Cuba Promises To Make Late Debt Payments By May
Sumaira FH 6 days ago Sat 15th February 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.
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 country has been subjected over recent months to increasing US sanctions, first imposed in 1962, which have led to shortages of food and fuel.