AIRLINK 72.59 Increased By ▲ 3.39 (4.9%)
BOP 4.99 Increased By ▲ 0.09 (1.84%)
CNERGY 4.29 Increased By ▲ 0.03 (0.7%)
DFML 31.71 Increased By ▲ 0.46 (1.47%)
DGKC 80.90 Increased By ▲ 3.65 (4.72%)
FCCL 21.42 Increased By ▲ 1.42 (7.1%)
FFBL 35.19 Increased By ▲ 0.19 (0.54%)
FFL 9.33 Increased By ▲ 0.21 (2.3%)
GGL 9.82 Increased By ▲ 0.02 (0.2%)
HBL 112.40 Decreased By ▼ -0.36 (-0.32%)
HUBC 136.50 Increased By ▲ 3.46 (2.6%)
HUMNL 7.14 Increased By ▲ 0.19 (2.73%)
KEL 4.35 Increased By ▲ 0.12 (2.84%)
KOSM 4.35 Increased By ▲ 0.10 (2.35%)
MLCF 37.67 Increased By ▲ 1.07 (2.92%)
OGDC 137.75 Increased By ▲ 4.88 (3.67%)
PAEL 23.41 Increased By ▲ 0.77 (3.4%)
PIAA 24.55 Increased By ▲ 0.35 (1.45%)
PIBTL 6.63 Increased By ▲ 0.17 (2.63%)
PPL 125.05 Increased By ▲ 8.75 (7.52%)
PRL 26.99 Increased By ▲ 1.09 (4.21%)
PTC 13.32 Increased By ▲ 0.24 (1.83%)
SEARL 52.70 Increased By ▲ 0.70 (1.35%)
SNGP 70.80 Increased By ▲ 3.20 (4.73%)
SSGC 10.54 No Change ▼ 0.00 (0%)
TELE 8.33 Increased By ▲ 0.05 (0.6%)
TPLP 10.95 Increased By ▲ 0.15 (1.39%)
TRG 60.60 Increased By ▲ 1.31 (2.21%)
UNITY 25.10 Decreased By ▼ -0.03 (-0.12%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 7,566 Increased By 157.7 (2.13%)
BR30 24,786 Increased By 749.4 (3.12%)
KSE100 71,902 Increased By 1235.2 (1.75%)
KSE30 23,595 Increased By 371 (1.6%)
Business & Finance

Cuban economy, internet on party agenda ahead of Castro exit

  • Cuba, with a population of approximately 11.2 million, faces recurrent shortages and must import 80 percent of what it consumes for lack of sufficient local production.
Published April 18, 2021

HAVANA: A dire economic crisis and the "subversive" nature of the internet were on the agenda Saturday and Sunday as a historic congress of the Communist Party of Cuba meets ahead of longtime leader Raul Castro's departure from power.

Some 300 delegates from across the country are gathered in Havana for the congress, which began Friday and is being held behind closed doors.

Castro, 89, will step down as the Communist Party of Cuba (PCC) first secretary -- the most powerful position in Cuba -- ending a near six-decade family hold on power that started in 1959 under his revolutionary brother, Fidel, who died in 2016.

The official handover of power to the first non-Castro is expected on the fourth and final day of the congress on Monday.

In the meantime, the delegates have been divided into three working committees to focus on the economy, "ideological activity," plus the party and leadership promotion.

Most urgent on the agenda is the economy, which plummeted by 11 percent in 2020 -- the worst decline since 1993 -- thanks in no small part to recent strengthening of the US embargo and the coronavirus pandemic.

On Friday, in his last major speech as party head, Castro called for "revitalizing the process of updating the economic and social model," an initiative he began in 2008 with the cautious opening of the private sector and foreign investment.

Cuba, with a population of approximately 11.2 million, faces recurrent shortages and must import 80 percent of what it consumes for lack of sufficient local production.

Nonetheless, Castro warned Friday that "there are limits that cannot be crossed" as the economy opens "because the consequences would be irreversible and would lead to strategic errors, to the very destruction of socialism."

Comments

Comments are closed.