HAVANA, Cuba. – Headed by its President Miguel Diaz-Canel Bermudez, the Council of Ministers analyzed at the beginning of this week, the behavior of economy in the first half of the year.

The settlement of the State budget for the previous year and the control actions to be implemented; as well as exports, external loans for investments and foreign investment, were included in the ministerial cabinet agenda.

The first Vice-Minister of Economy and Planning, Alejandro Gil, reported that in the first semester an acceptable performance of the economy is estimated, despite several negative incidents.

Gil pointed out the insufficient resource availability, the climatic affectation to sugar harvest, the non-compliance with export earnings and the impact of heavy rainfall, in addition to the intensification of the blockade and its extraterritorial effects.

Prioritizing Impact Investments

President Miguel Diaz-Canel highlighted in the Council of Ministers the need to prioritize investments of productive impact, such as transfers that ensure water to the population and agriculture, which produces more food.

He highlighted investments in tourism with immediate revenues and those of the food industry that substitute imports and allow more products for the domestic market.

The Minister of Finance and Prices, Lina Pedraza, said the budgetary execution recorded a lower fiscal deficit than that adopted by Parliament, because of the combined effect of the overfulfillment of revenue and the inexecution of some expenditures.

It was said that the State sector’s tax and non-tax revenues account for approximately 86 percent of the total revenue, which ratifies its companies as major contributors and non-state-owned firms by 11 percent.