{"id":304910,"date":"2024-07-02T20:59:25","date_gmt":"2024-07-03T00:59:25","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=304910"},"modified":"2024-07-02T20:59:25","modified_gmt":"2024-07-03T00:59:25","slug":"government-adjusts-its-plans-to-war-economy-and-announces-single-pricing-policy","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/economy\/cuban-economy\/government-adjusts-its-plans-to-war-economy-and-announces-single-pricing-policy\/","title":{"rendered":"Government adjusts its plans to \u201cwar economy\u201d and announces \u201csingle\u201d pricing policy"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Cuban government announced adjustments to the economic plan and the 2024 state budget to the conditions of a \u201cwar economy,\u201d as well as a \u201csingle\u201d <\/span><a href=\"https:\/\/oncubanews.com\/en\/tag\/prices-in-cuba\/\" target=\"_blank\" rel=\"noopener\"><b>pricing<\/b><\/a><span style=\"font-weight: 400;\"> policy, as part of a new group of measures to face the crisis the country is going through.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The above emerged in the most recent Council of Ministers, in which the island\u2019s authorities admitted an economic decrease compared to the previous estimate and presented the new package, as part of the government\u2019s will to \u201ccorrect distortions and re-boost the economy,\u201d <\/span><a href=\"https:\/\/www.granma.cu\/cuba\/2024-06-30\/evaluo-el-consejo-de-ministros-temas-de-importancia-vital-para-la-estabilizacion-de-la-economia-cubana-30-06-2024-22-06-33\" target=\"_blank\" rel=\"noopener\"><b>according<\/b><\/a><span style=\"font-weight: 400;\"> to the newspaper <\/span><i><span style=\"font-weight: 400;\">Granma<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to First Deputy Minister of Economy Mildrey Granadillo de la Torre, the measures seek \u201cin essence, to correct macroeconomic imbalances; increase the attraction of foreign currency to the country through different means and concepts; encourage national production, with emphasis on food production; and organize the functioning of non-state forms of management.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The official affirmed that \u201camong the main actions\u201d is \u201cadjusting the 2024 Plan and Budget to the conditions of \u2018war economy\u2019,\u201d even though the official newspaper does not give details about the scope of these adjustments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other actions announced are \u201creducing Budget items to reduce the fiscal deficit in 2024, based on non-executions; define requirements in the budgeted activity for the use of the approved Budget, and centralize the power of approval.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, \u201callocate monthly financial resources in correspondence with the real income of the month; calculate the fiscal impact of imports of non-state forms of management; grant tariff benefits, including exemptions, for the import of raw materials and inputs for production, as well as conclude the tax system for electronic commerce.\u201d<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"eg3kXn0hYH\"><p><a href=\"https:\/\/oncubanews.com\/en\/opinion\/columns\/counterbalance\/cuba-at-war-with-the-economy\/\">Cuba: at war with the economy<\/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;Cuba: at war with the economy&#8221; &#8212; OnCubaNews English\" src=\"https:\/\/oncubanews.com\/en\/opinion\/columns\/counterbalance\/cuba-at-war-with-the-economy\/embed\/#?secret=lOMQGJ2bWE#?secret=eg3kXn0hYH\" data-secret=\"eg3kXn0hYH\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><b>New pricing policy<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In her presentation to the Council of Ministers, Granadillo said that \u201ca single, inclusive pricing policy will be established on equal terms for all subjects of the economy, which includes both the state and non-state sectors.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><i><span style=\"font-weight: 400;\">Granma<\/span><\/i><span style=\"font-weight: 400;\"> report also does not reveal details about this new policy. However, these days publications on unofficial media have echoed a supposed price \u201ccap\u201d on various products sold by MSMEs and other economic actors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to this unconfirmed information, the news would have been given by the Deputy Minister of Finance Lourdes Rodr\u00edguez in a meeting with non-state actors and the Ministry of Foreign Trade, and the \u201ccapped\u201d products would be chicken, oil, sausages, pasta, powdered milk and detergent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The measure would be \u201ctemporary\u201d and the \u201ccaps\u201d on prices would have been determined based on the import costs reported by private importers during the second half of 2023 and the first quarter of 2024.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, so far the Cuban government has not officially reported on the matter, nor is this supposed \u201ccap\u201d explicitly mentioned in the official report about the Council of Ministers meeting.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What the Council of Ministers did confirm among the new measures is the regulation \u201cto limit the profit in purchases of products and payments for services and inputs carried out by the state sector to the non-state sector,\u201d which was announced days ago and is in force since this Monday.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this regard, the economist Pedro Monreal <\/span><a href=\"https:\/\/x.com\/pmmonreal\/status\/1807461713735766198\" target=\"_blank\" rel=\"noopener\"><b>considered<\/b><\/a><span style=\"font-weight: 400;\">\u00a0that this measure, which sets a limit of 30% on profits, \u201crepeats the mistake of the Ministry of Finance and Prices of assuming an erroneous methodology for the formation of prices at the level of the economy (local and national) trying to impose a \u2018planned\u2019 profit that disregards real relations of supply and demand.\u201d<\/span><\/p>\n<p><b>\u201cAdvance in macroeconomic stabilization\u201d<\/b><\/p>\n<p><span style=\"font-weight: 400;\">According to the <\/span><i><span style=\"font-weight: 400;\">Granma<\/span><\/i><span style=\"font-weight: 400;\"> report, among its measures the Cuban government also plans to begin drawing up the Economy Plan and the State Budget for 2025 \u201cbased on the approval of the Global Model and the Government Directives conceived for this process.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Cuban authorities also intend to \u201cadvance in the implementation of an action plan to solve the existing problems in the bancarization process,\u201d which continues to cause so much controversy on Cuban media and streets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Mildrey Granadillo, \u201cthose and other approved decisions\u201d \u2014 which are not mentioned in the report \u2014 have \u201ca comprehensive nature and are based on the complex situation that exists in the economy\u201d and seek to \u201cadvance the macroeconomic stabilization of the country, a complex process which requires coordination and alignment among the global organizations of the economy.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this sense, she considered as \u201cnecessary actions\u201d \u201cimproving planning mechanisms, relationships between economic actors, attracting financing, eliminating tax evasion, and increasing production.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Commenting on the matter, Prime Minister Manuel Marrero Cruz estimated that this new package is \u201can important step\u201d with \u201cmeasures associated with a higher stage\u201d in the implementation of the projections and \u201cimpacts on sensitive issues for the population.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For his part, Minister of Economy Joaqu\u00edn Alonso confirmed a decrease in the economy at the end of 2023 \u201ccompared to the previous year, and the estimate for the first half of 2024,\u201d although the official report does not give figures regarding this decrease.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The minister pointed out that the country\u2019s economic situation \u201ccontinues to be complex\u201d and, according to <\/span><i><span style=\"font-weight: 400;\">Granma<\/span><\/i><span style=\"font-weight: 400;\">, \u201che insisted on the need to evaluate the causes of what has been happening in the economy, to act on what we should do in the second half of the year.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cuba is going through a severe economic crisis marked by a lack of basic products such as food, fuel and medicine, as well as growing inflation and continuous blackouts. This situation has been reinforced by the pandemic and U.S. sanctions, as well as by internal inefficiencies and the low effectiveness of government measures to confront it.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the most recent meeting of the Council of Ministers, the Cuban authorities admitted an economic decrease compared to the previous estimate and presented a new package of measures to confront the crisis.<\/p>\n","protected":false},"author":3134,"featured_media":304912,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13904],"tags":[14816,24765],"ppma_author":[33546],"class_list":["post-304910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cuban-economy","tag-cuban-economy","tag-prices-in-cuba"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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