Havana, Cuba: On this first day of 2021, the implementation of the monetary ordering process begins in Cuba, which constitutes an urgent need and an essential step to advance the country’s economic strategy, Prensa Latina publishes.
The so-called Ordering Task, promoted by the Government, involves unifying the current exchange rates, the cessation of the circulation of the convertible peso, and a general reform of wages and prices, with the gradual elimination of excessive subsidies and undue gratuities.
These procedures find legal support in the Official Gazette of the Republic of Cuba in its extraordinary edition number 68 of 2020, which disclosed the procedures related to the plan in the country and has eight decree laws, three decrees and the same number of agreements.
Marino Murillo, member of the Political Bureau of the Communist Party of Cuba and head of the Commission for the Implementation of the Guidelines, explained that this is an interdisciplinary process and transversal to the economy.
It seeks, he said, to solve macroeconomic imbalances, reduce budget deficits, favor incentives for production, improve efficiency and competitiveness at the international level.
As the Cuban president, Miguel Díaz-Canel, said, monetary and exchange unification is not the magic solution to economic and financial problems, ?but it should lead us to increase labor productivity and a more efficient performance of the forces productive?.
He reiterated the significance and importance of this step, ?which will put the country in better conditions to carry out the transformations demanded by the updating of our economic and social model on the basis of guaranteeing all Cubans greater equality of opportunities, rights and social justice?.
Analysts agree that it is one of the most complex tasks that the country faces in the socioeconomic order, increased by the effects of the economic, commercial and financial blockade imposed by the United States, the impact of Covid-19 and the international crisis.
Since last October, the population has received extensive information on the subject through the press, and the actors involved were trained to carry out this process, defined by government authorities as an essential step to advance the nation’s economic strategy.