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Cuba Enters War-Time Economy

Cuba Implements War-Time Economy Measures

Posted on July 1, 2024
Writer: James Miller

Cuba is entering a “war-time economy” to address fiscal deficit and inflation.

The government aims to boost foreign exchange, enhance food production, and restore efficiency in state-run enterprises. Notably, the measures plan to implement a unified pricing policy that encompasses both state and private sectors to combat inflation.

In a recent Council of Ministers meeting, President Miguel Díaz-Canel emphasized the urgency of saving the Cuban Revolution in light of these economic challenges. 

Experts consider this economic turmoil one of the worst since the 1959 revolution, prompting thousands of Cubans to leave the country over the past two years.

The Cuban government plans to centralize the budgetary decisions to better align revenues with expenditures, signaling a significant shift in how Cuba managed its economic policy before. These changes also come after a recent reshuffle in administration, including the dismissal of the economy minister due to corruption charges.

For more detailed information, check out the full article on Reuters.

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