By Marc Frank and Nelson Acosta
HAVANA (Reuters) -Money-strapped Cuba’s grueling disaster exhibits no indicators of enchancment, Cuban Economic system Minister Joaquin Alonso mentioned on Monday, saying progress fell 1.1% final yr on prime of a ten% decline since 2019, official media reported.
Alonso was talking to the Cuban parliament’s financial fee the place he additionally indicated there was little hope for enchancment this yr, given toughening U.S. sanctions and an advanced worldwide state of affairs.
The import-dependent Caribbean island nation has seen overseas forex revenues fall by round 30% in recent times, inflicting shortages of meals, gas, drugs and inputs for agriculture and manufacturing.
A scarcity of gas and tools has crippled the vitality grid, resulting in day by day blackouts within the Communist-run nation of as a lot as 16 hours or extra.
Agriculture, livestock farming, and mining have fallen 53.4% during the last 5 years, and manufacturing 23%, Alonso reported.
The minister was quoted as saying that this yr and final had been marked “by the intensified affect of the blockade, the fierce persecution of monetary flows, and limitations to worldwide transactions which have hindered funds to suppliers.”
Alonso mentioned laborious forex earnings this yr have been 9% under the identical interval final yr whereas imports have been working 7% above final yr’s charge.
“Cuba is importing greater than it exports, which will increase the debt,” he was quoted as stating.
The nation final reported its overseas debt as $19.7 billion in 2020.
(Reporting by Marc Frank; Modifying by Sandra Maler)
