The Government of Cuba explained its “complex” financial situation to its main creditors, gathered at the Paris Clubduring a meeting held in the French capital.
This Wednesday was a follow-up meeting to agreement reached a year agowhen both parties agreed to rearrange the payment of Cuba’s debt with that group and give the island better conditions for it.
The Cuban delegation was headed this time by Deputy Prime Minister Oscar Pérez-Oliva, who apparently has taken over from the deceased Ricardo Cabrisas as a negotiator with the island’s creditors.
Pérez-Oliva, great-nephew of Fidel and Raúl Castro and who had already replaced Cabrisas at the head of the Ministry of Foreign Trade, was accompanied by the Cuban Minister of Finance and Prices, Vladimir Regueiro, the ambassador to France, Otto Vaillant, and other officials.
According to the agency Latin Press (PL)the Antillean delegation presented to the Paris Club the current economic-financial situation of the country, “which it defined as complex,” in reference to the deep crisis that the island has been in for more than six years.
In that sense, the Cuban side stressed that US sanctions have been tightened to “unprecedented levels” during Donald Trump’s second term, measures that constitute “the main obstacle” to the island’s development.
In addition, the delegation led by Pérez-Oliva also addressed “recent decisions” adopted by Havana “to boost the economy with an approach based on sustainable development.”
Paris Club agrees to reorder “with better conditions” the payment of Cuba’s debt
Maintain “constructive links”
For their part, Cuba’s main creditors recognized Cuba’s “efforts” to comply with its agreements regarding the repayment of debts incurred, according to P.L..
Both the island delegation and its counterparts—led by Paris Club co-president Thomas Revial—underlined their commitment to “the preservation of the constructive ties achieved.”
Likewise, “they highlighted the role of France at the head of the Secretariat of the group of creditors,” according to the press office.
Cuba and the Paris Club – which brings together around twenty creditor countries – agreed in January 2025 to modify the terms of the 2021 and 2015 agreements due to Cuba’s inability to meet its commitments.
The group of creditors then indicated in a statement that the new pact offered Havana “more advantageous conditions to face its economic and financial difficulties in the coming years,” as well as the possibility of “preserving” financial relations between the parties.
In 2015, Cuba signed a historic agreement with the Paris Club, which forgiven 8.5 billion dollars of a total debt of 11 billion, with Havana’s commitment to pay the remaining amount in installments until 2023, the agency recalls. EFE.
However, the island partially failed to comply with its obligations in 2019, and in 2020, in the midst of the economic crisis due to the pandemic, it declared itself unable to meet the corresponding payments. He then requested a two-year moratorium for a total of about 200 million in late payments.
The Paris Club only agreed to delay the deadlines by one year, with the possibility of renegotiating, and in mid-2021 an additional deadline was agreed for the commitments acquired in 2015. This was again reorganized with last year’s agreement.
This Wednesday’s meeting took place amid the worsening of the crisis on the island, whose economy has contracted 15% in the last five years, according to official figures, under the effects of the pandemic, US sanctions and the Government’s until now failed economic and monetary policies.
