Cuba announces new measures for "war-time economy" amid growing crisis

There exists a critical economic crisis in Cuba, as asserted by the island nation’s government, highlighted by a persistently expansive deficit and runaway inflation. Having recognized the detriment, the Council of Ministers, Cuba’s top administration body, held discussions to plan countermeasures under the framing of a ‘war time economy’. Miguel Díaz-Canel, the former president of Cuba who led a recent government revamp this year, stressed this initiative: “All of us are here to preserve the Cuban Revolution and save the socialism.”

The economic debacle stems from a mélange of components, including economic restrictions enacted by Washington, the ongoing effects of global pandemic, an excessive reliance of the state-manage companies, as well as bureaucrats, mismanagement, and corruptions. This adverse situation translates to the growing exile of Cubans, generating the worst socio-economical chaos since the Fidel Castro power seizure over six decades previous.

In endeavor of reviving national finances alongside promoting agriculture initiatives, along with addressing troubled administrative sectors, Cuba decided to bring forward an incorporated pricing format, encompassing any economic organizations, be they of national or private establishments. Moreover, the government intended to centralize control in the national cash flow by redistributing, streamlining allotting, and curating expended resources, such that incoming funds will outweigh expenses.

Earlier Díaz-Canel stripped Alejandro Gil, the formal Minister of Economics, of allegations of malversation, becoming a portion of overarch changes aimed at attending to existing economic concerns. According to reportage, this purge constitutes an endeavour both to upsurge exterior currency flow and mending the akin failing public departments. However; the article provided minimum numerical data accompanying no definitive timets for the suggested maneuver.

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