Cuba to publish financial results of public firms for the first time

13:36, January 07, 2011      

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Cuba will publish in 2011 for the first time the financial results of public companies to bring more transparency and discipline to its socialist economy, state media said on Thursday.

"The financial statements of budgeted units, one by one, will become part of the National Statistical Information System from 2011 on," the official daily Juventud Rebelde reported Thursday.

"Thus the implementation of the budget in 2011 will be more effective and competent, and at the same time the control of the budget discipline will be promoted," the report said.

The website of the National Bureau of Statistics published Thursday the comprehensive forms, to be used from this week on, to show the indicators of production, accounting and investment performance of the state, mixed and private enterprises.

According to Juventud Rebelde, the new practice will enable the government and citizens to know the use of the country's budget, and stressed that the "accounting" is one of the "weak points" of the Cuban economy.

Cuba historically has avoided publishing information on macroeconomic and key industries like sugar and nickel, on the ground that "it could facilitate the economic attack by the United States."

Source: Xinhua

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