Cuba announces new economic development roadmap, emphasizing de-dollarization

On July 21, at the regular session of the Cuban National Assembly, the government announced a series of new measures to develop the country, including restoring macroeconomic balance, reviving tourism, controlling the foreign exchange market and accessing foreign currency.

Cuba announces new economic development roadmap. Streets of Cuba. (Source: The DeVoe Moore Center)

Presenting to the National Assembly a new economic development roadmap, Prime Minister Manuel Marrero stated that the Cuban government prioritizes renegotiating necessary debts and achieving higher levels of foreign investment, encouraging domestic production, reviving the sugar industry, achieving food balance at the municipal level and offsetting imports with exports.

The head of the Cuban government stressed the urgency of the task of reducing the budget deficit, focusing on subsidies for the population rather than products, updating fuel, electricity and water prices, and applying a reasonable pricing policy.

Regarding the goal of "de-dollarizing" the Cuban economy, Prime Minister Marrero said that it is necessary to apply partial measures to increase foreign currency revenue such as remittances or income from abroad.

To combat speculation, the government will take measures to combat tax evasion, amend tax exemption regulations, create new jobs, manage the territorial development strategy, promote banking activities and encourage changes in the state-owned enterprise sector.

Prime Minister Marrero called on the private sector and non-state cooperatives to continue to develop so that all workers can benefit.

The Cuban government also affirmed its determination to fight against illegal acts, corruption, and indiscipline, giving priority to preventing social evils and ensuring social security, especially issues related to demographic dynamics such as housing and rural areas, thereby ensuring labor force and production capacity.

Cuba is facing its most serious economic crisis since the successful Revolution in 1959.

Official figures show that the Caribbean island nation's gross domestic product (GDP) contracted by 1.9% in 2023.

Source: https://baoquocte.vn/cuba-cong-bo-lo-trinh-phat-trien-kinh-te-moi-nhan-manh-van-de-phi-usd-hoa-279592.html