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Effects of US blockade against Cuba denounced at business forum

Effects of US blockade against Cuba denounced at business forum

Havana, Dec 1 (Prensa Latina) A blockade such as the one imposed by the United States on Cuba would have a high cost for the economy of any country, but it is getting worse today on Cuba, due to its continuing nature, government sources noted on Wednesday.
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Within the framework of the 2ns Cuba 2021 Business Forum, which will close today, the general director in charge of the United States at the Ministry of Foreign Affairs (Minrex), Carlos Fernandez de Cossio, pointed out that only in 2020, losses were valued at 5.6 billion dollars.

Cossio explained that this economic, financial and commercial blockade affects Cuba in terms of the acquisition of technology, raw materials, inputs that are required for the industry, and more.

However, in the context of the pandemic, the United States government identified Covid-19 as an ally that allowed it to cause greater damage to the Cuban economy, he stressed.

Cuba, he pointed out, had to face numerous complexities to get medical supplies and for the pharmaceutical industry in the development of vaccines, medicines and other needs.

That can only be faced by a country like ours, with an integrated socialist system and with a long experience in facing such a sustained economic war, he added.

It is in these circumstances and due to the open nature of the Cuban economy that foreign trade is required, expanded and diversified during these years.

Cuba cannot export any products to countries that will subsequently have the United States as a market.

In the financial sector, he explained, it is affected by the prohibition of the use of the US dollar in any transaction, therefore Cuba must incur extraordinary expenses for exchange rates and currency conversion to carry out commercial payment operations.

“Financial institutions that operate with us are persecuted, threatened and sanctioned, that makes access to credit, the ability to make payments and charge for services or exports highly costly for the country,” he said.

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