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Cuba’s financial panorama focuses government attention

Havana, May 22 (Prensa Latina) Cuba's fiscal deficit, budget, tax payments, and measures to correct price distortions are the focus of the government's attention today in the financial panorama to guarantee the country's macroeconomic stability.

During the intervention of the Minister of Finance and Prices, Vladimir Regueiro, in the television program Mesa Redonda, he recalled that in the last session of the National Assembly, the need to gradually reduce the fiscal deficit beyond the analysis of one year was explained.

Revenues are insufficient to guarantee the expenses incurred, that is the fiscal deficit, he specified.

He recalled that 63% of the 2024 expenditures are oriented to finance research and science, health, education, social assistance, and other social programs. However, although this year’s revenues are considerable, they are not enough, he said.

The government’s commitments to society cannot be broken. In recent years, we have turned to the banking system, an evolving process through contracts and financing with commercial banks.

Regarding the implementation of the sovereign bonds that allow capturing from the banking system the financing to cover the deficiency of income, he said that “we must commit ourselves in the capacity to assume their repayment”.

Regueiro pointed out that there is a dynamic of growth in revenues, some 339 billion Cuban pesos (national currency), accompanied by a group of measures, approved in the National Assembly, to boost tax collection, adjustments in tax regulations and also greater control mechanisms.