Cuba issues regulations to govern MSMEs

On Thursday, the Cuban government has issued regulations that would be governing the creation & work of the recently approved - micro, small and medium-sized enterprises (MSMEs) that can be stated, private or mixed property. 

Cuba: On Thursday, the Cuban government has issued regulations that would be governing the creation & work of the recently approved – micro, small and medium-sized enterprises (MSMEs) that can be stated, private or mixed property. 

The Decree-law 46 published in the Official Gazette states that MSMEs are the economic units with a legal personality, which have their dimensions and characteristics, who have the objective to improve the production of goods & the provision of services that satisfy the needs of society. 

MSMEs could export and import, manage, administer their goods, define the products & services to be commercialized, including their suppliers, clients, destinations and insertion in markets, and operate bank accounts and can access any lawful source of financing among its faculties. 

MSMEs of Cuba island could be built up of one or more partners, they are constituted as mercantile companies & are classified depending on the number of employed people.

The Cuban government has also given green light at the commencement of last June to the creation of micro, small and medium-sized companies as economic factors that have business autonomy but whose exercise would be limited to non-strategic sectors. 

In addition, the President of Cuba – Miguel Diaz-Canel, stated that Cuba would overcome the COVID-19 pandemic. The island country is registering its highest transmission top in the Caribbean nation.

The president wrote on his Twitter account and cited, “In the most critical moments for the country, we maintain the firm conviction that we would come out ahead.” 

The Canadian Solidarity Network has donated 1,920,000 syringes to the Cuban Institute of Friendship with the Peoples (ICAP) on Tuesday in order to assist Cuba in its vaccination drive of COVID-19. ICAP thanked and appreciated the efforts of the Canadian Solidarity Network.

Currently, the nation is going through a challenging situation due to the tightening of the blockade imposed by the government of the United States and the current outbreak of the deadly COVID-19 pandemic.