Cuba's Economy In 'Serious' Condition - State Media

Cuba's Economy In 'Serious' Condition - State Media

HAVANA (AFP)--Cuba's financial and economic condition is "serious," the
official Communist Party newspaper Granma said Wednesday, publicly
acknowledging the dire straits Cubans face.

Cubans earn an average of $17 a month, energy is rationed and Cubans
with no access to hard currency face tough daily battles to make ends
meet. The government is urging Cubans to boost domestic food production.

First Deputy Economic Minister Adel Izquierdo "supported with
unobjectionable facts and figures the serious nature of the economic and
financial situation in the country due to the effects of the global
crisis," the newspaper said, without elaborating.

Juventud Rebelde, another official newspaper, said Izquierdo presented
"a detailed summary of the adjustments to the 2009 economic plan," which
will be submitted to lawmakers during a plenary session Saturday.

The communist island nation has lowered its projected growth of gross
domestic product to 2.5% for 2009 from an earlier forecast of 6%.

But on Sunday, President Raul Castro said another adjustment would be
agreed upon by the Council of Ministers on Tuesday, though no changes
were immediately announced.

And on Wednesday, a plenary meeting of the Central Committee of the
ruling Communist Party was convened to address concerns around the
global economic crisis, according to an official announcement.

Cuba's Economy In 'Serious' Condition - State Media (30 July 2009)
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