The Cuban regime is negotiating with China for the restructuring of its debts

The Cuban regime is negotiating with China the restructuring of its banking, financial, and corporate debt.

“In this case, we also had the opportunity to update them on three fundamental topics. First, the processes we are developing between the governments and institutions of the two countries for the restructuring of debts,” said in an interview with Cubadebate the Minister of Foreign Trade and Foreign Investment, Oscar Pérez-Oliva Fraga, on the occasion of the recent visit of Miguel Díaz-Canel to the giant Asian country.

"The governmental debt has already been restructured, work is underway on the final details to sign the restructuring of the banking and financial debt, and the conditions have also been established to gradually begin the restructuring of corporate debt," he specified.

The regime official states that "this will put us in a better position to engage and allow Chinese entrepreneurs to have a more significant role in the country’s development programs."

"We acknowledged that even under conditions of high debt levels, Chinese entrepreneurs continue to invest in Cuba and work with Cuba," he added.

Díaz-Canel visited China last week to commemorate the 80th anniversary of the victory in the Chinese people's resistance war against Japanese aggression. Both governments issued a joint statement reaffirming their commitment to "accelerate the building of a China-Cuba Community of Shared Future."

During the journey, he met in the city of Shenzhen with over 70 Chinese entrepreneurs, assuring them that the country is open to all proposals, in a message that systematically excludes Cubans residing on the island, who are unable to invest or compete on equal terms.

Díaz-Canel invited Chinese entrepreneurs to continue contributing to the "economic development" of Cuba in the short, medium, and long term, while reiterating the official narrative of building a "community of shared future," a phrase that contrasts with the exclusion of Cubans themselves from the business fabric of their country.

In 2021, Cuba's debt to China amounted to $4.643 billion due to the Asian nation's initiatives for the development of low- and middle-income countries, according to a report published this Wednesday.

The Asian giant provided record amounts of funding for international development and has established itself as a primary lender for many low- and middle-income countries (LMICs), although its grant and loan activities remain shrouded in secrecy.

In 2011, China forgave the Government of Cuba a debt of six billion dollars.