, all economic actors will see a 50 percent reduction of their taxes in terms of imports of raw materials, while custom tariffs will increase for the import of some products ready for sale.

All retail and wholesale prices will be updated according to the reference price in the region by applying the rates of the official exchange market.

Other increases include water services out of meter, cigarettes and cigars, and liquified gas.

A new network of gas stations will be set up only for tourists and foreign visitors, aimed at collecting foreign currency through the sale of fuel; the electricity price for the residential sector will be increased by 25 percent, only for high-power consumers over 500 kw/hour.

Other measures include the decentralization from the central to municipal governments of a series of decisions related to the prices of different services and products.