Cuba enters new phase of int’l economic relations: Castro

Raul Castro, Presidente cubano, habla en el acto de clausura del parlamento. Foto: Ismael Francisco/Cubadebate.

Cuba’s economic, trade and financial relations with some countries have entered a new phase, President Raul Castro said Tuesday at the parliament after the island country managed to renegotiate its debt with some countries.

The leader explained the “concrete evidence in this direction” was the important Dec. 12 multilateral agreement Cuba signed in Paris with its creditor countries, which made up 14 of the Paris Club’s 19 nations.

The Paris Club is an informal group of officials from creditor countries, created gradually from 1956 to find solutions to debtor countries’ payment difficulties.

Under the agreement, 8.5 billion U.S. dollars of Cuba’s 11.1 billion dollars of debt were forgiven, and the remaining payments were restructured with easy terms, yet with severe penalties if Cuba falls behind again in its payments.

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