Looking for real and viable solutions to the debt issue continued to be one of the main priorities of Banco Central de Cuba in 2001, despite adversities of internal and external character.

In this sense, and aiming at normalising economic, trade and financial relations with the international financial community, several technical talk rounds were maintained with the Group of Cuba’s Creditor Countries (Paris Club), which allowed to determine exactly positions of both parties as well as those issues that are still holding distant the possibility to reach to a multilateral agreement.

Moreover, bilateral talks took place with Portugal, Italy and Canada for the official debt rescheduling at short-term which has enable to identify real terms and conditions as well as mutually acceptable in order to attain rescheduling agreements in the near future. In the case of Italy, contacts were made aimed at materializing the rescheduling of the official debt for development, thus allowing the reopening of this financing method to the country.

Also, it was signed together with Venezuela the modification of the Framework Agreement, signed by both Parties in 2000, as well as the implementation of such Agreement in relation to the health sector, in order to provide a solution to Cuba’s debt with that country and to increase the trade flow between both nations.

Work continued with creditors to access to new financings at market conditions to enable improvement of the debt structure in relation to terms of the loan, interest rates and financing sources.

At the Joint Commission for Economic and Technical-Scientific Cooperation, in November 2001, the debt of Cuba with Ethiopia was written off. Likewise, Cuba wrote off the debt of Guinea Bissau in the framework of the Session of the Joint Commission for Economic and Technical-Scientific Cooperation between both countries in June, 2001.

In the 2001, just like in previous years, it has been object of analysis claims from Cuba’s different creditors as well as proposals furthered on by those countries which have shown interest in seeking out a solution to the debt problem. Moreover, bank officials participated in various Joint Commissions where the debt issue was within their agendas.