By The Associated Press – 2 hours ago
HAVANA — The Cuban government has authorized local banks to offer credit
to private small business owners and agricultural producers as part of a
sweeping economic overhaul announced last year.
Havana is dismissing hundreds of thousands of state employees while
granting licenses for a broad array of private businesses to absorb the
The credit measure is intended to help would-be entrepreneurs get off
State-run newspaper Granma announced Wednesday that the measure was
approved March 25 during a meeting of the Council of Ministers, presided
over by President Raul Castro.
Castro has said the economic overhaul is intended to update Cuba's
socialist economic model and is not a wholesale switch to capitalism.