Russia clears 90 percent of Cuba’s debt

Russia’s economic situation is obviously not as bad as some like to believe: President Putin has signed a decree that clears 90 percent or $ 32 billion of Cuba’s state debt to Russia.

Russian President Vladimir Putin has signed a decree to write off 90 percent of Cuba’s government debt. The country’s total debt – which also includes the time before 1990 – amounting to 35.2 billion USD. The remaining 10 percent Cuba must repay to Russia over the next 10 years.

Putin himself described this step as an exceptional measure, which emphasizes the strategic nature of the bilateral relations between the two countries.

The Russian President informed also about that the remaining 10 percent of the debt will be used by Russia for various investment projects in Cuba. This money will be invested, according to Putin, primarily in business and social projects.

Source: Kaliningrad