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The representatives of the Group of Creditors of Cuba and of the Government of the Republic of Cuba met from 10 December to 12 December and agreed on 12 December 2015 on an arrangement to clear USD 2.6 billion of debt in arrears due to the Group of Creditors of Cuba over an 18-year period.
This arrangement offers a framework for a sustainable and definitive solution to the question of arrears due by the Republic of Cuba to the Group of the Creditors of Cuba covering a total stock of debt of USD 11.1 billion, including late interest, as of 31 October 2105.
During the meeting, the delegation of the Republic of Cuba provided a description of the economic and financial situation of its country and presented the measures taken by the Government of the Republic of Cuba aimed at supporting the Cuban economic development.
The Group of Creditors of Cuba welcomed progress made by the Republic of Cuba towards the normalization of its relations with creditors ant the international financial community.
Realization of payments under a formal commitment of the Republic of Cuba to fully clear its arrears is a necessary and important step for the normalization of financial relationships between the Group of Creditors of Cuba and the Republic of Cuba. The Group of Creditors of Cuba’s export credit agencies that wish to do so will resume their export credit activities.
Background note: The Group of Creditors of Cuba includes Australia, Austria, Belgium, Canada, Denmark, Finland, France, Italy, Japan, the Netherlands, Spain, Sweden, Switzerland and the United Kingdom.
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Cuba and the USA agreed to resume direct postal service during a new round of talks, an official said.
The Pilot Program will be implemented in the next few weeks, and it’s expected to become permanent in the future.
Mail and parcels between the two countries have been re-routed through a third country for more than a half century.
Accor reinforces its presence in Cuba with the contract for the Pullman Cayo Coco. Jean Philippe Claret, SVP Operations Mexico, Central America and the Caribbean, declared: “Accor has been present in Cuba for nearly twenty years and we have been effective in forging trusting and lasting relations with our local partner Gran Caribe. The Pullman Cayo Coco will enrich Cuba’s offer of hotels in the upscale segment which has real development potential.”
Accor also has another construction project in Cuba with Gaviota in the luxury and upscale segment: the 218-room Sofitel So La Habana, ideally located on the corner of the Malecón and Paseo del Prado. Accor currently manages two midscale establishments in Cuba: the Mercure Sevilla Havane (178 rooms), located in the UNESCO world heritage site neighbourhood of La Habana Vieja, and the Mercure Playa de Oro, (385 rooms) located in the seaside resort of Varadero.
(Prensa Latina) Representatives of Cuba and the United States showed here today their readiness to continue the dialogue on assets nationalized to US citizens in the Island from 1959, and on the damages caused by the US economic blockade.
As part of a briefing, the delegations exchanged information about the pending mutual compensations, says a note issued by the Ministry of Foreign Relations of Cuba (Minrex).
In a meeting described as respectful and professional, the Cuban delegation put forward the basis of the claims, particularly those of the Cuban people to the Government of the United States for human and economic damages, acknowledged by the country’s courts, says the text, adding that the parties agreed to continue the talks on this issue.
The Cuban delegation was Deputy Foreign Minister Abelardo Moreno, and the US delegation was headed by Mary McLeod, Principal Deputy Legal Adviser of the Department of State.
Cuba has denounced in different international fora, including the United Nations, that economic damages caused by the US blockade since 1962 amount to 833.755 billion USD.
According to the United States, 6,000 people and businesses are claiming properties worth 1.90 billion USD.
