HAVANA TIMES, April 1 – Cuba, like the rest of the world, is making adjustments in its budget calculations for 2009 to face up to the global financial crisis. Ariel Terrero, a Cuban journalist specializing on the economy, said on his television space on Tuesday that a six per cent expenditure reduction will mostly affect the island’s provincial governments.
Terrero said the cutback is due to the fact that the crisis has increased the island’s difficulties to obtain credits abroad, reported IPS.
Cuba must also reckon with a half century economic blockade imposed by the United States which also affects trade with many companies in third countries. The result is considerably higher prices for most imports.