HAVANA - Cash-strapped Cuba on Friday for the first time published details of its foreign exchange earnings from services such as telecommunications, hotels, health and education assistance, in an apparent concession to creditors.
Service exports make up most of the Communist-run country’s foreign exchange earnings. But for decades the Caribbean island nation has refused to publish details despite requests by foreign governments and businesses. A common complaint of potential foreign business partners is that their Cuban counterparts refuse to provide information needed for proper due diligence, for example, when discussing potential collateral through telecommunications or transportation earnings.
The report on page 47 said hotel and related services garnered $970 million, followed by telecommunications at $722 million and transportation and support services, which includes everything from airlines to docking fees, at around $600 million.The country’s foreign exchange earnings have declined in recent years in tandem with the implosion of its ally and main economic partner, Venezuela, forcing the government to adopt austerity measures aimed at limiting imports.
But the earnings never reach the Cubans!! They scrounge for food and medicine, the infrastructure is a disaster and still a complete choke hold over its citizens!!
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