Finding the right relationship between centralisation and decentralisation of the country’s economic-financial processes is a necessary step for a better performance of the Cuban economy, President Miguel Díaz-Canel has told a review meeting of the Ministry of Economy and Planning.
Calling on it to become “a ministry of thought” that fosters an innovative economy, he proposed that its role should be about developing economic-financial policies rather than delivering administrative control. In this regard, he said, it would be necessary to move towards a more flexible plan in line with the mix of economic actors in the country.
The Cuban media reported that Díaz-Canel called on the ministry to “be more open and less detailed, to set the rules of the game, and to protect the main priorities.” The time has come to question the need to issue indicators to the business sector”, he said.
Cuba’s President was also reported to have called on the Ministry to be more open. Díaz-Canel said: “The results of the economy, the good and bad, have to be transparent for the people, we have to present them so that the people understand where we want to go, why we achieve or not at certain times, what challenges we are exposed to”.
The reports suggested that Díaz-Canel indicated the lines of work he expects the Ministry to undertake including finding ‘a more appropriate way to establish the relationship between all economic actors’; establishing ‘a better method to calculate the real contribution of the private sector and its relationship with the state sector’; increasing control over (domestic) investment activity; and strengthening ‘the rigorous analysis of economic facts’.
The Caribbean Council is able to provide further detail about all of the stories in Cuba Briefing. If you would like a more detailed insight into any of the content of today’s issue, please get in touch