Cuba Paying Restructured Western Debt Despite Crisis

Cash-strapped Cuba has begun paying a fourth installment on its renegotiated $2.6 billion debt to 14 creditor nations, and its chief debt negotiator, Ricardo Cabrisas, told Reuters this week that all payments would be made, even if a bit late, Reuters reported. Communist-run Cuba reached an agreement in 2015 with members of the Paris Club of wealthy creditor nations that forgave $8.5 billion of the $11.1 billion in debt it defaulted on through 1986, as well as charges. Repayment of the remaining debt was backloaded through 2033 and some of that money allocated to funds for investments in Cuba. Cuba paid around $70 million last year and a further $80 million was due by Oct. 31. “We met the payment in 2015. We met it in 2016, 2017 and 2018. And we will meet it in 2019, too,” Cabrisas said on the sidelines of a trade fair in Havana, adding, “though not without a great effort.” Read more

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