Cuba enters new phase of int'l economic relations: Castro
People's Daily Online
(Xinhua) 19:19, December 30, 2015
HAVANA, Dec. 30 -- Cuba's economic, trade and financial relations with some countries have entered a new phase, President Raul Castro said Tuesday at the parliament after the island country managed to renegotiate its debt with some countries.
The leader explained the 'concrete evidence in this direction' was the important Dec. 12 multilateral agreement Cuba signed in Paris with its creditor countries, which made up 14 of the Paris Club's 19 nations.
The Paris Club is an informal group of officials from creditor countries, created gradually from 1956 to find solutions to debtor countries' payment difficulties.
Under the agreement, 8.5 billion U.S. dollars of Cuba's 11.1 billion dollars of debt were forgiven, and the remaining payments were restructured with easy terms, yet with severe penalties if Cuba falls behind again in its payments.
'This step allowed to solve an old problem, taking into consideration the realities and possibilities of the Cuban economy,' Castro said Tuesday, adding that the agreement eased Cuba's access to medium- and long-term financing as a necessity to implement the planned investments.
Castro reaffirmed the government's willingness to honor Cuba's commitments under the agreements reached in the renegotiation of the island's debt.
'Despite the financial constraints we face, we will fulfill the commitments made in the different processes of rearranging the debts with foreign creditors, while strengthening the trend towards the gradual recovery of the international credibility of our economy,' he said.
He also ratified to fulfill the cooperation agreements with Africa, and reiterated to support its development program Agenda 2063.
Castro highlighted that the island concluded 2015 with a 4-percent gross domestic product (GDP) growth despite the international economic crisis and the U.S. economic, financial and commercial blockade.
He noted that the country received 3.5 million visitors this year, the highest number since the decision to boost the tourism industry was made.
'We must not forget that this result was obtained although Cuba still remains as the only country in the world prohibited for U.S. citizens to visit as tourists,' Castro said.
The president also referred to Cuba's progress in the last six months on political dialogue and cooperation between Cuba and the European Union, as well as with member states of the United Nations.
During 2015, Cuba strengthened its political dialogue with several countries and was visited by 184 foreign delegations, 25 of which were led by heads of states.
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