CubaMinrex. Sitio del Ministerio de Relaciones Exteriores de Cuba

Cuba Approves New Measures to Update Economic Model

CUBA, March  30, 2011.- The Cuban government has taken new measures in the banking sector as part of the current process of updating the economic model.

  An expanded March 25 Council of Ministers meeting led by President Raul Castro approved bank credits for farmers to buy agricultural equipment and supplies on the retail market, to raise food production.

This measure includes granting loans to people who are authorized to engage in self-employment, or private work. The loans are to provide financing for working capital and investment through the purchase of goods, supplies and equipment.

The new regulation also allows self-employed workers to sell products and services to state companies by contract.

To successfully implement these new regulations, Cuba's Central Bank should continue strengthening its role within the economy, Granma newspaper stated.

The expanded Council of Ministers meeting also discussed the results of unsubsidized agricultural supplies sales to farmers, a project started in June 2010.

In addition, a report was presented on a study of roadside sales outlets and kiosks.

The meeting also heard a report on the initial results of transformations in the health care sector for a more rational and sustainable system, and for higher-quality services. (Cubaminrex-Prensa Latina)

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