Category Archives: Cuban Economy

Cuba’s victory in London against Vulture Funds

Cuba’s victory in London against Vulture Funds
Cuba won a lawsuit when the sentence was handed down establishing that the vulture fund CFR Investment Limited is not a creditor of the Cuban State.

Author: Radio Habana Cuba | internet@granma.cu

april 4, 2023 10:04:45

Photo: Granma
Havana, April 4 (RHC) Cuba won a lawsuit when the sentence was handed down establishing that the vulture fund CFR Investment Limited is not a creditor of the Cuban State.
During the hearing held this Tuesday, April 4 (08:45 am in London) in the High Court of England and Wales, Judge Sara Cockerill notified the lawyers of both parties of the ruling corresponding to the lawsuit filed by the vulture fund CRF I Limited against the Republic of Cuba and the National Bank of Cuba (BNC, in Spanish). The determination accepts the approach sustained by the Cuban party during the process and dismisses the CRF claim against the Cuban State.
The judicial resolution confirms that the irregularities committed by BNC officials, first subject to criminal investigation and later to a judicial sentence, were reasonable grounds for the Cuban government to deny its consent to assign the debt in favor of CRF.
The document affirms, as the Republic of Cuba had been claiming, that the BNC does not have the legal capacity or authority to represent the country. This confirms that CRF is a stranger in the financial instruments it claimed against the Caribbean country and did not have the right to establish the claim in London. The Republic of Cuba is, therefore, immune to English jurisdiction and has no obligation to respond with its assets to this claim.
As previously explained, the central purpose of the judicial process was to determine whether the English court was competent to hear the claim of CRF as a creditor of the BNC and of the Republic of Cuba.
According to the sentence notified this morning, CRF is not a creditor of the Cuban State, which means that the Republic of Cuba is out of the lawsuit. From now on the process will continue only against the BNC, which will have the right to establish the claims that English law allows. (Source: Prensa Latina)

Cuba and Eurasian Economic Union

Statement by Miguel M. Díaz-Canel Bermúdez, president of the Republic of Cuba, at the videoconference of the Supreme Eurasian Economic Council
Author: Redacción Digital | internet@granma.cu
may 21, 2021 15:05:21



His Excellency Mr. Kassym-Jomart Tokayev, President of the Republic of Kazakhstan;

Excellencies, Heads of Delegations of the countries member of the Supreme Eurasian Economic Council;

I extend my sincere thanks for the invitation conveyed by Kazakhstan, in its condition as President Pro Tempore of the Eurasian Economic Union, to participate in this important meeting, the first I have the honor to attend, after the approval of the Observer status for my country on December 11, 2020.

I would like to begin by reiterating our gratitude for the encouragement and support from all member States to Cuba’s incorporation to the Eurasian Economic Union as an Observer State and emphasize the importance we attach to this meeting.

Economic, commercial, financial and cooperative relations with the member States of the Union are mutually beneficial and we are ready to cooperate in all the priority areas identified by the Eurasian Economic Commission for the current year.

The 2021-2026 Joint Cooperation Program for the implementation of the Memorandum of Understanding signed between the government of the Republic of Cuba and the Eurasian Economic Commission on May 31, 2018, is part of that goal.

In priority areas, namely trade and economy; banking and financing; health and biotechnology; energy, geology and mining; agro-industry; culture, sports and communications as many as 32 joint actions have already been identified, in keeping with our Economic and Social Strategy designed to give a boost to our economy and confront the world crisis caused by the Covid-19 pandemic; and with our National Economic and Social Development Plan by the year 2030.

Mr. President;

Today, like never before, it becomes imperative to concert our efforts and willpower in favor of the human species, which has been cruelly stratified by the market that marginalizes and excludes the majorities, thus provoking costly imbalances of every kind, which are painfully becoming more visible now due to the impact of the COVID-19 pandemic, whose effects are to blame for the worst economic recession ever suffered by humanity since World War II.

In the midst of the adverse international situation I have just described, some nations, like ours, suffer from the additional aggression posed by blockades and other unilateral coercive measures, which violate International Law and the UN Charter.

I would like to express here our strongest rejection of the unwarranted unilateral sanctions imposed by the government of the United States against the Russian Federation. I will likewise denounce and condemn the continued smear campaigns launched by western countries against the Republic of Belarus; the attempts to destabilize that sister nation and the assassination attempts perpetrated against President Alexander Lukashenko.

Cuba, a country that has been suffering a criminal economic and financial siege for more than six decades now, conveys its gratitude to the member States of the Eurasian Economic Union for their steadfast rejection of that genocidal policy implemented by the government of the United States which has been strengthened to unprecedented levels, even under the exceptional conditions resulting from the pandemic.

I would like to inform the Eurasian Supreme Council that, if under that brutal harassment we have managed to cope with the pandemic and show encouraging results, it has been, first and foremost, due to the strong determination of our people to defend the political system chosen by the majority, which can be summarized in a series of social policies that have prioritized human beings over and above any other material or immaterial good.

Based on that principle, our country has articulated a quality, free and universal healthcare system, together with a system of government based on Science and Innovation which prioritizes interconnections among the areas of knowledge, production, goods and services and the different territories.

Based on that, Cuban Science as well as its scientists, researchers and health staff have been able to guarantee the production of 85 per cent of the medicines used in our national protocols to cope with the pandemic, while developing five candidate vaccines that are currently going through different clinical trials phases.

Two of the front-runners of this process, candidate vaccines Soberana 02 and Abdala, are going through Phase III Clinical trials with very promising results; while candidate vaccine Soberana Plus, designed for patients convalescing from COVID-19, is going through Phase II Clinical Trials.

We would like to express here our willingness to establish an effective cooperation with member States of the Eurasian Economic Union, based on the exchange of experience among experts from our countries, medical cooperation as well as cooperation in the development of our candidate vaccines.

We likewise confirm that we are ready to begin with the process of incorporation to the common market of pharmaceuticals, medical devices and technologies, whose creation was established in the Treaty on the Eurasian Economic Union.

Mr. President;

Cuba reiterates its interest in promoting greater participation among the business community of the Council’s member countries in foreign investments projects in our island, under a modern and attractive legislation and enjoying the facilities offered by the Mariel’s Special Development Zone.

I would also like to emphasize our interest in establishing the foundations for the cooperation between the Development Bank of the Eurasian Economic Union and the banking system of the Republic of Cuba.

Cultural exchanges as well as cooperation in the field of sports and the training of students through a scholarship program in the areas of strength of every one of our countries are other forms of promoting cooperation.

I would also like to make emphasis on our common goals in the area of cooperation and integration for the development of the digital economy and the increase of e-commerce in economic and financial processes, which are consistent with our actions to promote a more dynamic introduction of ICT’s in our society.

I would also like to reiterate Cuba’s willingness to contribute to further promote economic and commercial relations between the member States of this Organization and the Latin American and Caribbean region.

Excellencies;

I have the honor of ratifying Cuba’s commitment to the decisions and agreements that are to be approved in this session of the Supreme Eurasian Economic Council for the purpose of expanding the scope of our relations. We also support the strategic guidelines for developing Eurasian economic integration until the year 2025.

By tradition and vocation, and due to the imperatives of the complex times we are living through, Cuba is strongly committed to solidarity, cooperation and integration for the strengthening of relations in areas of mutual interest. The challenges are huge, but I am sure that the sum total of our efforts will allow us to overcome all of them. We feel encouraged by the soundness of the Eurasian Economic Union and the belief that united we will be able to move on faster in the interest of the development of our economies and the wellbeing of our peoples.

We feel inspired by the exemplary friendly relations that our nations built through many years to reiterate to you, once again, from our beloved homeland, what our historical leaders turned into popular belief: Yes, we can.

Thank you, very much.

Cuban President Miguel Díaz-Canel on government visit to Villa Clara

Díaz-Canel on government visit to Villa Clara (+Photos)
Miguel Díaz-Canel, President of Cuba’s Councils of State and Ministers begins government visit to the province of Villa Clara

Ángel Freddy Pérez Cabreramay 15, 2019 15:05:46
President Miguel Díaz-Canel Bermúdez in Villa Clara,
President Miguel Díaz-Canel Bermúdez in Villa Clara,

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Foto: Estudios Revolución
Miguel Díaz-Canel, President of Cuba’s Councils of State and Ministers in undertaking a government visit to the province of Villa Clara, which today included several stops and a visit to the new electro-chemical plant in Sagua la Grande, where advanced technology is being installed for the production of chlorine and other products vital to water purification and industrial processes, to improve efficiency in energy use and reduce environmental impact.

First Vice President Salvador Valdés Mesa visited the province’s Biotechnological Institute, where quality seedlings are cultivated to support agricultural yields, and met with outstanding campesinos in the municipality of Camajuaní and reviewed progress being made on food self-sufficiency and local development.

Díaz-Canel continues government visit to Villa Clara

Díaz-Canel continues government visit to Villa Clara
The President of Cuba’s Councils of State and of Ministers continued his second day leading a government visit to Villa Clara with the Council of Ministers, with a tour of the Ernesto Che Guevara Cardiac Center

Author: Ángel Freddy Pérez Cabrera | freddy@granma.cu
Author: Walkiria Juanes Sánchez | internet@granma.cu
may 16, 2019 10:05:53

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Photo: Estudios Revolución
The President of Cuba’s Councils of State and of Ministers continued leading a government visit to Villa Clara with the Council of Ministers.
Diaz-Canel’s first stop was the Ernesto Che Guevara Cardiac Center to check on progress on an expansion to increase bed capacity, improve the ambulatory consultation area, and other facilities.
In a conversation with staff members, who serve 3.5 million residents of the island’s six central provinces, the President noted that the center is a product of audacity and perseverance, of dreaming, but with our feet firmly on the ground, which plays an essential role in the region’s public health system.
Upon leaving the institution, as has become customary, Díaz-Canel chatted with the crowd waiting for him, sharing observations he has made during the tour.
Later, he visited the Induvilla Basic Enterprise Unit, affiliated with the Pescavilla fishing company, where he conversed with its director, Rene Peña.
Next, the President reviewed progress being made on the province’s housing program, noting, “An effort has been made to guarantee resources for the most needy,” referring to subsidies and the need to expedite their processing.

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Photo: Freddy Pérez Cabreras

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Photo: Freddy Pérez Cabreras

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Photo: Twitter

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Photo: Twitter