Cuba Promises To Make Late Debt Payments By May
Sumaira FH Published February 15, 2020 | 02:10 AM
Havana, (UrduPoint / Pakistan Point News - 15th Feb, 2020 ) :Cuba's government has committed to paying off more than 30 million Euros of late debt repayments it missed in 2019 by the end of May, in a letter seen by AFP.
The debts affect six countries: Britain, France, Japan, Spain, Belgium and Austria. According to a diplomatic source, Cuba missed 32-33 million euros in reimbursements in 2019.
In a letter sent by Deputy Prime Minister Ricardo Cabrisas, the Caribbean island nation acknowledges that "circumstances dictated that we were not able to honor our commitments with certain creditors." The communication went to Odile Renaud-Basso, president of the Paris Club, a grouping of 14 major creditor nations that look for solutions to debtor countries' repayment problems.
Cabrisas was involved in the 2015 renegotiation of Cuba's debt that wiped 8.5 billion euros from the 11-billion-euro debt it owed the Paris Club countries, with the remaining debt structured to be repaid gradually until 2033.
The minister's letter states that Cuba has "the intention of settling" its outstanding commitments by May 31, the earliest "realistic" date.
The country has been subjected over recent months to increasing US sanctions, first imposed in 1962, which have led to shortages of food and fuel.
As a result, Havana is increasingly reliant on the European Union, which has become its main investor with commercial exchanges worth almost $3.5 billion in 2018.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Miscellaneous
-
Modern Education Techniques: A pathway to achieve economic development
16 hours ago -
Kite Flying: From cultural festival to deadly sport
16 hours ago -
PDMA predicts gusty wind, rain with thunder, hails
3 days ago -
Iranian president Raisi given guard of honour at PM House
5 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
5 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
5 days ago
-
Cattle farming vital to alleviate poverty in rural areas
5 days ago -
Pakistan: A land of tourism, archeological wonders
6 days ago -
Transforming education sector: from job hunters to job creators
8 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
12 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
12 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
13 days ago