Castro says to update Cuban economic model

21:48, August 02, 2010      

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Cuban leader Raul Castro said on Sunday that his country needed to update its economic model and develop a strategy to boost the socialist economy of the island.

"The update of the Cuban economic model must have the main principle as the defense of our revolution," Castro told the deputies of the National Assembly.

However, he added that there would be a greater number of small private businesses and more flexible labor contracts.

"No one can speak of reforms, and we are just considering an update of the Cuban economic model, prioritizing the interests of socialism instead of the market," said Economy Minister Marino Murillo.

"We think the state does not have to take care of everything."

The minister stressed that although the economic experiences of other countries were being studied, the model to be designed "is not a carbon copy of anyone," but the product of the Cuban experience.

Cuba's economy is affected by a severe liquidity crisis, bureaucracy, low efficiency of production, the U.S. embargo, the global financial crisis and the loss of 10 billion U.S. dollars in damage caused by three hurricanes in 2008.

The Cuban authorities have also decided to transfer a million workers from the state companies to other economic sectors in order to further develop the fragile local economy amid the crisis.

Source: Xinhua


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