Macroeconomic stabilization will be central to the Cuban economy in 2024

Boosting the Macroeconomic Stabilization Program will be a priority for Cuba in 2024 through improved pricing policies, the gradual de-dollarization of the economy, the reactivation of the exchange market, and changes to the foreign currency cash-flow management mechanism, according to Alejandro Gil Fernández, Deputy Prime Minister and Minister of Economy and Planning, in his words to the Second Ordinary Session of the National Assembly of People’s Power, with Army General Raúl Castro Ruz and President Miguel Díaz-Canel present.

Gil Fernández also stressed the need to subsidize individuals rather than commodities, as well as to engage state and non-state actors in economic development and take steps to increase the production of exportable goods and services, promote e-commerce, and decentralize state business structures to strengthen regional management, with special emphasis on local agrifood systems.

Likewise, Cuba will encourage the establishment of MSMEs and joint ventures between state and private entities, among other measures that include the reorganization of salaries at enterprise level and the design of mandatory procedures to guarantee the transparency of bidding and contractual systems.