Washington licences sale of Venezuelan oil to Cuban private sector
02 March 2026 In a measure intended to strengthen Cuba’s private sector and ease to some extent the humanitarian crisis now facing most Cubans, the US Treasury announced on 25 February that any company licensed to trade Venezuelan oil will be authorised to resell it to non-government entities in Cuba. A notice from the US […]
Russia considering sending oil to Cuba
16 February 2026 Cuba’s official media has reported that Russia is evaluating various energy support options for the island following the deteriorating humanitarian situation caused by a lack of fuel. Granma suggested on 13 February that Russia has been in contact and has been discussing options. It indicated that the Kremlin “is holding talks with […]
Cuba condemns Trump’s decision to impose tariffs on nations sending oil to Cuba
02 February 2026 Cuba’s government has condemned “in the strongest terms” the decision by President Trump to sign on 29 January an Executive Order that threatens to impose tariffs on any nation exporting “directly or indirectly” any type of oil to Cuba. In a formal declaration, Cuba’s Government said on 30 January that the new […]
Díaz-Canel warns US that any understanding or dialogue cannot involve coercion
19 January 2026 President Díaz-Canel has warned Washington in a fiercely nationalistic speech that it will not be possible to achieve any understanding or negotiation with Cuba based on “coercion.” He said, however, his government is willing to engage in a dialogue with the US if it is undertaken on the basis of “equality” and […]
Central Bank introduces managed floating foreign exchange rate
05 January 2026 Cuba’s Central Bank (BCC) has announced a new floating exchange rate, modified daily, based on supply and demand. The measure announced on 18 December is principally intended to enable private and state-owned exporting companies and certain other entities to buy foreign currency at “competitive prices.” The decision has the effect of dividing […]
New forex controls on Cuba-based business likely to reinforce dollarisation
15 December 2025 Cuba’s Council of State has approved a Decree Law and several resolutions that establish a new “transitional” mechanism for the management, control, and allocation of foreign currency. The measures seek to boost exports and productive enterprises, but are also likely also to reinforce the dollarisation of the Cuban economy. The new regulations […]
Minister outlines new approach to foreign investment
01 December 2025 Cuba’s Minister of Foreign Trade and Foreign Investment has said that Cuba will introduce shortly a series of measures designed to revitalise foreign investment in Cuba. Speaking at the opening of the Eighth Investment Forum held during the Havana International Fair (FIHAV 2025), Deputy Prime Minister Oscar Pérez-Oliva, outlined what he described […]
Díaz-Canel seeks unity on revised macro-economic reforms
25 November 2025 President Díaz-Canel, speaking as President of the National Defense Council, has told Cuba’s Council of State that the coming process of studying and analysing the Government’s recently revised and published programme of macro-economic reform must be “a participatory and constructive exercise.” It must also, he said, be a “collective construction that the […]
Melissa causes extensive damage to Cuba’s southeastern provinces
03 November 2025 Cuba has begun recovery efforts following the passage of the downgraded but still powerful, Hurricane Melissa, a Category 3 storm, that hit Cuba’s southeastern coast in the early hours of 29 October. The storm had earlier caused extensive damage to western Jamaica. Melissa made landfall with sustained winds of 193 km/h (120 […]
US government providing US$3mn post hurricane relief through Catholic Church
10 November 2025 Cuba’s government has described as “positive” its cooperation with the Catholic Church in relation to the delivery of US$3mn in US post-hurricane humanitarian assistance. Its comments follow an agreement that the Church would coordinate US aid intended for Cubans in the island’s eastern provinces. Writing on social media, the Ministry of Foreign […]
Conceptual shift in Cuban thinking about foreign investment
27 October 2025 In a far-reaching decision for Cuban tourism and potentially all foreign exchange earning foreign investments, the Spanish hotel group Iberostar has signed a lease agreement with the Gaviota tourism group.. This will enable Iberostar to have operational autonomy over the Iberostar Origin Laguna Azul hotel in Varadero, a property it presently manages, […]
Official media report suggests government’s food price cap ineffective
20 October 2025 A hard-hitting report has appeared in the official publication Cubadebate indicating that government measures introduced to cap food prices in Havana are having little effect and unintended consequences. The investigative report came three days after the official Communist Party publication, Granma, wrote on 13 October that inspection and price control measures have […]
Fall in export earnings ‘making it hard to meet economic needs’
13 October 2025 Falling foreign currency earnings from exports are affecting Cuba’s ability “to purchase supplies, raw materials, fuel, food, and other products essential to the economy and society,” according to an official media report of a recent meeting of Cuba’s Council of Ministers. Although few economic details and no statistics were published, the meeting […]
Cuba’s railways struggle to overcome lack of resources and investment
06 October 2025 Amid continuing uncertainty about whether Russia will invest in modernising and upgrading the Cuban railways system, Cuba’s state media has detailed the steps the Unión de Ferrocarriles de Cuba (UFC) is taking to try to improve its aging infrastructure. In an extended analysis, the official media platform Cubadebate has outlined the strategic […]
Growing concern about impact of worsening power and water supply
22 September 2025 In an indication of the growing seriousness of Cuba’s worsening power and water supply situation, Cuba’s President has led a high-level meeting to discuss an action plan to address the country’s lengthening periods without power and related water shortages. The meeting, which appeared similar in format to a Council of Ministers’ meeting, […]
Cuba’s private sector demonstrates ability to stimulate growth
15 September 2025 Recently published official figures indicate that Cuba’s non-state MSMEs have begun to make a major economic contribution in consumer related sectors and services despite severe bureaucratic and regulatory impediments. However, according to a recent report by the US-based Cuban academic, Ricardo Torres, the sector continues to be seen by Cuba’s political leadership […]
China’s President confirms willingness to provide greater support to Cuba
08 September 2025 President Xi Jinping has told President Díaz-Canel that China “is willing to continue providing assistance and support to Cuba to the extent of its possibilities.” His remarks follow from an important bilateral meeting that took place in Moscow in May when both leaders attended Russia’s celebration of its World War II victory […]
Cuban operating environment proves challenging for Sherritt
01 September 2025 The Canadian miner Sherritt International Corporation which mines nickel and cobalt in Cuba then refines it, has reported to investors that in the six months ended 30 June 2025, the operating environment in Cuba and hardening US policies have impacted negatively on its operations. Leon Binedell, the Executive Chairman, President and CEO […]
National Assembly and Party meetings suggest uncertain period lies ahead
28 July 2025 Speeches and interventions made during the recently ended meeting of Cuba’s National Assembly and an earlier plenary session of the Central Committee of Cuba’s Communist Party suggest that the island may be entering a period of increased economic uncertainty, that government may struggle to deliver its economic objectives, and could find it […]
National Assembly told Cuba facing ‘a most difficult moment’ in its history
21 July 2025 Describing the present moment as being amongst the most difficult in recent Cuban history, President Díaz-Canel has called on all Cubans to commit their energy and effort to finding solutions to meet the challenges now facing the country. “This is not the first time, nor will it be the last, that the […]
Communist Party told unity, authority, self-sufficiency now essential
14 July 2025 Cuba’s President has said that Cuba is now “a country at war.” It is, he told a Central Committee plenary of Cuba’s Communist Party held on 4-5 July, at risk from a “Machiavellian combination” of actions by the US Administration. Washington “not only aims to destroy the scarce resources” that Cuba has, […]
New US Cuba security policy set to widen secondary sanctions risk
07 July 2025 President Trump has signed a National Security Memorandum, tightening and extending significantly US sanctions on Cuba. The order is expected to expose non-US companies to greater secondary US sanctions risk if they transact or do business with any of the many Cuban enterprises and their subsidiaries that are linked to Cuban military […]
ETECSA modifies internet rates – issue remains socially, politically sensitive
23 June 2025 In a new response to citizen and student concern about recent increases in the cost of mobile internet access, the state telecoms company ETECSA has announced limited modifications to its plans. A previous announcement led to student unrest and more generally, widespread national criticism on social media. The issue remains politically and […]
Government responds to student protests after sharp internet price hike
09 June 2025 Cuba’s President has accused outside forces of trying to create unrest and instability following a badly mishandled announcement on 30 May of an immediate sharp increase in mobile internet rates by the state telecoms provider ETECSA To the concern of government, which surprisingly had not foreseen the likely response, ETECSA’s statement was […]
Collapse in sugar production signals new economic crisis for Cuba
26 May 2025 As Cuba’s 2024-25 sugar campaign draws to a close, provincial reporting, as well as industry sources cited by Reuters, suggest that the island is headed this year for an unplanned for production shortfall of as much as 100,000 metric tons. The outcome is likely to have a negative impact on the Cuban […]
Díaz-Canel’s Russia visit indicates economic ties likely to deepen
12 May 2025 High level exchanges held during a five-day visit by President Díaz-Canel to Moscow and St Petersburg suggest that economic relations between Russia and Cuba are set to deepen. The visit, in response to an invitation from President Putin to attend Russia’s celebrations of its World War II victory over fascism, saw Cuba’s […]
ETECSA says unable to obtain forex to upgrade Cuba’s telecoms network
22 April 2025 TCuba’s state run telecommunications company, ETECSA SA, has publicly acknowledged that it is unable to obtain the foreign exchange it needs to maintain the required level of investment in technology to continue upgrading its aging network. Speaking to Cubavisión Internacional, the official worldwide arm of the domestic Cubavisión network, Kevin Castro, the […]
Minister assures Cubans that recovery of electrical system is advancing
07 April 2025 Cuba’s Minister of Energy and Mines, Vicente de la O Levy, has insisted that the recovery of Cuba’s National Electricity System (SEN) is “on schedule” and that a positive outcome of everything planned “will soon be seen.” His comments come as extensive daily power outages continue because of fuel shortages, breakdowns, and […]
US federal jury finds against Expedia in landmark US$30mn Title III decision
28 April 2025 In a landmark decision, a US Federal judge sitting with a jury in Miami has ordered the Expedia Group to pay US$29.8mn to a Cuban-American businessman living in Miami. The ruling follows a finding in his favour under Title III of the Helms-Burton Act. The decision may be appealed to the US […]
CARICOM ministers defend Cuban medical support, criticise US visa withdrawal
17 March 2025 The US Secretary of State, Marco Rubio, is expected to visit the Caribbean before the end of March to meet with CARICOM governments to discuss among other matters the decision by the Trump Administration to revoke the visas of Caribbean facilitating Cuba’s medical missions to the region and elsewhere. (Background Cuba Briefing […]
Havana Club rum sales continue to grow – China a future market focus
10 March 2025 Sales of Havana Club rum continue to grow both in Cuba and internationally according to Cristian Barré, the CEO of Havana Club International SA. Havana Club, one of several brands in the portfolio of Pernod Ricard and Havana Club International (HCI) is a joint venture between state-owned Cuba Ron and France’s Pernod […]
Economy and Planning ministry told it must adapt to need for a war economy
03 March 2025 President Díaz-Canel has called for the Ministry of Economy and Planning (MEP) to “have a clear strategy and more coherent thinking on economic issues in the difficult circumstances which the country is facing.” In unusually direct language, he said that the Ministry must from now on carry out a permanent analysis of […]
Cubaniquel expects full recovery of JV with Canada’s Sherritt in 2025
24 February 2025 Cuba’s nickel and cobalt miner, Cubaniquel SA, has said that it expects production and efficiency at its joint venture with Canada’s Sherritt International to recover this year following a difficult 2024. Speaking on the television and radio programme Mesa Redonda, Leonardo Rosell, the Director General of the company said that the business […]
Bill tightening sanctions on Cuba and ‘foreign persons’ reintroduced in Senate
17 February 2025 The US Senators Rick Scott (R-Florida) and Tommy Tuberville (R-Alabama) have reintroduced a bill aimed at passing into law measures imposing “severe sanctions” on the Cuban government, and on third parties and entities engaged in transactions with sanctioned Cuban persons and bodies. If passed, The Democracia Act (Denying Earnings to the Military […]
Council of Ministers approve plan to create a new forex market this year
10 February 2025 Cuba’s Council of Ministers have approved a detailed action plan for 2025 that places special emphasis on the delivery of “a new mechanism for the management, control and allocation of foreign currency for all economic actors; the creation of a foreign exchange market, and the partial dollarisation of the economy.” Cuban official […]
Cuba ‘ahead of most Latin nations’ on cybersecurity: rapidly developing AI
03 February 2025 Cuba is now far ahead of most countries in the region in relation to cybersecurity despite the absence of co-operation from the US, according to senior Cuban officials. It is also rapidly developing an Artificial Intelligence capacity through an integrated programme involving state and private sector entities. Speaking during a recent edition […]
Trump reimposes Cuba terrorism designation, sanctions and restricted list
27 January 2025 In the first hours of assuming the US Presidency, President Trump revoked the order published days earlier by the outgoing Biden Administration intended to remove Washington’s designation of Cuba as a state sponsor of terrorism (See Cuba Briefing 13 January 2025). The effect is to reimpose tighter controls on US exports, restrictions […]
Biden lifts terrorism designation and sanctions: Trump to mull restoration
20 January 2025 In a surprise announcement on 14 January, just days before demitting office, the White House said that President Biden was removing Cuba from the US list of state sponsors of terrorism; suspending the right of claimants to take legal action under Title III of Helms Burton against companies that traffic in expropriated […]
Tourism minister says essential Cuba recovers growth in arrivals in 2025
13 January 2025 Cuba’s Minister of Tourism, Juan Carlos García, has said that it “is essential for the recovery of the sector” that in 2025 the country has ”a decent tourism product that stimulates demand.” His comments to a meeting of the National Assembly’s Commission on Services followed his admission that the sector would close […]
Díaz-Canel sees some positive signs of progress
06 January 2025 Addressing the closing session of Cuba’s National Assembly, President Díaz-Canel told delegates that Government’s efforts to implement its macro-economic reform strategy will continue “with the aim of changing, in the shortest possible time, the overwhelming situation we are experiencing.” Observing that “the insufficient results achieved” in 2024 were “reason for the most […]
Communist Party to hold mid-December plenary to address “vital issues”
09 December 2024 The Central Committee of Cuba’s Communist Party (PCC) has said that it will convene on 12 and 13 December in plenary, to analyse “vital issues of the Cuban economy and society, in the midst of the complex scenario that the country faces.” The announcement followed a meeting of Cuba’s Council of Ministers […]
Role of government’s new Institute of Non-State Economic Actors spelt out
02 December 2024 Officials appearing on Cuban state television have made clear that the recently established National Institute of Non-State Economic Actors (INAEE) is intended to control and direct Cuba’s embryonic private sector. Aizel Llanes Fernández, the Director of the National Institute of Economic Research, speaking on the television programme Mesa Redonda, said that the […]
Minister says essential for economy tourism has a good high season
25 November 2024 Cuba’s Tourism Minister, Juan Carlos García, has said that “it is essential to have a good high season” as “the country and the Cuban economy need it.” His comments came as a leading Canadian tour operator announced that it is reducing the number of hotels included in its offering to clients visiting […]
Economy Minister says Cuba unlikely to experience GDP growth this year
18 November 2024 A Cuban minister has said that Cuba will not experience any economic growth this year owing to the impact of hurricanes Oscar and Rafael and recent seismic activity in eastern Cuba. The three events caused damage over a period of twenty days to housing, electrical distribution, agriculture, water supply, hospitals, schools, and […]
Hurricane Rafael causes extensive damage to Cuba’s western provinces
11 November 2024 A second hurricane in three weeks to hit Cuba has caused what government described as “major damage” to the three western provinces of Artemisa, Mayabeque and Havana. Tens of thousands of Cubans had earlier been evacuated along with visitors from the most at-risk areas, and education and transport was suspended. Hurricane Rafael […]
Minister’s comments suggest bleak outlook for Cuban sugar production
04 November 2024 Cuba’s first Vice President, Salvador Valdés Mesa, has said that it is essential that all those involved in the sugar sector do everything possible to “move forward the preparations for the next harvest, with responsibility and rationality.” Addressing the closing session of the Third Conference of the National Union of Sugar Workers, […]
Cuba assesses damage from Hurricane Oscar as power returns
28 October 2024 Power has returned to most of Cuba following four days during which attempts to restart the island’s national electrical system failed. The nationwide collapse of the grid coincided with Hurricane Oscar hitting the eastern Province of Guantanamo late on Sunday 20 October causing extensive destruction. Addressing Cuba’s National Defence Council on 22 […]
Cuba struggling to restore power after nationwide electrical outages
21 October 2024 Cuba is still struggling to restore power across the island following a two-day nationwide collapse in the electricity supply to the national grid. On 18 October, and then again on 19 October, the whole island was plunged into darkness with technicians trying but failing to gradually start up and link the country’s […]
Cuba seeks partner status in BRICS describing it as key geopolitical player
14 October 2024 Cuba has written formally requesting partner status in the BRICS group of nations. The letter was sent to the Russian President, Vladimir Putin, as the bloc’s present pro-tempore Chair of the group. In a message published on X, Carlos Pereira, the Director General of Bilateral Affairs of the Cuban Foreign Ministry (MINREX), […]
Cuba at a ‘decisive moment’ – reforms not moving forward at pace intended
07 October 2024 Cuba’s macro-economic reform programme is not moving forward at the speed government requires and a “decisive moment” has been reached, according to a subdued official report of a 30 September meeting of Cuba’s Council of Ministers. According to summaries appearing on the Presidency website and in Cuba’s official media, Joaquín Alonso, the […]
Central Bank outlines main challenges facing Cuban banking
30 September 2024 The Minister President of the Central Bank of Cuba (BCC), Juana Delgado, has identified the principal challenges facing the Cuban banking system. Speaking on the television programme Mesa Redonda she said the most significant were the departure of trained personnel, technical obsolescence, the continuing impact of the US embargo, Washington’s designation of […]
BritCham Guyana’s UK Launch at Lord’s Cricket Ground: A Historic Success
24 September 2024 On 11th September 2024, history was made with the official launch of BritCham Guyana at the iconic Lord’s Cricket Ground in London. The sold-out event welcomed over 300 attendees, including business leaders, government officials, and prominent figures from the UK and Guyana, all united to strengthen trade ties between our nations. The […]
Respected Cuban economist sets out breadth of economic challenge facing Cuba
24 September 2024 Between 2019 and the first half of 2024 Cuba suffered a loss of more than US$4bn in external income forcing it to take urgent remedial measures, according to a detailed economic report produced by the respected Cuban economist, a former Minister of Economy and Planning, and Minister of Finance, José Luis Rodríguez. […]
Russia to provide additional economic support to offset US embargo
16 September 2024 The Secretary of Russia’s Security Council, Sergei Shoigu, has said that Moscow will introduce measures that it expects to help Cuba address the economic consequences of the US embargo. Speaking in St Petersburg following a working meeting with Cuba’s Interior Minister, General Lazaro Alvarez, Shoigu said that Russia will provide additional economic […]
Latest tourism figures suggest achieving Cuba’s 2024 arrivals target difficult
9 September 2024 International visitor arrivals decreased by 1.8% in the first seven months of 2024 in comparison to the same period in 2023 according to Cuba’s National Office of Statistics and Information (ONEI). The continuing downward trend for the fourth consecutive month and a particularly poor July suggest that the tourism ministry’s goal of […]
Cuba moves to address cash shortages, limit actions of non-state entrepreneurs
1st July 2024 Cuba has moved to cap the profitability of non-state entities in their dealings with the state sector, and is to exert oversight of idle well-funded, tax-related bank accounts. Following a week in which several senior figures including the Prime Minister, Manuel Marero, criticised the profits being made by some MSMES and the […]
New immigration law updates rules for Cubans, migrants, resident foreigners
24th June 2024 Cuba has published a draft Immigration Law that is intended to update the position of Cubans, their descendants, and migrants, who travel into and out of the country, as well as that of resident foreigners, foreign investors and visitors. The lengthy draft which is subject to comment and revision before being considered […]
Ministers told economic situation still very tense, agree three priorities
10th July 2024 Cuba’s Council of Ministers has heard that the island’s economic situation continues to be “very tense.” An official report of the Council’s monthly meeting held at the end of May, noted however, that improvements have been seen in some indicators. At the meeting, ministers agreed three strategic priorities and a related new […]
Minister says reducing price inflation may take longer than expected
28th May 2024 Cuba’s Minister of Finance and Prices (MFP), Vladimir Regueiro Ale, has admitted that despite having updated the methodologies used to determine prices, Cuba’s government has so far not achieved its objective of reducing price inflation. “We have not achieved the effects we intended. Everything we have done that is new, even in […]
US removes Cuba from list of nations not cooperating on anti-terrorism measures
20th May 2024 The US government has removed Cuba from its latest list of countries that it says do not fully co-operate with its anti-terrorist efforts. Despite this, Cuba remains on Washington’s separate list of nations that it alleges are state sponsors of terrorism: a designation that has made it difficult to undertake international financial […]
Tourism recovering – Canadian and Russian visitor numbers steadily increasing
29 April 2024 Cuba is making steady progress towards achieving its objective of receiving 3.2mn tourists this year, but still has far to go to achieve the 4.5mn visitors it received in 2019 before the pandemic. Figures released recently by the island’s Office of National Statistics and Information (ONEI) show that in the first three […]
Central Bank to reduce further cash in circulation, make banking more effective
15 April 2024 Cuba’s Central Bank (BCC) has said that it hopes this year to reduce further the amount of cash in circulation and make more effective measures announced last August that seek to direct state and non-state enterprises and individuals to use banks and magnetic cards for most transactions. The policy limited cash withdrawals […]
Commentary in Granma outlines possible approach to currency reform
18th March 2023 The outline of a possible approach to unifying Cuba’s multiple foreign exchange rates and addressing dollarisation has been published in Granma. The much-needed measure is widely believed to be the key determinant in the success or failure of government’s macroeconomic stabilisation reform package. (See Cuba Briefing 2 January 2024). In a second […]
Habanos says its cigar sales grew rapidly in 2023 to US$721mn
4th March 2024 Jorge Pérez, the Commercial Vice President of Habanos SA, Cuba’s principal tobacco exporter, has said that sales of the joint venture’s cigars rose by 31% to US$721mn in 2023. He was speaking in Havana during the twenty fourth annual Habano Festival which this year was attended by more than 2,900 participants from […]
Gil replaced as economy minister: reform timetable uncertain
12th February 2024 Cuba’s Council of State has appointed Joaquín Alonso, the Minister-President of the Central Bank of Cuba (BCC), as Minister of Economy and Planning, removing Alejandro Gil from the post. The decision to appoint Alonso and make other changes was revealed in a Council of State declaration on 2 February, published the following […]
Gil says new exchange rate measures to be announced this month
5th February 2024 Deputy Prime Minister Alejandro Gil, Cuba’s Minister of the Economy and Planning, has said that the Cuban government expects this month to bring forward measures to control Cuba’s increasingly volatile foreign exchange market. In recent weeks the street rate of the Cuban Peso (CUP) has surged to close to CUP300 to US$1, […]
Communist Party to focus on improving delivery in ailing sectors of the economy
15th January 2024 A proposed second National Conference of Cuba’s Communist Party (PCC) that was to have taken place during the first quarter of 2024 has been postponed. The decision, which was endorsed at a plenary meeting of the Central Committee of the PCC held in mid-December, reportedly reflected the need to concentrate on delivery, […]
Azcuba forecasts “superior” 2023-24 sugar harvest
11th December 2023 The Director of Cuba’s state sugar group, Azcuba, Julio García, has said that the 2023-24 harvest will be “superior” to that of 2022-23, while indicating that government regards the sector’s future as strategic in relation to power generation. In 2022-23 the country recorded an all-time production low of about 350,000 tonnes despite […]
Díaz-Canel optimistic about the future potential for Emirati investment
4th December 2023 During an official visit to the United Arab Emirates, Cuba’s President has said that the Cuban Government is willing “to support any type of investment that the Emirati business community wants to make on the Island.” Speaking in Doha to leading local businesspeople and prior to participating in the COP28 Climate Change […]
Cuba urges Washington to end policies causing irregular migration to surge
20th November 2023 Cuba has urged the Biden Administration to comply with the two nation’s agreements that guarantee the regular, safe, and orderly migration of Cubans to the US. Speaking to the media following a 14 November meeting in Havana with senior US officials on migratory issues, Carlos Fernández de Cossío, Cuba’s Vice Minister of […]
Chinese-built dry dock now operational
30th October 2023 A Chinese-built floating dock located in the Casablanca Shipyard in Havana and operated by the Caribbean Drydock Company SA has been inaugurated. The facility, described as the largest and most modern to offer services in the Caribbean region, has a lifting capacity of 22,000 tons allowing the shipyard to carry out repairs […]
Ministers say Cuba facing serious fuel crisis affecting broader economy
6th October 2023 Cuba is facing a serious new fuel and power crisis with uncertain outcomes for the broader economy, according to senior ministers. Speaking on the television programme Mesa Redonda on 27 September, the Deputy Prime Minister and Minister of Economy and Planning, Alejandro Gil, and the Energy and Mining Minister, Vicente de la […]
Tourism struggling to recover as arrivals numbers remain weak
25th September 2023 Despite the Cuban Government’s best efforts to restore tourism to previous levels, data produced by Cuba’s national statistical office ONEI suggests that hotel occupancy rates remain low, and the country may struggle to achieve its projected 2.5mn visitors this year. Government said previously that it hoped to see the sector play a […]
Cuba hoping to deliver unified G77+China position on UN SDGs
18th September 2023 President Díaz-Canel, speaking in his capacity as pro tempore president of the G77+China, has expressed the hope that its 15-16 September summit in Havana will pave the way for practical action, enabling participating nations to “find and design together possible solutions to the most serious problems facing our world.” In doing so […]
Cuba’s Central Bank limits use of cash – aims for all to move to electronic payments
4th September 2023 Cuba’s Central Bank (BCC) has introduced a series of measures aimed at constraining the use of cash in the Cuban economy. New regulations published in early August are intended, wherever possible, to see all Cubans, and state and non-state companies migrate as rapidly as possible to the use of electronic payments. The […]
Gil suggests Cuba struggling to finance and deliver its economic model
24th July 2023 Cuba’s Deputy Prime Minister, Alejandro Gil, the Minister of Economy and Planning, has painted a bleak picture of Cuba’s attempts post-pandemic to turn the island’s economic fortunes around. Addressing a plenary session of Cuba’s National Assembly, he said that the country was struggling to meet its planned economic targets for 2023, and […]
Far-reaching market-related changes envisaged for Cuban state enterprise
3rd July 2023 Plans being discussed, intended to transform Cuba’s state enterprises are likely to be transformational and possibly socially and politically challenging, according to remarks made during a recent discussion on the flagship television programme Mesa Redonda. Although the detail of the changes envisaged is yet to be agreed, Johana Odriozola, the Vice Minister […]
Surging inflation driving state sector labour shortages and migration
26th June 2023 Official figures confirm that inflation in Cuba continues to surge. Their publication comes as many educated young Cubans and their families are choosing to either migrate or leave the state sector, causing official concern that consequent labour shortages may result in a decline in productivity. Recently published figures produced by the National […]
Some state enterprises ‘to be given market-related independence’
19th June 2023 Potentially far-reaching changes in the future organisation of Cuban state enterprises that may enable a much higher degree of market related autonomy are being considered for inclusion in new business laws. Speaking to Cubadebate in an extended interview, Yovana Vega, the Director of the State Business System of the Ministry of […]
Russia says economic relations with Cuba moving to a new level
12th June 2023 Russia’s Prime Minister, Mijaíl Mishustin, has described Cuba as Moscow’s key partner in Latin America. Speaking at the start of an eleven-day official visit by Cuba’s Prime Minister, Manuel Marrero, and an accompanying high level Ministerial delegation, Mishustin said that relations were moving to a new level. “For us it is very […]
Construction sector’s recovery ‘dependent on financing through exports’
5th June 2023 Senior officials from Cuba’s construction sector have said that they are attempting to finance its return to viability through developing an income from exports. Speaking on the nightly television programme Mesa Redonda, the Directors of the Ministry of Construction (MICONS) and the GEICON Business Group identified energy supply stability and financing the […]
Gil says tourism’s return fundamental to Cuba’s economic recovery
29 May 2023 Deputy Prime Minister, Alejandro Gil, the Minister of Economy and Planning, has told Cuba’s National Assembly that “tourism continues to be the fundamental way to stimulate the recovery of the economy.” In a detailed address to Deputies on the country’s economic performance and priorities for recovery, he said that the sector was […]
Cuba-Russia business forum agrees measures to significantly strengthen ties
22 May 2023 Russia and Cuba have agreed at a business forum in Havana a series of economic and commercial measures that suggest that investment and trade relations with Russia may now deepen significantly. Remarks made there by Russian Deputy Prime Minister, Dmitri Chernishenko, and Boris Titov, the Russian Presidential Commissioner for Entrepreneurs’ Rights and […]
Major hotel groups express confidence in recovery of tourism
15th May 2023 Announcements made during and in the margins of Cuba’s recently ended annual tourism fair FITCuba 2023 suggest that international hotel groups invested in Cuba have confidence that visitor numbers will fully return to 2019 pre-pandemic levels. Speaking at the fair, Gabriel Escarrer, the Vice Chairman and CEO of Meliá Hotels, said: “We […]
Russia and Cuba agree to boost investment and trade relations
8th May 2023 Cuba and Russia have signed a Memorandum of Understanding intended to lead to a deepening of Russian private investment in energy, tourism, food production, civil aviation infrastructure, mining, and the development of sugar as an integrated agro-industry. At the end of a three-day visit to Havana, Makim Oreshkin, Presidential Adviser for Economic […]
Serious fuel shortages halt May Day parade, affect wider economy
1st May 2023 In an indication of the seriousness of the fuel shortages presently facing Cuba, the country’s symbolic mass May Day parade in Havana was dramatically downsized and relocated. Announcing this just days before it was due to take place, Ulises Guilarte de Nacimiento, General Secretary, of the Central de Trabajadores de Cuba (CTC), […]
Lavrov says Russia to agree debt restructuring, wheat and oil supply
24th April 2023 Russia’s Foreign Minister, Sergei Lavrov, has said that the terms of the restructuring of Cuba’s debt to the Russian Federation are practically agreed. He was speaking at the end of a three-day visit to Havana during which he discussed the supply of oil, wheat, and other issues with government. “Many goals were […]
High court rules €72mn debt case can proceed against Banco Nacional
10th April 2023 The High Court in London has ruled that the Cuban State has no direct responsibility for €72mn (US$78.5mn) of accumulated Cuban debt held by CRF I Ltd, but that the Banco Nacional de Cuba (BNC) is responsible for meeting the claim (Background Cuba Briefing 6 February 2023). In a 94-page judgement, Judge […]
Russian private sector to play a larger role in Cuban economy
3rd April 2023 Together with Cuba’s state owned Corporación CIMEX SA, Russian private sector interests are to open a wholesale supermarket selling Russian goods, and with Russian government funding will develop a first hotel for Russians. Additionally, a joint Russia Cuba Centre for Economic Transformation is expected to be established, and a new financial settlement […]
Gil details priorities and programme of economic change
27 March 2023 Cuba is relying on “the dynamic recovery of tourism,” the resuscitation of the productive sector, changes to state enterprises, and a better currency allocation system to deliver growth of 3% this calendar year, according to Deputy Prime Minister Alejandro Gil, the Minister of Economy and Prices (MEP). In remarks made to the […]
US says open to receiving imprisoned protestors and dissidents
20th March 2023 Speculation is growing in the US that some imprisoned Cuban protestors and dissidents may soon be released, possibly into exile, leading to an easing in relations with the US. Reports from well-placed US NGOs and in mainstream media outlets including CNN, suggest that negotiations to this end continue. They cite the recent […]
Antilles Gold strikes new high-grade copper and gold deposits
14th March 2023 The Australian miner, Antilles Gold, has said that it has confirmed the presence of high-grade copper in samples taken from its El Pilar oxide concession in central Cuba. An expanded drilling programme will start in April 2023. This, it said, will focus, “on the copper-gold oxide domains and on a cluster of […]
Habanos says that its cigar sales reached US$545mn in 2022
6th March 2023 Habanos SA, has said that its revenue from cigar sales in 2022 was US$545mn, an increase of 2% on the previous year. In a presentation to the media at the start of the recently ended Habanos Festival, the company’s Co-Presidents Luis Sánchez-Harguindey Pardo de Vera and Maritza Carrillo González, told journalists that […]
Cuba struggling to deliver its reduced 2022-23 sugar supply target
27th February 2023 Cuba is struggling to produce the 0.4mn tons of sugar it needs from its 2022-23 campaign needed to deliver the quantities required for domestic consumption and export. A report in Granma quoted Ángel Ríos, the General Director of Azcuba’s Productive Chain as saying that as of mid-February that there was a deficit […]
New law will require state enterprise to be ‘efficient and effective’
20th February 2023 A new law applicable to Cuban state enterprise is in preparation. The document which is expected to be far-reaching is likely to be approved when the country’s National Assembly meets in December. Reporting that discussions on a new business law are underway, the Cuban News Agency ACN quoted Deputy Prime Minister, Alejandro […]
Cuba says willing to advance dialogue with Vatican to find ways to resolve problems
13th February 2023 President Díaz-Canel has been quoted in Granma as saying that Cuba has the will to advance relations with the Vatican and continue building “with mutual benefit”, roads for “the solution of the expectations of both parties.” The report which followed a meeting between Cuba’s President and Cardinal Beniamino Stella, who was visiting […]
Outcome of Cuban €42mn ‘sovereign debt’ related trial awaited
6th February 2023 The case before the High Court in London to determine whether an offshore Cayman company, CFR I is a legitimate creditor of the Cuban Government and the Banco Nacional de Cuba (BNC), has now ended. It is unclear when any ruling in the high-profile trial may be made public. The case revolves […]
Deficit budget aims to start gradual process of economic recovery
30th January 2023 Cuba’s Minister of Finance and Prices, Meisi Bolaños, has said that the most significant challenge facing Cuba this year will be delivering economic growth while continuing to deliver the country’s social provision and system of subsidies. Speaking with other ministers about the 2023 budget on the flagship television and radio programme, Mesa […]
Report suggests outlook for Cuban rice production bleak
23rd January 2023 Granma has published an interview that suggests that Cuba will be hard pressed in the coming years to achieve its objective of producing domestically over 0.6mn tons of rice. This is the volume it requires if it is to deliver from domestic production alone enough rice to cover the regulated family food […]
Cuba’s Central Bank says €72mn debt claim to be heard soon in UK High Court
16th January 2023 Cuba’s Central Bank (BCC) has confirmed that legal proceedings will shortly begin in London before the commercial division of the High Court in a case relating to a debt recovery claim for €72mn (US$78mn) made against the Banco Nacional de Cuba (BNC) and the Republic of Cuba. In a statement issued on […]