Sunday, May 28, 2023
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Cuba Receives Chinese Debt Relief, New Funds


HAVANA (Reuters) – China agreed to restructure Cuban debt and provide the troubled Caribbean island with new debt after the two countries met in Beijing. National Leaders in Trade and Investment Credit.

Cuban Economy Minister Alejandro Gil said the latter also donated 19 million dollars to help the country cope with shortages of basic commodities and energy The crisis was exacerbated by Cyclone Ian, which devastated the province of Cipinar del Río in late September.

Gil spoke to state media while traveling with President Miguel Diaz-Canel after returning home from a weekend trip to Algeria, Russia, Turkey and China.

Chinese trade and investment have slowed in recent years as analysts and diplomats say Cuba has failed to repay its restructured debt, tougher U.S. sanctions, the pandemic and domestic economic inefficiencies make the situation worse.

“We will find a mutually acceptable debt sequencing and restructuring solution,” Gill said.

While there are no official figures, analysts estimate the debt to be in the billions.

Cuba last reported its external debt in at $19.6 billion.

According to the Cuban government, China is Cuba’s most important business partner after Venezuela, although trade has dropped from over $2 billion 2017 to 13 last year. One hundred million U.S. dollars.

There are various investment projects, but they are stagnant.

Gill said China had agreed to quickly complete floating docks, wind power and solar projects, among others.

President Díaz-Canel told state media after talks in Beijing that debt was at the top of his agenda with President Xi Jinping, who is critical of what Cuba is going through. sympathize with the difficulties.

The Cuban President stated that his Chinese Foreign Minister stated that “solutions must be found for all problems in Cuba, regardless of the debt, and this cannot be a factor restricting development.”



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