China grants Cuba delay in debt payment

~~Adz:Right~~ HAVANA, Cuba – Emanating from a two-day visit by the President of the People’s Republic of China Hu Jintao to Cuba on November 17, many trade and economic benefits were granted to strengthen the ties between China and the Spanish-speaking Caribbean country.

According to Caribbean Net News, President Hu agreed to delay some of Cuba's debt payments, and donated $80 million for hospital modernization and restoration of hurricane-stricken public areas.

The report states that the two countries signed accords on November 18 to “put off 10 years payments for an unspecified trade debt Cuba ran up through 1995, and for five years a $7.2 million credit China granted in 1998”.

Although the full amount of Cuba’s debt was not disclosed in the report, it was noted that the delay of payments is timely as Cuba, slowly recovering from three major hurricanes this year, may not be in a stable financial position to make such payments.

However, the two countries signed over ten accords which focus mostly on the agreement for China to continue buying Cuban sugar and nickel and to provide agricultural products.

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