Photo: Taken from CNA

Cuban President Urges Implementation of Transformations to the Economic and Social Model

“We must focus, immediately, on implementing the most urgent and necessary transformations to the economic and social model.” Stated the First Secretary of the Central Committee of the Communist Party and President of the Republic, Miguel Díaz-Canel Bermúdez. During his address at a meeting of the Council of Ministers.

The president added that these transformations “are fundamentally related to business autonomy. Municipal autonomy; the resizing of the state apparatus, the government, and institutions. Also national food production, with municipal balances. The shift in the energy matrix, which includes not only renewable sources but also everything related to domestic crude oil. Exports, linking them to the flexibilities approved for foreign direct investment. Leveraging economic partnerships between the state and private sectors. Especially at the municipal level; and promoting business with Cubans residing abroad.”

All of this, the Head of State added, must contribute to the country’s macroeconomic stabilization. Increase foreign exchange earnings, and develop national production, with an emphasis on food.

At the meeting of the island’s highest governing body. They chaired monthly by Prime Minister Manuel Marrero Cruz from the Palace of the Revolution and held via videoconference with all provinces. The president stressed that “achieving this depends heavily on the performance of the business sector. And also on the behavior of the municipalities.”

Díaz-Canel added that municipalities must manage foreign direct investment. They must manage their own closed-loop systems in foreign currency; they must manage economic partnerships between the state and non-state sectors. So they must design and propose their local production systems; and they must manage investments from Cubans residing abroad,” he explained.

At this session of the Council of Ministers, corresponding to the month of February. The member of the Political Bureau and Prime Minister, Manuel Marrero Cruz, presented information on the results of the update to the Government Program. Following the implementation of the agreements of the 11th Plenum of the Central Committee of the Party. And the last session of the National Assembly of People’s Power. As well as the extensive process of public consultation, and the recommendations of experts and academics.

Also, the Minister of Economy and Planning, Joaquín Alonso Vázquez, presented a report on the performance of the Cuban economy at the end of January. A period in which exports of goods generally fell short of targets. Meanwhile, products such as honey, machine-rolled and hand-rolled tobacco, lobster, rum, and biopharmaceutical medicines did meet their planned commitments.

Regarding service exports, he reported that those related to the health sector were very close to 100% at the end of January. Tourism was at 85%, and telecommunications exceeded its targets.

Alonso Vázquez commented on the progress of self-financing schemes in foreign currency. Of which 86 have already been approved in sectors such as transportation, industry, oil, coal, fishing, tobacco, sugar, food production, and others.

Prices at the end of January rose by 0.67%, closing with a year-on-year index of 12.5%. Driven by excess liquidity and a deficit in the supply of goods and services.

Regarding social assistance, he stated that 178,666 families, encompassing 303,298 beneficiaries, are being protected. Assistance is being provided to 63,788 mothers with three or more children in vulnerable situations. And social transformation initiatives are underway in 1,249 communities.

Regarding the energy matrix shift, the Minister of Energy and Mines, Vicente de la O Levy. He noted that progress by municipalities in completing their transition strategies is still slow. The Minister of Finance and Prices, Vladimir Regueiro Ale, informed the Council of Ministers that by the end of 2025, 141 municipalities had exceeded their assigned revenue targets. In nine provinces, more than 80% of the municipalities exceeded their respective revenue plans.

The Council of Ministers also analyzed the status of accounts receivable and payable. Due at the end of 2025 and reviewed the results of the Mariel Special Development Zone Business Program at the end of 2025. This important economic enclave of the nation. Despite the tense situation in Cuba, reaffirms its strategic value for attracting national and foreign investment.

With information from CNA

Radio Angulo
Latest posts by Radio Angulo (see all)