Cuba thrice delayed repayment of Russian credit

MOSCOW, July 3 (Itar-Tass) — The Russian Audit Chamber said Cuba had three times delayed repayments of the Russian state credit provided in September 2006, however Moscow imposed no fines for overdue debts.

“Since the signing of the agreement (on granting a state credit against Russian goods and services) the Cuban side has three times violated the payment terms. However, the credit provision has not been suspended and no fines were imposed as for June 1, 2009,” the press service of the Audit Chamber said in a statement on Thursday.

Various violations have been exposed in selection of suppliers, as contracts have been signed with companies that had no sufficient production and sales capabilities. Besides, authorized Russian bodies did not control the implementation of the contracts and insufficiently cooperated with Cuban counterparts, it said.

“The exposed violations became the reason for the delay in 2007-2008 in the implementation of the agreement between the governments of the Russian Federation and the Republic of Cuba on the provision to the government of the Republic of Cuba of a state credit to finance deliveries of Russian goods, works and services,” the Audit Chamber said.

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One Response to Cuba thrice delayed repayment of Russian credit

  1. Pingback: Cuba thrice delayed repayment of Russian credit « particularcuba … | Cuba today

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