:strip_icc()/s.glbimg.com/jo/g1/f/original/2015/08/30/porto_de_mariel.jpeg)
[ad_1]
Part of Cuba 's one – million dollar debt with Brazil has been faltering this week, which means that the Caribbean island government has defaulted on it. one of the deadlines that he should accept from Brazilians this year.
According to Agência France-Presse, the Cuban government paid only $ 2 million out of $ 8 million of the financing contracted with the BNDES and the Federal Government's Export Program (Proex). Thus, $ 6 million is no longer paid.
The deposit should have been paid in full in June. After more than six months, Brazilian diplomats began to consider that Cuba was in default and asked the Brazilian Treasury – which is the guarantor of part of the loan – to cover the loss with the BNDES.
Other payments for the period from June to November are also late. And it is possible that the Union should also cover the damage if the Cubans do not pay these arrears in the coming months. By the end of December, the amount of arrears in 2018 is expected to exceed $ 100 million.
Most of the US $ 6 million entered into the previously declared failure is financed by the port of Mariel, a port in Mariel. a company that was promoted under the administration Luiz Inácio Lula da Silva. Another part is financing with Proex to buy food from Brazil.
Cuba's total debt to BNDES for the construction of the port of Mariel is US $ 597 million, spread over a period of 25 years. With Proex, the total debt is $ 100 million. By 2019, Cubans should pay an additional $ 70 million to BNDES alone.
With regard to debts with Proex, the financing does not have insurance. Resources were made available directly by the Treasury.
In this case, Cuba should not receive new credits to buy food until the payment of its debt. However, this does not prevent Cubans from making direct transactions with Brazilian producers. According to Itamaraty, Cubans have already done so in recent weeks.
Band In September, a Brazilian mission went to Havana to try to negotiate a solution allowing the resumption of payments. Officially, Cubans claimed that the island was facing financial difficulties due to the US embargo and the pbadage of Hurricane Irma.
The Cubans have also proposed to reschedule debts of 2018 and 2019 and resume payments until mid-2019, but this proposal has never been formalized. According to the newspaper Folha de S. Paulo, a letter containing the proposal has never been sent.
According to the newspaper, last week, Brazilian diplomats again tried to put pressure on Cuba, saying that the island would not pay the June part. Cubans did not answer.
With the officialization of default, Cuba could face more difficult conditions for obtaining external financing. Indeed, Brazil must inform international organizations of the non-payment of its debt, in particular the Paris Club, international forum of major lenders for the restructuring of country debts.
In crisis since the dissolution of the Soviet Union in 1991, the communist island had been aided in recent years by the Venezuelan regime Chavez. But the crisis in Venezuela is also reflected in the Cuban economy.
Cuban President, Miguel Diaz-Canel, expressing himself during a welcoming ceremony José Marti, Havana, Friday (23) – Photo: Fernando Medina / Reuters
Since 2016 relations between Brazil and Cuba are deteriorating. The impeachment process of former PT President Dilma Rousseff has been heavily criticized by the island. The former dictator Raul Castro also came to declare, at the end of 2016, that he did not recognize the Michel Temer government.
Source link
