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The economic situation of Cuba

Russia promised to deal with Cuba's debts, which have been trailing behind it since Soviet times, by the end of this year.

During Prime Minister Dmitry Medvedev's visit to Havana, an agreement was signed that Cuba's $30 billion debt would be partially written off and partially restructured by the end of 2013. It is too early to talk about the proportions between write-off and restructuring.

The adoption of this decision was reported to journalists in Havana by the head of the Ministry of Industry and Trade Denis Manturov. "This decision belongs to the category of complex, we are talking about both write-off and restructuring for a period of 10 years," Manturov clarified the situation. Adding that it is too early to talk about the relationship under this agreement.

As Denis Manturov explained, first of all, it is necessary to coordinate procedures within the state, then the final agreement will be signed. "I think all the issues will be resolved for sure by the end of the year. With colleagues, we set a deadline of 6 months. By September of this year we will have to clarify all the formalities",- he clarified.

It should be noted that Cuba's debt has been creating problems in Russian-Cuban relations for a very long time. Since Soviet times, Moscow has been telling Cuba about its debt, but in Havana they were firmly convinced that Russia was to blame for the rupture of economic relations in the 90s, and it was she who should pay compensation in this regard. Since the mid-2000s, the Russian government has repeatedly raised the issue of debt payments at the expense of income from tourism activities. At the same time, it was constantly said that Russia was ready to continue lending to the Cuban side.

However, it is worth noting that this was not the only decision taken at the talks in Havana. Following the meeting between Dmitry Medvedev and Raul Castro, an optional agreement was also concluded between Cuban corporations and Ilyushin Finance for the supply of three AN-158 aircraft. An agreement was also signed on Cuba's intention to purchase three Il-96-400s and lease a pair of passenger Tu-204s. The transaction amount is about 650 million dollars.

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