News and Facts about Cuba

Cuba sacks, replaces minister of economy amid fears of Venezuela fallout

Cuba sacks, replaces minister of amid fears of fallout
By Andrew V. Pestano | July 14, 2016 at 2:12 PM

HAVANA, July 14 (UPI) — Cuba’s minister for the economy, Marino
Murillo, was removed from his post Wednesday and reassigned as the
island country fears consequences from the economic crisis in Venezuela,
its close ally.

The Cuban economy has been partially dependent on Venezuela for years.
Former Venezuelan Hugo guided his Socialist
administration’s efforts to improve relations with the Communist island
country starting in 1999, when he first took office.

In the past decade, Venezuela has supplied about 100,000 barrels of oil
a day to Cuba. Cuba has repaid the gesture by sending Cuban medical
teams to Venezuela.

Low oil prices have intensified Venezuela’s economic crisis, which has
led to massive shortages. Cuba is bracing for what could be a
negative impact. A joint Cuban-Venezuelan oil refinery in Cienfuegos has
been temporarily closed and the government anticipates it will restrict
energy consumption significantly.

Last week, Cuban President warned that citizens would have
to improve management of their finances and spend less money. Murillo
has been replaced with Ricardo Cabrisas Ruiz, a veteran Cuban politician
who was previously overseeing the country’s recent restructuring.

Murillo will now help lead market reforms in efforts to manage Cuba’s
economy. A Cuban government statement said Murillo will focus his
efforts on tasks related to “updating the Cuban economic and social model.”

Cuba is hoping to benefit from foreign after improved
relations with the United States. The countries reopened embassies in
their respective capitals last year.

Source: Cuba sacks, replaces minister of economy amid fears of Venezuela
fallout – UPI.com –
www.upi.com/Top_News/World-News/2016/07/14/Cuba-sacks-replaces-minister-of-economy-amid-fears-of-Venezuela-fallout/3311468514442/

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