Cuba and Paris Club adjust Agreement in the face of economic tensions

Cuba and Paris Club adjust Agreement in the face of economic tensions
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12 June 2021
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Paris, June 12 (RHC)-- Cuba and its Paris Club creditors agreed to modify the Agreement signed in 2015 to reordering the island's medium and long-term debt given its complex economic situation.

The website of the Cuban Foreign Ministry (Cubaminrex) reported that the parties agreed to amend the Agreement signed in 2015, introducing the necessary adjustments given the current complex global economic and financial scenario.

Deputy Prime Minister Ricardo Cabrisas and Emmanuel Moulin, director-general of the Treasury of the French Republic and president of the Paris Club, headed the delegations.

Cabrisas explained to the representatives of the creditor countries the prevailing scenario in the Caribbean nation, marked by the unprecedented tightening of the economic, commercial, and financial blockade by the United States and the impact of phenomena associated with climate change and the Covid-19 pandemic.

In addition to the global consequences of the ongoing health crisis, the island faces more than 240 measures decreed by Donald Trump's administration to deepen the siege applied for more than 60 years, actions all maintained so far by his successor in the White House, Joe Biden.

According to the Foreign Ministry, the negotiations took place in a constructive climate of mutual understanding, which allowed the visiting delegation to explain the measures adopted by  Cuba for the recovery of the national economy and the work of its scientists to fight Covid-19 and create five vaccine candidates.

Cuba reiterated to the 14 member states of the group of creditors its commitment to fulfilling its obligations.

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