Economy Minister Says Cuba Faces Tense Financial Situation

At the Economic Affairs Parliamentary Commission, Marino Murillo explained that vital services for the people will be preserved, as well as appropriate domestic monetary balance

The country is currently facing a tense liquidity or cash situation, something which is not new, but which leads to taking a package of measures, said Economy minister Marino Murillo, who noted that vital services for the people will be preserved, as well as appropriate domestic monetary balance.

Murillo spoke at Economic Affairs Parliamentary Commission as he addressed the performance of the economic plan for the first half of 2016. He said that the tense cash availability in the country is the result of a price fall of nickel and oil, the failure to meet sugar production and to earn the expected income, which did not allow honoring letters of credit by the end of 2015.

The current scenario suggests a strong decrease of cash expenses and use the reserves, said Murillo who also stressed the need for strict energy saving policy and use. But he said that regulations to face the current situation will prevent in all cases the return of the black-outs in the residential area, as well as any impact on the people´s basic services.

In tune with this, Murillo said that the investment program will only back those projects linked to the future development of the country. If investment will globally fall by 17 percent with respect to 2015, those on the program will be backed by some 7 billion pesos.