Cuban Diplomat Promotes Trade Opportunities in US City of Pittsburgh The head of the Cuban Interests Section in the United States, Jose Cabañas visited the US city of Pittsburgh in Pennsylvania last week, where he met with academics, entrepreneurs and with the editorial staff of the Pittsburgh Post-Gazette, which reported the meeting. The Cuban diplomat visited the city at the invitation of Republican Mike Doyle to explains the article signed by James P. OToole, of which we bring excerpts. In a meeting with Post-Gazette editors Tuesday, Mr. Cabañas promoted the potential for trade and commerce that could follow some future change in the ties between the two wary neighbors. The article also cites the Cuban diplomat as saying that there is trade between the countries, but since the Kennedy administration, a variety of legislation, notably the 1996 Helms-Burton Act, has sharply restricted it. Cabañas acknowledged that political circumstances, including the influence of a Florida Cuban community strongly critical of Havanas human rights record, dont suggest the likelihood of any imminent change in the geopolitical realities; however, he also said he is optimistic that attitudes of younger citizens of both countries will set the stage for closer ties in the future, the article reads. What I have found this time is completely different from what I have found before, the Cuban executive said, emphasizing that he was not comparing the attitudes of Washington administrations but the attitudes of ordinary Americans he encounters in a variety of unofficial contexts. Cuban Economy Should Make the Most of State Budget Authorities of the Ministry of Finances and Prices (MFP) recently reported in this city that national economy shows an unfavorable use of the State Budget. During the first half of 2014, general expenses of that financial availability do not indicate an optimal and efficient use of it, a situation that is similar to that of last year, where only 95% was used. The MFP Minister, Lina Pedraza, spoke in the presence of the Commission of Economic Affairs of the Cuban Parliament about the need to execute budget levels planned without forgetting rationality and the use of creative initiatives to raise the level of business economic efficiency. There are structural problems that negatively impact on the use of the State Budget, like monetary duality, non-timely arrival of raw materials to produce, control issues, and international market trends, but that does not justify not making the most of capital available, and stressed that the main causes are the failure to comply with income, lack of funding for planned productions, whether of exports or imports, and failure to obtain the surplus planned for usual operations, even when budget exists. In 2013, it was explained, 124 companies in the country ended the year with losses, even though they had planned to get major utilities, and failure in these actions, in general, is a reflection of the possibilities that the state will have to allocate budgets. Thus, the non-use of approved resources leads to achieve a surplus from a contraction of expenditure, which can not be assumed as a positive element for the economy, considering that, in this way, the business sector does not develop. According to a report by the MFP, it is estimated that the financing of business losses reaches 588 million pesos this year, which will be given to companies approved, up to the authorized amount, after an analysis of actual behavior. Mrs. Pedraza finally said that, in order to achieve economic efficiency, internal control measures should be put into practice and that maximum use of human potential and leadership capacity should be made as well. On this matter, it was known that Cuba will finance its 2013-2014 fiscal deficit by issuing sovereign bonds, which will be acquired by the countrys commercial banks, the Ministrys director of budget, Jesus Matos, told Prensa Latina news agency adding that the initiative will finance the public debt without funneling money into circulation, but by using bonds payable in 20 years with redemption based on a 2.5% interest rate. The official said the amount of bonds will reach 1.8 billion Cuban pesos (equivalent to 1.8 billion dollars at official exchange rate), which is the planned figure of the budget debt. Cuba Boosts Renewable Energy Program Cuba is currently developing a program aimed at increasing the use of renewable energy sources and decrease imports of fossil fuels, said Energy and Mining minister Alfredo Lopez. Speaking to lawmakers in Havana, the minister said the 2015 Investment and Business Plan will focus on the use of bio-electricity based on the use of sugar cane bagasse and a local plant called Marabou to generate some 775 megawatts. Meanwhile, wind farms located on Cubas northern coast from the center to the eastern parts of the country will yield over 600 megawatts, said the minister who added that solar energy will contribute another 700 megawatts through solar panels, while hydroelectric plants operating in different reservoirs are expected to add 56 megawatts. These projects are being financed with government credits and direct foreign investment, said the official who also referred to the continuation of the Energy Saving Program for the residential sector, which includes the use of solar heaters, induction cookers and energy-saving lighting as the use of renewable energy only accounts for 4.3% of the electricity demanded in the country so far.
Posted on: Wed, 09 Jul 2014 19:56:12 +0000
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