Cuban dictatorship declares bankruptcy, suspends payments to all providers in tourism industry

“No nos queda ni un centavo”: Minister of Economy Alejandro Gil Fernández

From our Bureau of Socialist Financial Reliability with some assistance from our Bureau of Imploding Apartheid Tourism Industries

It had to happen, at some point. Castro, Inc. has admitted — as it continues to build luxury hotels — that its the tourist industry is flat broke and that it can’t pay a cent to anyone.

The announcement was made at the end of November, but CiberCuba has just published the document that proves this bit of news to be true. Castro, Inc. has cancelled all payments from November 2022 through all of 2023.

What this means in real terms is far from clear, at least to Tres Fotutos. How can they keep their hotels open without paying those who provide goods and services? But one thing is certain: in order to remain solvent, Castro, Inc. needs tourists more than ever, but they’re simply not showing up. Castro, Inc. has a fever, and the only prescription is more tourists.

Loosely translated from CiberCuba

The Cuban government has suspended, since November and for all of 2023, payments in foreign currency to national and foreign suppliers of the tourism sector, due to the bankruptcy of MINTUR and Gaviota, S.A., according to a resolution by the Minister of Economy Alejandro Gil Fernández, to which CiberCuba has had access and corroborated with other sources.

Resolution 175 of the Minister of Economy, dated November 30, 2022, recognizes that “the sustainability of the operation of the Ministry of Tourism (MINTUR), the higher business management organizations that the Minister of the branch attends to (… ), nor of Gaviota S.A. to face the next high season, due to the lack of support from liquidity accounts and the deficit of central allocations that do not cover their needs”.

Gaviota, S.A. is the hotel company of the GAESA military-financial-business consortium; that benefited from the emptying of MINTUR, during the mandate of Manuel Marrero Cruz, as minister.

Faced with bankruptcy, the Minister of Economy established “a liquidity retention scheme in real accounts” in the tourism sector, which is nourished by income from abroad, prepaid cards purchased in Cuba, card payments international and payments from tour operator accounts, both made from Cuba.

Sales made with national cards do not have real liquidity support, Gil clarified, in the aforementioned resolution.

In 2023, non-payments to tourism providers in Cuba will continue and “until the Ministry of Economy and Planning indicates another variant to the Central Bank of Cuba”, establishes the resolution of the Minister of Economy, which exempts from partial withholding “balances from financial credits; in which case it retains one hundred (100) percent of the currency”.

Continue reading HERE in Spanish — article contains images of the document from the Minister of the Economy.

2 thoughts on “Cuban dictatorship declares bankruptcy, suspends payments to all providers in tourism industry”

  1. Bankrupt? I wish. This is just another lie to be able to stiff suppliers. Of course, the reality is Cuba has always been bankrupt and will always be bankrupt. It’s only ability to obtain money is to steal. And even leftist Canadians and Europeans with faulty mental capacity are eventually able to catch on.

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