• Submitted by: manso
• Business and Economy
• 10 / 18 / 2010

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The government will resolve its debt with Spanish companies quite immediately, the Cuban ambassador in Madrid told reporters while visiting the principality of Asturias, according to Europa Press.

Cuba owed 38 companies from the region a total of 23 million euros (US$32.2 million) as of April, after falling behind with payments and a freeze of hard-currency bank accounts in Cuba that began in early 2009, when a cash crunch triggered emergency measures. Cuba was devastated by three hurricanes in 2008, just as the global recession reduced revenues from nickel exports and tourism.

The government has since unfrozen bank accounts piecemeal and begun to pay new bills timely, as the worst of the cash crunch seems to have passed, but it has yet to settle most of the outstanding debt with foreign companies incurred in 2008 and 2009.

Ambassador Alejandro González Galiano visited Asturias last week and met with the president of the autonomous province, which is a hotspot in Spain of trade with Cuba, to talk about expanding business.

González told reporters the economic situation of his country was “much better.”

“We have begun to overcome these problems and non-compliance has improved,” he said, adding that Cuba will “honor to the end” commitments with Spanish companies.

Source: www.cubastandard.com/2010/10/16/