According to Deputy Finance Minister Timur Maksimov, the ratification bill (No. 70935-8) provides for the restructuring of Cuba’s debt with Russia within the framework of four intergovernment loan agreements, indicated the official website of the legislature on the decision adopted in the plenary session on Tuesday.
The restructuring was carried out as part of the approach endorsed by President Vladimir Putin to extend to the island a multilateral initiative to alleviate the debt burden of less developed countries, adopted in 2020 by the G20 states, he explained.
Between 2006 and 2019, Russia provided Cuba with export loans equivalent to 2.3 billion dollars, according to the note published by the State Duma.
He indicated that these funds were granted to the Caribbean island to finance projects in the fields of energy, metallurgy, transport infrastructure and the supply of products to develop and support its economy.
Since the beginning of 2020, due to the difficult situation in the country, caused by the tightening of the US blockade and the impact of the Covid-19 pandemic crisis, Cuba stopped paying the state loans provided by Russia and in September requested the restructuring .
Following Havana’s request, the Moscow Government signed the corresponding intergovernment protocols on August 7, 2021, according to which the last reimbursement must be made on December 15, 2027.