Cuban Parliament Analyzes Implementation of Program to Revitalize the Economy

The Cuban Parliament today analyzed the implementation and impact of the measures in the Government Program to Correct Distortions and Revitalize the Economy.

Prime Minister Manuel Marrero briefed the deputies on the progress of the Macroeconomic Stabilization Program.

He explained that the Government Program has been developed under adverse conditions. Including restricted access to foreign currency, instability in the National Electric Power System. Inflationary pressures generated by a combination of external and internal factors, and insufficient resources to guarantee the population’s needs, economic recovery, and the maintenance of the country’s critical infrastructure.

On this topic, he stated that the consumer price index closed in November with a year-on-year variation of 14.5 percent. A result that, although slowing, is still considered high.

Also he affirmed that the money supply has increased by 135 million compared to last year. Demonstrating an excess of money in the economy. Marrero confirmed the approval of the new foreign exchange control and allocation mechanism, published on December 11th in the Official Gazette.

“Partial dollarization is a temporary but necessary measure to stimulate economic activity. Also to foster supply chains, and increase foreign currency earnings,” he stated.

Meanwhile he reported the approval of 45 closed schemes, 31 of which are currently operational. With the consolidation of fiscal control measures. These latter measures resulted in identified debts of 9,833,774,000 pesos (4,159,000,000 pesos higher than the amount reported in July). The collection of 53.4 percent of the tax debt; and the temporary or permanent closure of more than 23,000 establishments.

“We are creating the right conditions to move to a higher stage in the implementation of the country’s Macroeconomic Stabilization Program,” he concluded.

With information from Prensa Latina and CNA

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