Cuba´s ailing economy has begun to recover in some sectors after two years of pandemic-induced contraction but soaring global prices for food and fuel require 'audacious' measures to tame inflation, economy minister Alejandro Gil told Cuban lawmakers on Saturday.
Cranes dot the skyline as the building of luxury hotels and the renovation of historic buildings are underway, in Havana, Cuba May 16, 2017. Picture taken May 16, 2017. REUTERS/StringerHAVANA, May 14 - Cuba´s ailing economy has begun to recover in some sectors after two years of pandemic-induced contraction but soaring global prices for food and fuel require "audacious" measures to tame inflation, economy minister Alejandro Gil told Cuban lawmakers on Saturday.
U.S. sanctions and soaring food and fuel prices, in part due to the Russian invasion of Ukraine, have put Cuba´s tepid recovery at risk and threaten to worsen shortages already forcing citizens to line up for food, medicine and other basic goods. {nL2N2W20F1} Gil did not provide figures for overall gross domestic product nor did he address how first-quarter results contributed to meeting the government´s target of 4% growth in 2022.
To combat this, Gil said Cuba will begin selling foreign currency at a rate between the official and black market rates, but limit those deals to certain state-run and private businesses in a bid to boost output of high-demand products.
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