AI Trader+

Cuban President Dismisses Economy Minister Amid Price Hike Controversy

Cuban President Dismisses Economy Minister Amid Price Hike Controversy

Cuban Economy Minister Dismissed amid Scandal

Miguel Díaz-Canel, the Cuban President, dismissed Economy Minister Alejandro Gil yesterday. The state’s news outlets have reported the news, stating that the decision was made amid growing disconcertment about delayed plans to increase the cost of fuel and transportation fares in the Cuban economy.

The State Council, with Diaz-Canel at the helm, has named Joaquín Alonso, 60, as Gil's replacement. Alonso has previously served as the President of the Central Bank.

Fuel Price Hike Delay

The governmental reshuffle took place just 48 hours after the government postponed a widely opposed five-time increase in the price of gasoline. The increase was previously scheduled for February 1st. However, the government blamed an external cyberattack for impeding the move.

In addition to the delay in fuel price increase, a similar declaration to postpone an increase in public transportation fares also came forward. This has since caused some disruption to a larger economic plan aiming to alleviate Cuba's escalating fiscal deficit.

The ousted Economy Minister Gil was a strong advocate for the unpopular plan of price hikes on many government-backed services. He has faced long-drawn criticism for his handling of Cuba's near-insolvency economy.

Further Cabinet Changes

In addition, President Diaz-Canel terminated the office of Elba Rosa Perez, the minister of Science, Technology, and Environment, yesterday. Replacing her is lawmaker Dr. Eduardo Martinez, who also chairs BioCubaFarma, a Cuban pharmaceutical company.

The reins of the Food Industry Ministry have now been handed over to Alberto Lopez, the 56-year old governor of Santa Clara province. Lopez has replaced Manuel Santiago Sobrino as the headline of this ministry as per the report of state-controlled media.

AI Trader+