After recovering $23 billion (94 billion Polish zlotys) of debt in Africa, Russia went into Cuba’s hand by allowing significant relief in 2015 loan repayments.
The Kremlin granted Havana the right to do so Non-payment of interest and principal on a €1.2 billion loan for five years (5.3 billion Polish zlotys), intended for the construction of two power plants.
Under the original agreement, Cuba was to start repaying the loan this year and repay it in full by 2028. Because of the recent arrangements, the first payment has been pushed back to 2028 and the final repayment date to 2040.
Amendments to the intergovernmental agreement, signed by Russian Finance Minister Anton Siluanov and Cuban Deputy Prime Minister Ricardo Cabrisas, have been approved by the Russian government.
The largest debt cancellation for Cuba was carried out by Russian President Vladimir Putin in 2014. At that time, the amount 32 ml dol. (132 billion Polish zlotys). At the current exchange rate, the value corresponds to the annual budget for state medical care, three annual budgets for the entire higher education system in Russia and 10 annual budgets for the richest regions, such as Nizhny Novgorod and Novosibirsk.
Putin is not frustrated by the loss of money and allies
According to the Russian Accounts Chamber, last year Russia received only 33.8 billion rubles (at the current exchange rate, 1 billion Polish zlotys) in loans to foreign governments and legal entities.
Compared to 2021, revenue decreased more than three times and was the lowest since 2012. Meanwhile, the debt repayment plan (138.5 billion rubles, or about 6 billion Polish zlotys) was implemented by only 24 percent.
In other words, Three-quarters of the amount, more than 100 billion rubles (4 billion PLN), did not enter the budget. Vladimir Putin, who has recently lost a few allies, They are desperately looking for support in new places. Perhaps Cuba’s decision on the loan is evidence of this desperate attempt.
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