The Cuban leader Miguel Díaz-Canel proposed on Wednesday a mechanism for debt swap for national assets as part of the Emergency Economic and Social Agenda presented at the closing of the Extraordinary Plenary of the Central Committee of the Communist Party of Cuba, held at the Palace of the Revolution.
The leader described the formula in these terms: “We must conduct a debt-for-assets exchange process primarily focused on the exchange of national assets for debts, without permanently alienating ownership of the same. With this mechanism, financing and other benefits can be achieved without losing ownership rights over the assets.”
The mechanism, known in sovereign finance as debt-for-asset swap, involves offering participation or usufruct over state-owned assets —such as companies, infrastructure, land, or facilities— in exchange for creditors forgiving or reducing the debt, without Cuba transferring the definitive ownership of those assets.
Díaz-Canel also mentioned other complementary avenues: "We must also explore other mechanisms such as environmental debts or debts against social development, issuing bonds for sustainable development goals, and others."
The announcement comes at a time of unprecedented financial distress. Cuba has accumulated an estimated external debt of over 29.5 billion dollars, with documented defaults to multiple creditors: more than 1.5 billion dollars to Mexico for oil exports between May and November 2025, over 3 billion to Argentina and approximately 330 million euros to Spanish companies, in addition to arrears to the Paris Club since 2019.
In the same segment of the speech, the leader announced the elimination of mandatory intermediation in foreign trade: "We must authorize direct import and export for state and non-state productive companies, exporters, or those that substitute imports, while maintaining technical and tax requirements, but eliminating mandatory intermediation."
Regarding foreign investment, Díaz-Canel acknowledged that it is "trapped in a web of obstacles" and announced its direct authorization in the national private sector, including small and medium-sized private enterprises (MIPYMES), "with clear rules on property, repatriation, reinvestment, and dispute resolution."
The regime also promised to review the list of activities prohibited to the private sector under the principle of "always replacing prohibitions with responsible regulations whenever possible," and to relax the purpose of MIPYMES to ease the bureaucratic burden faced by entrepreneurs.
For Cubans residing abroad, Díaz-Canel offered a framework for unrestricted participation: "To anyone who wants to build with Cuba without trying to impose anything, we say with our hearts in hand: here you have your home and here you have an open door, because at this hour, this homeland does not have any good Cuban to spare."
The package of more than 20 transformations was approved by the Plenary with the support of Raúl Castro, who participated via videoconference and warned in his message that "as important as the approval of these transformations is their proper and timely implementation."
The National Assembly has been called to an extraordinary session this Thursday to endorse the measures approved by the Communist Party, amidst an economy that CEPAL projects will decline by 6.5% in 2026, with an accumulated contraction of 10.3% over the two-year period of 2025-2026.
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