Reported 12 months ago
Cuba's government announced new measures to address a growing economic crisis, implementing stricter price controls and cracking down on tax evasion to tackle a ballooning fiscal deficit and soaring inflation. The country aims to align its 2024 budget and objectives with a 'war-time economy' and save socialism amid challenges such as the pandemic, U.S. sanctions, and a troubled state-dominated business model. The government plans to introduce a unified pricing policy for all economic sectors and centralize budget decision-making to align expenses with revenue, aiming to boost foreign exchange reserves and support food production in state-run businesses. Despite not providing specific figures, the measures are part of efforts to address the worst social and economic crisis since the 1959 revolution led by Fidel Castro, prompting a significant exodus of Cuban migrants in recent years.
Source: YAHOO