Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

Cuba wins China debt relief, new funds

11/27/2022 | 10:04am EST
Cuba's President Miguel Diaz-Canel's official visit to China

HAVANA (Reuters) - China has agreed to restructure Cuban debt and provide new trade and investment credits to the beleaguered Caribbean Island nation after a meeting in Peking between the two Communist countries' leaders.

Cuba Economy Minister Alejandro Gil said the latter had also donated $100 million to help the country cope with basic goods shortages and an energy crisis worsened by Hurricane Ian, which decimated western Pinar del Rio province in late September.

Gil was speaking in an interview with official media traveling with President Miguel Diaz-Canel as he returned home over the weekend from a tour of Algeria, Russia, Turkey and China.

Chinese trade and investment has slowed in recent years due to Cuba's failure to meet restructured debt payments according to analysts and diplomats, a situation worsened by tighter U.S. sanctions, the pandemic and domestic economic inefficiencies.

"We are going to find mutually acceptable formulas for the ordering and restructuring of debts," Gil said.

Analysts estimate the debt in the billions of dollars, although no official figures are available.

Cuba last reported its foreign debt in 2019 at $19.6 billion.

China is Cuba's most important commercial partner after Venezuela, though trade has declined from over $2 billion in 2017 to $1.3 billion last year, according to the Cuban government.

Various investment projects have also ground to a halt.

Gil said China had agreed to quickly complete a floating dock, wind power and solar energy project, among others.

President Diaz-Canel told the official media after talks in Peking that debt was at the top of his agenda with President Xi Jinping who sympathized with the difficulties Cuba was going through.

The Cuban president said his Chinese counterpart indicated "a solution must be found to all the problems with Cuba, regardless of the debt, and that this cannot be what limits development."

(Reporting by Marc Frank; Editing by Mark Porter)

By Marc Frank


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.04% 70.575 Delayed Quote.-2.67%
US DOLLAR / TURKISH LIRA (USD/TRY) -0.04% 18.81824 Delayed Quote.0.59%
Latest news "Economy"
05:47pAustralia's Beach Energy reaches deal with Webuild on Waitsia gas project
RE
05:42pNewmont makes $16.9 bln offer for Australia's top gold producer Newcrest
RE
05:42pJapan finance minister says he was 'out of the loop' on BOJ gov nomination
RE
05:41pPublic Storage makes $11 billion unsolicited offer for Life Storage - WSJ
RE
05:32pUK Treasury signals no new money for defense - Sky News
RE
05:27pPakistan's ex-president Musharraf dies after years in exile
RE
05:11pMarketmind: U.S.-China crisis?
RE
05:07pUk treasury signals no new money for defence despite recognising…
RE
04:57pUkraine crews working to restore power to Odesa after fire
RE
04:40pAustralia's Beach Energy in deal with Webuild to complete Waitsia Stage 2 gas project
RE
Latest news "Economy"