Paris | The Cuban government and the Paris Club, which brings together creditor countries including France, agreed on Thursday to provide Cuba with additional time to honor several payments granted in 2015 on its external debt.
“This agreement provides additional time for the Republic of Cuba to honor several payments due under the 2015 agreement, while maintaining the current value of these amounts,” the Cuban government and the group of creditors said in a joint statement. of the Paris Club.
The agreement between Cuba and the Paris Club in 2015 had erased 8.5 of the 11.1 billion dollars owed, the rest being converted into investment projects or phased until 2033, Cuba was to repay 85 million in 2020. .
But financial difficulties had prevented Cuba from repaying its maturities in time in 2019 and had prompted it to call for a moratorium in 2020 until 2022.
The Paris Club had only given in on a one-year moratorium, with an obligation to renegotiate thereafter.
The meeting between the Republic of Cuba and the representatives of the Paris Club governments aimed to negotiate a new payment schedule.
In its press release, the two parties confirmed “their desire to preserve the 2015 agreement and their commitment to ensure the full implementation of this agreement” which “allowed a normalization of financial relations”.
The Cuban Creditors Group includes Australia, Austria, Belgium, Canada, Denmark, Finland, France, Italy, Japan, the Netherlands, Spain, Sweden, Switzerland and the United Kingdom.
Cuba’s GDP fell 11% in 2020, its worst decline in nearly 30 years, driven by US sanctions and the lack of tourists due to the coronavirus pandemic.
Public debt is expected to reach 132.5 billion pesos ($ 5.5 billion), according to official figures.