{"id":250551,"date":"2022-03-18T13:08:01","date_gmt":"2022-03-18T17:08:01","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=250551"},"modified":"2022-03-18T13:22:09","modified_gmt":"2022-03-18T17:22:09","slug":"cuba-more-than-400-state-enterprises-with-losses-according-to-minister","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/economy\/cuba-more-than-400-state-enterprises-with-losses-according-to-minister\/","title":{"rendered":"Cuba: more than 400 state enterprises with losses, according to minister"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">More than 400 Cuban enterprises closed with losses in January, most of them state-owned, as confirmed by <\/span><a href=\"https:\/\/oncubanews.com\/en\/tag\/cuban-economy\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Economy<\/span><\/a><span style=\"font-weight: 400;\"> Minister Alejandro Gil, who added that some of them \u201chave planned to operate like this year.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A total of 457 enterprises reported losses in the first month of 2022, and of them, 446 are from the state business system, the also deputy prime minister specified, <\/span><a href=\"http:\/\/www.cubadebate.cu\/noticias\/2022\/03\/15\/alejandro-gil-en-enero-mas-de-400-empresas-originan-perdidas\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">quoted<\/span><\/a><span style=\"font-weight: 400;\"> by the official Cubadebate website.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Gil, \u201c93% of the state enterprises that had losses in January are concentrated in agriculture, the sugar industry, the food industry, construction, transportation, and local subordination enterprises,\u201d the publication said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIn 2021 we had on average more than 500 enterprises in monthly losses; in January 2022 it was lowered, but 446 is an astronomical figure, and just 16 concentrate 50% of the value of the losses,\u201d he pointed out.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"es\" dir=\"ltr\">Alejandro Gil: En enero, m\u00e1s de 400 empresas originan p\u00e9rdidas.<a href=\"https:\/\/t.co\/v0anO477OT\">https:\/\/t.co\/v0anO477OT<\/a> <a href=\"https:\/\/twitter.com\/cubadebatecu?ref_src=twsrc%5Etfw\">@cubadebatecu<\/a><\/p>\n<p>&mdash; Ministerio de Econom\u00eda y Planificaci\u00f3n de Cuba (@MEP_CUBA) <a href=\"https:\/\/twitter.com\/MEP_CUBA\/status\/1503771446627164169?ref_src=twsrc%5Etfw\">March 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The minister contrasted these figures with the plan for the year, according to which only 87 entities of the state business system projected losses for a total value of 12.657 billion pesos, although he said that these projections \u201cwere made in a context that did not take into account current price increases.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even so, he pointed out that \u201cplanning losses is a strategy that cannot continue because the design that has been made for the state business system establishes that it has to be profitable,\u201d while \u201cunprofitability is opposed to the measures that have been adopted for this sector to unleash the productive forces and advance in autonomy.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The minister stated that in this scenario, the Cuban government will analyze \u201cone by one\u201d the state enterprises that have projected losses with a view to \u201cproposing measures to reverse the situation in each of the cases, because they won\u2019t be the same for all of them.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These measures, he advanced, will be associated \u201cabove all with the reduction of indirect expenses, the reduction of costs and the search for greater efficiency, avoiding attempts to solve the problem of losses by transferring all costs to prices, which would have an inflationary impact.\u201d<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"yaTGCShagz\"><p><a href=\"https:\/\/oncubanews.com\/en\/opinion\/columns\/counterbalance\/money-matters\/\">Money matters<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Money matters&#8221; &#8212; OnCubaNews English\" src=\"https:\/\/oncubanews.com\/en\/opinion\/columns\/counterbalance\/money-matters\/embed\/#?secret=GwK6ob5Jg7#?secret=yaTGCShagz\" data-secret=\"yaTGCShagz\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe situation of enterprises with losses has to change, for the better,\u201d said Gil, who called for \u201cshaking\u201d the state business system so that it \u201coperates with a high level of efficiency and profitability.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the head of economy and planning affirmed that 1,232 Cuban enterprises (72% of the total) that reported their financial statements in that month obtained profits, and of these, 1,178 belong to the State. Meanwhile, another 273 had not yet officially communicated their figures.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Based on the above, Gil affirmed that \u201cthe macroeconomic data (as planned) show that we are exceeding profits, exceeding sales, that we are close to the expected levels of exports, that a good part of the enterprises is profitable.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The minister acknowledged that 2022 \u201chas not started with high levels of activity,\u201d due to \u201cthe restrictions that weigh\u201d on the Cuban economy; but he said that, even so, in January net sales were generated for some 75 billion pesos \u2014 91% of them generated by state enterprises \u2014, which represents a 10% overcompliance with respect to the plan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Cuban economy is going through a difficult situation, increased by the impact of the pandemic, the U.S. sanctions and internal deficiencies. All this has led to a scenario characterized by a lack of basic products and supplies, low levels of productivity and rising inflation, which has not been curbed by the economic measures and reforms taken by the authorities to date.\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Minister of Economy and Planning Alejandro Gil stated that in this scenario, the Cuban government will analyze \u201cone by one\u201d the state enterprises that have projected losses with a view to \u201cproposing measures to reverse the situation in each of the cases, because they won\u2019t be the same for all of them.\u201d<\/p>\n","protected":false},"author":3134,"featured_media":250555,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13903],"tags":[14816,19494,19342],"ppma_author":[33546],"class_list":["post-250551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-cuban-economy","tag-cuban-enterprises","tag-socialist-economy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cuba: more than 400 state enterprises with losses, according to minister | OnCubaNews English<\/title>\n<meta name=\"description\" content=\"Minister of Economy Alejandro Gil stated that the government will analyze the state enterprises that have projected losses with a view to proposing measures to reverse the situation.\" \/>\n<meta name=\"robots\" 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