Cuba to shut down 24 loss-making state enterprises

Cuba to shut down 24 loss-making state enterprises
Published July 13, 2015 EFE

Two-dozen Cuban state-owned enterprises that have been operating in the
red since 2012 will be shut down, state media said, citing a
parliamentary report.

Of the 99 other state firms that registered losses in 2014, six have
been approved to continue working until next year, according to a report
presented by the Economic Affairs Commission of the National Assembly.

Also planned is the recovery of another 26 this year, on the basis of
projections by the companies themselves or by changes in the system of
financing.

According to the parliamentary report, over the next two or more years a
total of 56 loss-making companies will be closed, of which 73 percent
belong to the Agriculture Ministry.

In the first quarter of 2015, 65 companies showed losses in the
Communist-ruled country.

Members of parliament called attention to the "social consequences" of
poor management at state enterprises and the lack of development
programs based on science and investment.

The plan of economic reforms undertaken since Raul Castro succeeded
ailing older brother Fidel nine years ago contemplates the liquidation
or transformation of chronically loss-making state enterprises and
cooperatives. EFE

Source: Cuba to shut down 24 loss-making state enterprises | Fox News
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