Earlier this month the International Monetary Fund prognosticated that Latin America’s economy has yet to hit rock bottom. The communist country of Cuba is no exception to that assessment.Yesterday President Raul Castro told his countrymen at a public speech that the Cuban economy will not grow at the rate initially estimated by the government. He addressed the country’s agriculture shortages and implored people to take more advantage of farmland reforms enacted last year. "It is not a question of yelling 'Fatherland or death! Down with imperialism! The blockade hurts us… The land is there waiting for our efforts" said Castro who emphasized that agrarian production was an issue of national security.
Adding to Cuba’s woes was the multibillion dollar damage caused by several storms that hit the island last year. The government has already enacted several austerity measures designed to heal the ailing economy:
The government has already taken measures ranging from scheduled power blackouts to limiting the use of air conditioners at state offices, schools and shops to just three hours a day (from 1 p.m. to 4 p.m.). Public transportation has been cut back and selective factory and workplace closedowns are being implemented. Foreign businesses operating on the island have found their bank accounts frozen (a policy that apparently has been slightly tempered in recent days), and some individuals say they have had trouble cashing checks or making hard currency withdrawals from their private bank accounts.Castro is set to meet with senior officials tomorrow in order to discuss revising the Cuban budget due to “the effects of the world economic crisis on our economy."
Image- BBC News (Circa 1999 photo of a Cuban farmer tending his land)
Online Sources- Reuters, CBS News, The Latin Americanist, CNN, AP
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