{"id":7229,"date":"2023-09-05T23:15:24","date_gmt":"2023-09-05T23:15:24","guid":{"rendered":"https:\/\/prosfunds.com\/news\/western-creditors-and-cuba-pledge-to-salvage-debt-deal\/"},"modified":"2023-09-05T23:15:24","modified_gmt":"2023-09-05T23:15:24","slug":"western-creditors-and-cuba-pledge-to-salvage-debt-deal","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=7229","title":{"rendered":"Western creditors and Cuba pledge to salvage debt deal"},"content":{"rendered":"
\n

By Marc Frank and Nelson Acosta<\/p>\n

HAVANA (Reuters) – Representatives of 14 western creditor nations, grouped in the Paris Club, were in Cuba this week to salvage a debt agreement with the import dependent country which is expected to default on payments for a fourth consecutive year.<\/p>\n

\u201cThe discussions enabled us to come closer to finding a solution to delays in meeting (Cuba\u2019s) obligations … negotiations will continue to establish a new payment plan agreeable to both sides,\u201d a brief statement released on Thursday evening said.<\/p>\n

William Roos, co-chairman of the Paris Club, had said on Wednesday that he proposed a plan which apparently was rejected.<\/p>\n

Thursday\u2019s statement said Foreign Investment and Cooperation Minister Ricardo Cabrisas had expressed the Communist-run government\u2019s determination to meet its obligations as soon as conditions permitted.<\/p>\n

Cabrisas was seen on state television during the talks blaming tough new U.S. sanctions on top of the decades old trade embargo and the pandemic for the payment delays.<\/p>\n

The 2015 Paris Club agreement forgave $8.5 billion of the $11.1 billion in sovereign debt Cuba defaulted on in 1986. Cuba agreed to repay the remainder in annual installments through 2033. <\/p>\n

The country\u2019s foreign exchange earnings used to import goods and pay debt have fallen by more than 50% since the deal was signed, according to official statistics.<\/p>\n

Gross domestic product is eight points short of its 2019 pre-pandemic level, the government reported.<\/p>\n

Reuters, which has seen the agreement, estimates Cuba has failed to pay the creditors more than $500 million as it struggles with shortages of food, medicine, fuel, and other basic goods amid rising social tensions. The estimate includes money due by November.<\/p>\n

Cuba, which last reported foreign debt of $19.7 billion for 2020, has restructured debt with Russia, China and some other creditors since then. The Caribbean island nation is not a member of the International Monetary Fund nor the World Bank.<\/p>\n

The Cuba group of the 22-member Paris Club, which manages old sovereign debt, comprises Australia, Austria, Belgium, Canada, Denmark, Finland, France, Britain, Italy, Japan, the Netherlands, Spain, Sweden and Switzerland. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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