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Tuesday, June 14, 2011

Cuban Economy Demands Efficiency in Investments

By Marcos Alvarez Arguija

Throughout years, one of the aspects more criticized in the management of the Cuban economy is that of investment and its processes.


Some issues like weak strategic planning, lack of preparation, and insufficient assessment of economic feasibility, among others, have brought about delays in the accomplishment of objectives due for recovery in reasonable periods, in view of their contribution to the gross domestic product.  

Deficient links between strategic targets and regular investments plans have hindered the rational use of the available financial resources in order to expand economic bases by capitalizing branches and sectors that should be prioritized.

In addition, there are other factors such as the lack of organization and control, and not making the most from the labor force and the available time to achieve the expected and required levels of efficiency in this

The immediate result from this behavior has been the immobilization of material and financial resources, which has influenced the balance of payment in the country and has put on the line its obligations in short and medium terms in national accounts.

In the meantime, these investments should be regained in a due period of time and should bring about revenues for the balance of the nation, as it had been planned.

In the Sixth Congress of the Cuban communist Party (PCC), which ended recently, the participant tackled the role of investments and its process in the economic results of the island, from a critical viewpoint.

Taking into account the deficiencies and inconsistencies pointed out, the approved Guidelines of the Cuban Social and Economic Policies define priorities regarding the projection of investments and the required efficiency that should be met in the process, adding results to the Cuban financial balance as soon as possible.

A nation like Cuba, with the well-known limitations in the access to foreign finances in long term, depends on making the best out of the available resources and using them where their contribution is the best so as to recover them quickly and add them to the national wealth.

The readjustment of policies should go along with discipline from all actors involved in the projection, planning, and implementation process, as well as in the monitoring of government organisms and institutions
responsible for it.

Efficiency in the process of investments is the result of actions and factors that cause it. Therefore, the development of the country demands the exploitation of basic funds in the least time possible, as well as the compliance of the objectives established.