The Council of Ministers says it has implemented “very important actions,” but they have not yet reached the population
14ymedio, Madrid, 30 September 2024 — With a fiscal deficit of more than 15% of the Gross Domestic Product, a GDP contraction of 1.9, an official year-on-year inflation rate of more than 30%, a devalued peso against the dollar and a public debt of more than 20 billion dollars, Cuban authorities say that there are “discrete advances in macroeconomic indicators that have not yet reached the family economy.” The Council of Ministers reached this surprising conclusion this weekend, in a meeting to review the progress of the month of September.
The optimism that overflows from the article published in the official press entitled “A Process That Advances, But Not at the Required Speed” is unprecedented in a country that is experiencing its most tense days in recent decades, in which there has been no shortage of galloping crises that pale in comparison to the current one, marked by a constant shortage of fuel that not only prevents families from sleeping and eating, but also prevents industries from producing, transport from moving and, ultimately, having the slightest chance of minimally improving conditions.
The Minister of Economy and Planning, Joaquín Alonso Vázquez, however, said that the Government’s plan to correct distortions and to revive the situation is not going badly. “Although the actions carried out are incipient, we are already seeing how some economic indicators are moving.” The only data that remotely support his words were those of the state and municipal budget deficit, which are lower than expected, for reasons that are not as happy as they seem.
“Although the actions taken are incipient, we are already seeing how some economic indicators are moving,” he said.
The Minister of Finance and Prices, Vladimir Regueiro Ale, said that there is a state deficit of 32.125 billion pesos, 23.249 billion pesos less than planned. But the causes are, on the one hand, the “over-fulfillment of income” and, on the other, undoubtedly worrying but vague, “the non-execution of expenses.” Although he does not offer further details in this regard, the savings may come either from the decrease in the population or from the inability to execute works or programs necessary for the population.
At the local level, the deficit is 2.315 billion pesos, 4.990 billion less than the budgeted figure. There are 54 municipalities, among which Havana and Matanzas stood out, with a s