Cuban Government Announces Measures to Boost Economic Performance

Cuban Government Announces Measures to Boost Economic Performance

HAVANA, Dec 20  The Cuban government announced on Wednesday a package of measures to boost the country’s economic performance in 2024.The initiative aims at empowering the role of enterprises, increasing production and export of goods and services, collecting hard currency and improving the monetary market.

Amidst the strong US blockade and the international crisis, the country has to keep going and put an end to distortions affecting the people and the local economy, said Prime Minister Manuel Marrero in his remarks at the Second Session of the Cuban Parliament.

The Premier made a detailed analysis of the deficiencies of different economic sectors, which have led to the people’s dissatisfaction which requires immediate action.

He explained that the measures adopted aim at recovering the flow of remittances, and the use of new bank cards to pay for goods and services, which can be charged from abroad or in cash.

Other actions favor the payment for imports in Cuba and not necessarily abroad, while e-commerce will be reinforced; foreign investment will also be encouraged by prioritizing food production projects and the use of renewable energy.

The recovery of the sugar industry is also top on the agenda as well as businesses that increase agricultural production; meanwhile, all economic actors will see a 50 percent reduction of their taxes in terms of imports of raw materials, while custom tariffs will increase for the import of some products ready for sale.

All retail and wholesale prices will be updated according to the reference price in the region by applying the rates of the official exchange market.

A new gas station network will be set up to collect hard currency coming from the tourist sector, while other decisions include the increase of the electric tariff –some 25 percent—for high consumers in the residential sector—all those who use over 500 kilowatt/hour.
Other increases include water services out of meter, cigarettes and cigars, and liquified gas.