ES / EN
- May 21, 2022 -
No Result
View All Result
OnCubaNews Needs You
OnCubaNews
  • World
  • Cuba
  • Cuba-USA
  • Opinion
    • Columns
    • Infographic
  • Culture
    • Billboard
  • Sports
  • Styles / Trends
  • Media
  • Special
  • Cuban Flavors
  • World
  • Cuba
  • Cuba-USA
  • Opinion
    • Columns
    • Infographic
  • Culture
    • Billboard
  • Sports
  • Styles / Trends
  • Media
  • Special
  • Cuban Flavors
OnCubaNews
ES / EN
ADVERTISEMENT
Home Cuba Economy

The largest creditor of Cuba’s debt proposes substantial reduction

This proposal would represent a 60% reduction in the net present value of Cuba’s debt to the London Club.

by Rui Ferreira
April 28, 2021
in Economy
0
Cuban External Debt

Photo: BCC.

A British investment firm that controls a series of loans that the Cuban government defaulted decades ago has come up with an agreement that it maintains would help the island return to international debt markets.

The firm CRF Ltd., the largest creditor of Cuba’s foreign debt in the London Club, offered to convert around 1.4 billion of the debt into a zero-coupon loan with no payments until 2026, according to a copy of a letter sent to Cuban President Miguel Díaz-Canel, to which the Bloomberg agency had access.

CRF has held Cuban debt since 2009 and made repeated attempts to reach an agreement, including an offer in early 2018, for which no response was received.

According to the firm, this proposal would allow Cuba to begin to move away from its reputation as a doubtful debtor in the payment of its debts and, in turn, would allow other creditors inserted in the London Club to reach similar agreements with the island.

The group has around 4 billion in loans and other securities that Cuba contracted during the period in which President Fidel Castro was in power. “Cuba can move from being in arrears with the commercial creditors to regaining access to willing lenders in the global financial markets,” David Charters, president of CRF, wrote in the letter.

CRF, which sued Cuba for non-payment in a London court in February 2020 in a case that is still being heard, declined to comment.

Related Posts

Jean-Jacques Bastien, ambassador of the Kingdom of Belgium in Cuba, gives the opening remarks of the Pymelab 2022 event, at the Iberostar Grand Packard Hotel, in Havana, on April 28, 2022. Photo: Otmaro Rodríguez.

Pymelab 2022: event on MSMEs in Cuba

May 1, 2022
Photo: Kaloian Santos.

Economic effects of new Cuban migratory wave, some notes

April 19, 2022
Photo: official site of the Gabi&Sofi brand of children’s products.

At Gabi&Sofi they never stop dreaming

March 19, 2022
state enterprises

Cuba: more than 400 state enterprises with losses, according to minister

March 18, 2022

The authenticity of the March 18 letter was confirmed to Bloomberg by two people with direct knowledge of its contents.

This proposal would represent a 60% reduction in the net present value of Cuba’s debt to the London Club.

Author

Rui Ferreira
Tags: Cuban EconomyCuban external debt
Previous Post

Nft.FAC: all Cuban arts in the digital universe

Next Post

Cuba reports 10 deaths from COVID-19 and 988 infections of the virus this Tuesday

Rui Ferreira

Rui Ferreira

Mi padre era actor y mi abuelo general. Una mezcla lo suficientemente explosiva como para generar un tipo que solo hace preguntas, no le gusta las respuestas a medias, y refleja todo eso en la mejor profesión del mundo. Por lo demás, me gusta viajar y fotografiar. A veces eso da plata, otras veces solo entretiene. Pero siempre vale la pena. Por lo que queda, dejémonos de pretensiones.

Next Post
Photo: Otmaro Rodríguez.

Cuba reports 10 deaths from COVID-19 and 988 infections of the virus this Tuesday

Trust Investing

Director in Cuba of Trust Investing cryptocurrency platform arrested for alleged illicit economic activity

Molecular Laboratory

Cuba completes its network of molecular biology laboratories to detect coronavirus

Leave a Reply Cancel reply

The conversation here is moderated according to OnCuba News discussion guidelines. Please read the Comment Policy before joining the discussion.

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

Most Read

  • A pedicab driver wears a t-shirt with the United States flag, in Havana, on Tuesday, May 17, 2022. Photo: Otmaro Rodríguez.

    Havana after announcement of Biden administration’s changes in Cuba policy

    9 shares
    Share 4 Tweet 2
  • Mariela Castro: “We cannot be naive in the face of fundamentalisms”

    7 shares
    Share 3 Tweet 2
  • The Soviets in Cuba (II)

    10 shares
    Share 4 Tweet 3
  • Cuban stars in Miami

    35 shares
    Share 14 Tweet 9
  • Cuba’s position on war in Ukraine: between political realism and international law

    131 shares
    Share 52 Tweet 33

Most Commented

  • The PCR test is applied at José Martí airport to travelers arriving in Cuba. The operation took between 30 and 35 seconds on average for each person seen to. Photo: Luis Carlos Gongora/Facebook/Archive.

    Cuba will charge people who travel abroad for PCR tests, at least if the country to which they are going “requires it.”

    9 shares
    Share 4 Tweet 2
  • The “dry rice” formula

    8 shares
    Share 3 Tweet 2
  • The documentary people, between Washington and Havana

    5 shares
    Share 2 Tweet 1
  • About us
  • Work with OnCuba
  • Terms of use
  • Privacy Policy
  • Moderation policy for comments
  • Contact us
  • Advertisement offers

OnCuba and the OnCuba logo are registered® trademarks of Fuego Enterprises, Inc., its subsidiaries or divisions.
OnCuba © by Fuego Enterprises, Inc. All Rights Reserved.

No Result
View All Result
  • World
  • Cuba
  • Cuba-USA
  • Opinion
    • Columns
    • Infographic
  • Culture
    • Billboard
  • Sports
  • Styles / Trends
  • Media
  • Special
  • Cuban Flavors

OnCuba and the OnCuba logo are registered® trademarks of Fuego Enterprises, Inc., its subsidiaries or divisions.
OnCuba © by Fuego Enterprises, Inc. All Rights Reserved.

Go to mobile version