Cuba parliament OKs economic reform blueprint

Cuba parliament OKs economic reform blueprint
Xinhua | August 02, 2011 13:43
By Agencies

The Cuban parliament Monday approved a list of more than 300 reform
"guidelines" in a bid to steer the Carribean island out of a deep and
long-running economic slump.

The reform agenda, backed by Cuban leader Raul Castro and passed with a
majority of votes by the ruling Cuban Communist Party in April, calls
for cuting about one million jobs, develoing private companies,
attracting foreign investment and providing more autonomy for
state-owned enterprises.

"There were too many old problems that should be solved. We need
permanent methods instead of patches to our mistakes," said Raul Castro,
who has been aiming to change Cuba's economy after taking office.

Vice President of Council of the State Marino Murillo, who leads a
commission to implement the reforms, said the commission would draw up a
detailed timetable in September.

Ernesto Medina, head of the country's central bank, announced a new
credit law in his report submitted to the parliament. The new
legislation foresees that private workers, farmers and citizens with
lower wages would get access to bank loans.

The Central American country remains largely a centrally planned economy
dominated by government-run enterprises, but it has begun to encourage
foreign investment and self-employment in recent years.

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