Editing Economy of Cuba (section)

====International debt negotiations====
Raúl Castro's government began a concerted effort to restructure and to ask for forgiveness of loans and debts with creditor countries, many in the billions of dollars and long in arrears from loans and debts incurred under Fidel Castro in the 1970s and 1980s.<ref>{{cite web |last1= Caruso-Cabrera |first1= Michelle |title= Cuba faces its next financial challenge — more than $1 billion in unpaid commercial debt |date= 9 February 2018 |url= https://www.cnbc.com/2018/02/09/cuba-faces-its-next-financial-challenge-1-billion-in-commercial-debt.html |publisher= CNBC |access-date= 9 February 2020}}</ref><ref name=":1">{{cite web |last1= Mosendz |first1= Polly |title= Putin Writes Off $32 Billion of Cuba's Debts to Russia |url= https://www.theatlantic.com/business/archive/2014/07/russia-writes-off-32-billion-in-cuban-debt/374284/ |website= The Atlantic |date= 11 July 2014 |access-date= 11 July 2014}}</ref>

In 2011, China forgave $6&nbsp;billion in debt owed to it by Cuba.<ref>{{cite web |last1= Rapoza |first1= Kenneth |title= China Has Forgiven Nearly $10 Billion In Debt. Cuba Accounts For Over Half. |url= https://www.forbes.com/sites/kenrapoza/2019/05/29/china-has-forgiven-nearly-10-billion-in-debt-cuba-accounts-for-over-half/ |website= Forbes |access-date= 19 May 2019}}</ref>

In 2013, Mexico's Finance Minister [[Luis Videgaray]] announced a loan issued by Mexico's foreign trade development bank [[Bancomext]] to Cuba more than 15 years prior was worth $487&nbsp;million. The governments agreed to "waive" 70% of it, approximately $340.9&nbsp;million. Cuba would repay the remaining $146.1&nbsp;million over ten years.<ref>{{cite news |title= Mexico says it will waive most of $487 mln debt owed by Cuba |url= https://www.reuters.com/article/mexico-cuba/mexico-says-it-will-waive-most-of-487-mln-debt-owed-by-cuba-idUSL1N0IM15320131101 |work= Reuters |date= November 2013 |access-date= 1 November 2013}}</ref>

In 2014, before making a diplomatic visit to Cuba, Russian President [[Vladimir Putin]] forgave over 90% of the debt owed to Russia by Cuba. The forgiveness totaled $32&nbsp;billion. A remaining $3.2&nbsp;billion would be paid over ten years.<ref name=":1" />

In 2015, Cuba entered into negotiations over its $11.1&nbsp;billion debt to 14 members of the [[Paris Club]]. In December 2015, the parties announced an agreement - Paris Club nations agreed to forgive $8.5&nbsp;billion of the $11.1&nbsp;billion total debt, mostly by waiving interest, service charges, and penalties accrued over the more than two decades of non-payment. The 14 countries party to the agreement were: [[Austria]], Australia, [[Belgium]], Canada, [[Denmark]], [[Finland]], France, Italy, Japan, Spain, Sweden, [[Switzerland]], the [[Netherlands]], and the United Kingdom. The payment for the remaining $2.6&nbsp;billion would be made over 18 years, with annual payments due by 31 October of every year. The payments would phase in gradually, increasing from an initial 1.6 percent of the total owed until the last payment of 8.9 percent in 2033. Interest would be forgiven from 2015 to 2020, and just 1.5 percent of the total debt still be due thereafter. The agreement contained a penalty clause: should Cuba again not make payments on schedule (by 31 October of any year), it would be charged 9 percent interest until payment and late interest on the portion in arrears. The regime viewed the agreement favorably to resolve the long-standing issues and build business confidence, increasing [[direct foreign investment]] and as a preliminary step to gaining access to credit lines in Europe.<ref>{{cite news |last1= Frank |first1= Marc |last2= Leigh |first2= Thomas |title= Exclusive - Cuba's debt deal: Easy terms, but severe penalties if late again |url= https://www.reuters.com/article/us-cuba-debt-exclusive-idUSKBN0TY23C20151215 |work= Reuters |date= 15 December 2015 |access-date= 15 December 2015}}</ref><ref>{{cite web |title= Cuba seals 'historic' debt pact with Paris Club |url= https://news.yahoo.com/cuba-seals-historic-debt-pact-paris-club-222619519.html |website= Yahoo News |access-date= 14 December 2015}}</ref>

In 2018, during a diplomatic visit to Cuba, the General Secretary of the Communist Party of Vietnam [[Nguyễn Phú Trọng]] wrote off Cuba's official debt to Vietnam. The forgiveness totaled $143.7&nbsp;million.<ref>{{cite web |last1= Caufield |first1= John |title= Cuba could learn from Vietnam when it comes to the economy |url= https://thehill.com/opinion/international/383682-cuba-could-learn-from-vietnam-when-it-comes-to-the-economy |website= The Hill |date= 16 August 2018}}</ref><ref>{{cite web |title= Sáu mươi năm quan hệ Việt Nam - Cuba: Đoàn kết, chiến thắng |url= http://tapchimattran.vn/dai-doan-ket/sau-muoi-nam-quan-he-viet-nam-cuba-doan-ket-chien-thang-37689.html |website= tapchimattran.vn |date= 3 December 2020 |language= vi}}</ref>

In 2019, Cuba once again defaulted on its Paris Club debt. Of the estimated payment due in 2019 of $80&nbsp;million, Cuba made only a partial payment that left $30&nbsp;million owed for that year. Cuban Deputy Prime Minister Ricardo Cabrisas wrote a letter to [[Odile Renaud-Basso]], president of the Paris Club, noting that Cuba was aware that "circumstances dictated that we were not able to honour our commitments with certain creditor countries as agreed in the multilateral Minute signed by the parties in December 2015". He maintained that they had "the intention of settling" the payments in arrears by 31 May 2020.<ref>{{cite news |last1= Frank |first1= Marc |title= Exclusive: Cuba fails to make payment in key debt accord, sources say |url= https://www.reuters.com/article/us-cuba-debt-exclusive/exclusive-cuba-fails-to-make-payment-in-key-debt-accord-sources-say-idUSKBN2052C6 |work= Reuters |date= 11 February 2020 |access-date= 11 February 2020}}</ref><ref>{{cite web |title= Cuba defaults on Paris Club debt: says it will meet its commitments |url= https://www.caribbean-council.org/cuba-defaults-on-paris-club-debt-says-it-will-meet-its-commitments/ |website= The Caribbean Council |date= 17 February 2020 |access-date= 23 May 2020}}</ref>

In May 2020, with payments still not made, Deputy PM Cabrisas sent a letter to the fourteen Paris Club countries in the agreement requesting "a moratorium (of payments) for 2019, 2020 and 2021 and a return to paying in 2022".<ref>{{cite web |last1= Abiven |first1= Katell |title= Cuba seeks delay in debt repayment to 2022: diplomats |url= https://au.news.yahoo.com/cuba-seeks-delay-debt-repayment-2022-diplomats-185725712--spt.html |agency= Agence France-Presse |access-date= 20 May 2020 |archive-date= 4 June 2020 |archive-url= https://web.archive.org/web/20200604012242/https://au.news.yahoo.com/cuba-seeks-delay-debt-repayment-2022-diplomats-185725712--spt.html }}</ref> As of Aug 2023, payments had still not resumed with a new payment calendar still being negotiated.<ref>{{cite web |last1=Live |first1=Havana |title=Paris Club adjusts payment schedule to collect multi-million dollar debt to Cuba |url=https://havana-live.com/club-de-paris-ajusta-calendario-de-pago-para-cobrar-multimillonaria-deuda-a-cuba/ |website=havana-live.com |access-date=8 December 2023 |date=31 August 2023 |archive-date=8 December 2023 |archive-url=https://web.archive.org/web/20231208054043/https://havana-live.com/club-de-paris-ajusta-calendario-de-pago-para-cobrar-multimillonaria-deuda-a-cuba/ |url-status=dead }}</ref><ref>{{cite web |title=Cuba's Umpteenth Negotiation With the Paris Club for Non-Payments, Meanwhile Luxury Hotels Multiply |url=https://translatingcuba.com/cubas-umpteenth-negotiation-with-the-paris-club-for-non-payments-meanwhile-luxury-hotels-multiply/ |website=Translating Cuba |access-date=8 December 2023 |date=4 September 2023}}</ref>