Castro: Frozen assets to be released this year

Cuba Standard:

Cuba will free the remainder of hard-currency assets owned by foreign companies that have been held back in national bank accounts
since 2008, President Raúl Castro said in his closing speech after the National Assembly’s summer session.

A partial restructuring of foreign debt with Cuba’s main lenders has helped “reduce hold-backs of transfers abroad and put us in conditions to approve that they will be lifted for good before the current year ends,” Castro said, adding that a “tense situation” continues to affect the country’s external finances. ” We will persist in gradually recovering the international credibility of the Cuban economy.”

Cuba has not published comprehensive data about its foreign debt since 2007.

Hit by extensive hurricane damage, higher oil and food prices, and dropping tourism, nickel and sugar revenues in 2008, the government faced a cash crunch that has been gradually improving over the past two years, as Cuba cut back spending and imports, and exports have been rising.

www.cubaluxuryrent.com

Advertisements

About Particular Cuba
Particular Cuba organizes travel to Cuba. Hotel booking, car rental, package tours, excursions, flights to Cuba.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: