`Lack of hard currency Cuba’s most pressing problem’
January 12th, 2010 - 11:57 am ICT by IANSHavana, Jan 12 (IANS/EFE) Cuban Vice President Marino Murillo has said that a shortage of hard currency remains the most pressing problem for the island’s communist government.
Murillo, who is also economy minister, said that Cuba needs bigger exports and import substitution to generate reserves.
The vice president told a gathering of economists that the government is giving priority to revenue-producing sectors such as tourism, telecommunications and civil aviation, Communist Party daily Granma reported.
Cuba is suffering through one of its worst slumps in decades as a result of the global recession, the continuing US embargo and the shortcomings of its own economic model.
Raul Castro, who formally succeeded ailing older brother Fidel almost two years ago, has reduced the size of Cubans’ food rations, cut back on energy use and suspended payment of Havana’s foreign debts in a bid to relieve the government’s liquidity squeeze.
–IANS/EFE
rd/jg
- Cuba doesn't lack future generation of leaders: Vice president - Jan 11, 2010
- Raul Castro's daughter launches blog - Dec 23, 2011
- Castro ready to talk with US under conditions of equality - Feb 25, 2010
- Raul Castro hints at easing of Cuba's migration policy - Aug 02, 2011
- Cuba to invest $450 mn to boost rice production - May 12, 2012
- Cuba reforms spur 11,000 real estate, auto deals - Apr 27, 2012
- Cuba says it's ready for dialogue with US - Sep 27, 2011
- Chavez returns to Cuba for treatment - Jul 18, 2011
- Too many idle hands on Cuba's state farms: Report - Nov 11, 2009
- Fidel Castro releases two-volume memoir - Feb 05, 2012
- Cuba, US to resume friendly baseball games - Mar 21, 2012
- US embargo has cost us $2 bn in investment: Cuba - Oct 14, 2010
- Rights situation remains poor in Cuba, say dissidents - Jan 20, 2010
- Cuba, Russia reiterate strategic nature of their ties - Feb 12, 2010
- Cuba celebrates 51 years of revolution - Jan 02, 2010
Tags: civil aviation, communist government, communist party, cubans, economic model, economy minister, efe, energy use, fidel, food rations, foreign debts, global recession, granma, hard currency, import substitution, jg, murillo, raul castro, slumps, tourism telecommunications