Cuban Parliament Approves Economic Plan and State Budget for 2022

In the case of the Budget, it establishes the availability of financial resources for more than 306 billion pesos, which will guarantee the continuity of prioritized programs and the main economic activities budgeted.

Félix Martínez Suárez, Chairman of the Economic Affairs Committee, said 73 percent of these funds were earmarked for the budgeted activity to ensure basic programs and services to the population, of which Public Health and Education will have 112 billion pesos, per the priority they have for the country.

Likewise, the Commission’s report states cultural and sports activities will receive 11 billion pesos, and 43.6 billion pesos will be allocated to Security and Social Assistance.

In addition, almost 10 billion pesos will be allocated to science, technology, and innovation, of which 38% will be financed by the Budget and will be mainly focused on food production, energy, biotechnology, pharmaceuticals, and information and communications technologies.

For non-budgeted activity, a significant reduction was proposed in relation to the previous year; nevertheless, more than 39,600 million pesos are planned, mainly to subsidize products and services such as medicines, electricity rates, fares, milk, meat and compote for children, among others.

Capital investments and transfers will amount to 37,572 million pesos, 73% of which will be allocated to material investments and infrastructure works, among the most important of which are 15,689 housing units, renewable energy sources, and a water development program.