Cuba Analyzes Implementation of Program to Revitalize Economy

The Cuban parliament today analyzed the compliance and impact of the measures within the Government Program to Correct Distortions and Revitalize the Economy.

For this purpose, Prime Minister Manuel Marrero informed legislators of the progress of the Macroeconomic Stabilization Program.

On this topic, he stated that the consumer price index closed in November with an annual variation of 14.5 percent, a result that, while showing a deceleration, is still considered high. He also affirmed that the money in circulation has grown by 135 million compared to the previous year, demonstrating an excess of money in the economy.

Marrero confirmed the approval of the new mechanism for the control and allocation of foreign currency, published on December 11 in the Official Gazette.

"Partial dollarization is a temporary but necessary measure to stimulate economic activity, foster linkages, and increase foreign currency income," he expressed.

Similarly, he reported the approval of 45 closed schemes, of which 31 are functioning, and the consolidation of fiscal control actions. This latter activity resulted in determined debts of 9,833,774,000 pesos (4,159 million pesos more than what was reported in July); the collection of 53.4 percent of the tax debt; and the temporary or permanent closure of more than 23,000 establishments.

"We are creating the favorable conditions to move to a higher stage in the implementation of the country's Macroeconomic Stabilization Program," he concluded.