141 Medium and Small Enterprises To Boost The Cuban Economy

On Thursday, Cuba’s Economy Ministry (MEP) approved the creation of 141 medium and small enterprises (MSMEs) and 19 public companies to boost economic growth amid the recession prompted by the pandemic and the U.S. blockade.

RELATED: 

People Demand the Lifting of the US Blockade Imposed on Cuba

"The economic crisis has generated inflation and budget deficit, which we must counteract without applying shock policies. This is the challenge we have," Economy Minister Alejandro Gil stated.

In August 2021, President Miguel Diaz-Canel issued eight decrees whereby his administration ratified the economic importance of MSMEs and self-employed workers. Thanks to this, 31,838 new jobs have been created so far.

He also increased the capabilities of 200 state-owned companies through wage changes that has benefited 275,000 workers so far.

The Economy minister said that profits from state-owned stores working with foreign currency will be used to guarantee the supply of goods in stores working with national currency.

"People must have confidence that we designed these policies to protect them," Gil stated, recalling that prices of electricity, fuel, and basic goods have not increased despite the crisis.

"We have to overcome both the U.S. blockade, which seeks to prevent our policies from succeeding, and the pandemic, which threatens our health. We have to find the ways to survive and develop," he highlighted.