Cuba continues to prioritize economic development

Cuban President Miguel Díaz-Canel. Photo: AFP/VNA

At a meeting with National Assembly deputies held one day before the second special session of the 10th legislature, the Cuban President stressed that the country's socio -economic situation remains complicated due to the impact of the global crisis following the COVID-19 pandemic, deepening international differences and conflicts. In addition, the unilateral embargo imposed by the US with 240 additional measures and accusations of Cuba being a state sponsor of terrorism. In addition, Cuba's complex demographic situation with an increasingly aging and shrinking population also contributes to the worsening socio-economic situation.

According to President Díaz-Canel, Cuba does not abandon economic development, but to achieve this, it is necessary to promote a macroeconomic stabilization plan, including actions to fight inflation, reduce the fiscal deficit, overcome the gap between wages and purchasing power, increase the availability of foreign currency and solve many other problems.

The Cuban president said the Caribbean island nation is promoting domestic food production, but has not yet achieved many positive results. Currently, the main source of food distribution for Cubans is the basic goods basket as prescribed by the State. Most of these products are imported, while many items can be produced entirely domestically.

President Díaz-Canel highlighted the importance of restoring the role of state-owned agricultural companies, stressing that this would not only help increase the supply of goods but also have an impact on price regulation and reduce intermediaries.

In parallel with investing in food production with domestic and foreign capital and taking actions to ensure nutrition and food sovereignty, the Cuban President pointed out the need to focus on developing sustainable local tourism, expanding source markets and diversifying services. He called for taking advantage of idle human resources in the tourism sector and eliminating stagnation and delays in matters related to foreign trade and foreign investment; encouraging business with Cubans outside the borders and boosting national production in general. President Díaz-Canel stressed that Cuba needs to consolidate all activities to open up foreign currency flows, step up the fight against corruption and constantly innovate to move forward.

According to MAI PHUONG (Vietnam News Agency)

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