Cuba cuts spending to save worsening economy
Cuba will cut spending, including
dispensable expenditure in education and health care, in an effort to
revive its falling economy due to the adverse impacts of the global
crisis.
Cuba will cut spending, including
dispensable expenditure in education and health care, in an effort to
revive its falling economy due to the adverse impacts of the global
crisis, President Raul Castro has said.
Addressing the 3rd session of the 7th National Assembly on August 1, President Castro said the Cuban economy has also suffered from heavy consequences of natural disasters last year and big declines in revenues from the export of nickel and tourism – the country’s major hard currency earners.
He added that top priority will be given to production and services industries that bring in foreign currency for the country.
The leader also called upon the Cuban people to practise energy savings as a way of fostering a recovery of the economy, which
President Castro announced that the government had further readjusted this year’s GDP growth target to 1.7 percent from 6 percent set in late 2008, following a revision to 2.5 percent in April.
He, however, highlighted the country’s achievements in stepping up food and foodstuff production and preventing epidemics./.
Addressing the 3rd session of the 7th National Assembly on August 1, President Castro said the Cuban economy has also suffered from heavy consequences of natural disasters last year and big declines in revenues from the export of nickel and tourism – the country’s major hard currency earners.
He added that top priority will be given to production and services industries that bring in foreign currency for the country.
The leader also called upon the Cuban people to practise energy savings as a way of fostering a recovery of the economy, which
President Castro announced that the government had further readjusted this year’s GDP growth target to 1.7 percent from 6 percent set in late 2008, following a revision to 2.5 percent in April.
He, however, highlighted the country’s achievements in stepping up food and foodstuff production and preventing epidemics./.
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