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The Cuban government is once again attempting to renegotiate the huge debt it has with the Paris Club, although it asserts that it remains committed to fulfilling its obligations with the creditor countries of the group.
This week, William Roos and Fabien Bertho, co-president and secretary of the institution, traveled to Havana to meet with Ricardo Cabrisas, vice prime minister and head of Foreign Trade and Foreign Investment, who insisted on achieving a new extension.
After the Cuban side reiterated once again its argument about the difficult economic and financial situation of the Island, exacerbated by the U.S. "blockade," William Roos proposed setting a new date for the repayment of the Cuban debt.
According to Cubadebate, the co-chairman of the Club suggested "to establish a new schedule according to Cuba's payment capacity, and in this way work together to find a solution."
At the meeting, the Cuban leader justified the delays in payments by referencing Cuba's "illegitimate inclusion" in the list of state sponsors of terrorism, which hinders access to financing sources and foreign investments, at a time when there has been a rise in prices and the country needs foreign currency for its development and to meet its obligations.
After negotiating the debt twice in the last eight years, by the end of 2022 the Castro regime owed 4.827 billion dollars, the second highest figure in Latin America, surpassed only by Venezuela, with 8.062 billion.
The official press omits that fact. It only mentions that the representative of the Club stated there is "understanding of the difficulties the Island is facing," and that the delegation requested information about the growth prospects of the activities outlined in Cuba's Economic and Social Development Plan through 2030.
The creditors of Cuba within the Paris Club are Australia, Austria, Belgium, Canada, Denmark, Spain, Finland, France, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United Kingdom.
In June, Cabrisas met in the French capital with representatives from the 14 countries, to whom he reaffirmed Havana's intention to settle the debts incurred.
It was another of the many promises to pay the Club, less than a year after the regime managed to modify its debt restructuring agreement due to its inability to meet its commitments.
In October of last year, Cuba reached an agreement to postpone until 2022 the annual debt payment that was due in November.
In June, both parties modified their debt renegotiation agreement. Thanks to the newly agreed conditions, the Island received an extended deadline to settle various debts, retaining their value, while committing to resume payments in 2022 and to adjust the payment schedule.
In 2021, Cuba and the Paris Club decided to introduce adjustments to the historic agreement signed in 2015, through which the Club forgave Havana 8.5 billion dollars of a total debt of 11 billion, with the commitment to pay the remaining amount in installments until 2023.
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