Cuba names new economy minister, focuses on economic reforms

14:39, March 26, 2011      

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Cuban leader Raul Castro on Friday replaced Economy and Planning Minister Marino Murillo so that he can supervise the economic reforms to be introduced by an upcoming congress of the Cuban Communist Party in April.

Murillo will be replaced by the First Vice Minister Abel Izquierdo Rodriguez, the Cuban state television said in a statement.

Murillo will remain as vice president of the Council of Ministers and coordinator of the congress's Economic Policy Commission, said the statement.

Castro said on Friday that Cuba needs to "correct some mistakes committed in the past five decades of socialism."

Reiterating Cuba "will not return to capitalism and neo-colonialism," he said the updated model will primarily be based on "a planned economy rather than a market economy."

Source: Xinhua

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