• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Trending:
  • Kashmir
  • Elections
Saturday, June 6, 2026

Daily Times

Your right to know

  • HOME
  • Latest
  • Iran-Israel war
  • Gilgit Baltistan Election
  • Pakistan
    • Balochistan
    • Gilgit Baltistan
    • Khyber Pakhtunkhwa
    • Punjab
    • Sindh
  • World
  • Editorials & Opinions
    • Editorials
    • Op-Eds
    • Commentary / Insight
    • Perspectives
    • Cartoons
    • Letters to the Editor
    • Featured
    • Blogs
      • Pakistan
      • World
      • Lifestyle
      • Culture
      • Sports
  • Business
  • Sports
  • E-PAPER
    • Lahore
    • Islamabad
    • Karachi

Agencies

Raul Castro says Venezuela’s crisis hurting island’s economy

Published on: July 9, 2016 9:49 PM

HAVANA: President Raul Castro acknowledged on Friday that the crisis in Venezuela, Cuba’s key ally and main trade partner, is having a negative spillover effect on the island’s economy, days after officials began ordering energy-saving measures for the coming months. According to a transcript of Castro’s speech to members of parliament posted by the official website Cubadebate, the Cuban leader said the economy grew just 1 percent in the first part of the year, half of what the government had planned for. The economic performance was “conditioned by the intensification of external financial restrictions caused by the failure to meet (targets for) export earnings, together with the limitations faced by some of our principal commercial partners due to the fall in oil prices,” Castro said. “To that you add a certain contraction in the fuel supplies agreed upon with Venezuela, despite the firm will of (Venezuelan) President Nicolas Maduro and his government to fulfill them,” Castro added. “Logically that has caused additional tensions in the functioning of the Cuban economy.” Venezuela, which relies heavily on oil-export income, has been rocked by a deepening political and economic crisis with shortages of basic goods and rampant inflation. Although Castro mentioned the crisis in general terms in December, it was the first time he referred to it specifically or said that Cuba is getting less fuel from the South American nation under preferential terms hammered out over a decade ago by then-presidents Fidel Castro and Hugo Chavez. Venezuela has been sending Cuba a little under 100,000 barrels a day, accounting for about half the island’s energy needs. Castro did not give figures on how much less Cuba is now getting, nor did he specify whether the hit was to fuel that the island consumes or extra volumes on top of what the agreement calls for. Cuba also says its economy is hurt by the US embargo on the island, despite a diplomatic thaw between Havana and Washington in the last year and a half and measures by the Obama administration to ease some of its restrictions. International media were not allowed access to Friday’s plenary session in a Havana convention center, one of the National Assembly’s twice-annual gatherings. Cuban officials warned this week that the falling prices of exports and other economic problems mean Cuba is short of cash and needs to adopt power- and fuel-saving measures in the second half of 2016. So far those measures have included reduced bus services for workers, cutting back on air conditioning at public offices, reduced work days at some state buildings and slashing fuel allotments for government vehicles by half. 

Filed Under: Business

Submit a Comment




Primary Sidebar




Latest News

Alexander Zverev eases past Jakub Mensik in French Open semifinals

Taylor to face Pili in Croke Park farewell

FIFA bans vuvuzelas from World Cup stadiums

France brush off Ivory Coast loss, call it timely World Cup reminder

Legendary boxer Muhammad Ali’s 10th death anniversary observed

Pakistan

JAAC declared proscribed party ahead of AJK polls on July 27

Fixed tax scheme for small retailers launched to raise Rs 50bn annually

Govt cuts petrol price by Rs 4 per litre, keeps diesel’s unchanged

Bilawal promises GB voters with land and job rights

Iran declares support for Hezbollah with wider peace deal in doubt

More Posts from this Category

Business

SBP’s ‘Go Cashless’ campaign saw Rs 34bn in digital transactions on Eid

Short-term inflation down by 0.56%

Saudi-Pak Business Council shows interest in infrastructure investment

‘Govt, allies united in efforts to craft people-centric budget’

Rupee records gain against US dollar

More Posts from this Category

World

CENTCOM space post signals wider US military footprint

US official delivers Trump’s “good hello” to Putin

NASA lifts ISS evacuation alert after leak

More Posts from this Category




Footer

Home
Lead Stories
Latest News
Editor’s Picks

Culture
Life & Style
Featured
Videos

Editorials
OP-EDS
Commentary
Advertise

Cartoons
Letters
Blogs
Privacy Policy

Contact
Company’s Financials
Investor Information
Terms & Conditions

Facebook
Twitter
Instagram
Youtube

© 2026 Daily Times. All rights reserved.

Manage Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.