Friday, January 28, 2022
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More banking freedoms for Cuban farmers

Cuba is shaking up its food production by giving farmers more banking freedoms.

New measures, announced by the Cuban ministry of agriculture last week, seek to strengthen and support farming at a local level.

Among the measures revealed by Salvador Valdes Mesa, vice president of the Republic, is a specialised banking service for agriculture.

The government is also to look at measures that currently reduce the items of agricultural products available with centralised prices.

Mr Valdes Mesa, who made his announcement during a tour of farms accompanied by Jose Ramon Machado Ventura, second secretary of the central committee of the Cuban communist party, said new legal standards would be applied to farming produce.

In addition to better territorial planning and improved use of budgets, the new programme would seek to boost self-sufficiency, the vice president said.

In some provinces of Cuba, such as Havana, Santiago de Cuba and Villa Clara, farming inputs and equipment are already commercialised in freely convertible currency.

The Cuban government is now to look further at the commercialisation of agricultural products.

It is also seeking to make the employment of farm labourers more flexible and to improve the financial system to improve cash flow.

This will include allowing agricultural cooperatives and producers to open current accounts in freely convertible currency and carry out imports and exports.

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