Hello and welcome to the details of Cuba says no quick fix as economic crisis drags on and now with the details
Nevin Al Sukari - Sana'a - Economy Minister Alejandro Gil said there was too little foreign currency on the island to pay for coveted fuel, food and farm imports, meaning Cuba would increasingly scrape by with what it can produce at home. — AFP
HAVANA, May 26 — There is no quick fix for Cuba’s sputtering economy, its economy minister said on yesterday, as inflation, fuel shortages, plunging farm production and a cash crunch drag on output and continue to fan discontent in the communist-run island nation.
Economy Minister Alejandro Gil, in an hour-long presentation before newly elected lawmakers, said there was too little foreign currency on the island to pay for coveted fuel, food and farm imports, meaning Cuba would increasingly scrape by with what it can produce at home.
“If we can´t produce it, we won´t have it,” Gil told lawmakers, referring specifically to some food products and urging legislators and municipalities to put renewed impetus on farm output this year and next.
A severe economic crisis in Cuba, among the worst since Fidel Castro´s 1959 revolution, has led to shortages of food, fuel and medicine and contributed to a record-breaking exodus of migrants north to the United States.
Tourism, once a key driver of much-needed foreign exchange, has struggled to revive, with visitor numbers between January and April this year at only half that of the same period in 2019, Gil said.
That has left the country short of the foreign currency necessary to import critical farming necessities like fertiliser and animal feed.
The production of pork for the state, for example, plunged from a record 199.7 tonnes in 2017 to just 16 tonnes in 2022, Gil said, as inputs dried up. Many fruits and vegetables have fared equally poorly, he said.
Fuel that might otherwise help bolster farm production and deliver goods to market has been re-routed to electricity generation, Gil said. Cuba used nearly twice as much diesel as planned to produce electricity in the first four months of 2023, the economy minister added.
Soaring food prices, due to inefficiencies and dwindling production, have far outpaced the buying power of most Cubans, Gil said, leaving many with salaries short of covering their “basic needs.”
Cuba blames a Cold War-era US trade embargo for much of its woes, though top officials have increasingly called on Cubans to find new ways to overcome the sanctions. — Reuters
These were the details of the news Cuba says no quick fix as economic crisis drags on for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Malay Mail and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.