On Saturday, the 13th of July 2019, Cuban president Miguel Diaz-Canel had put on a valorous show at the nation’s mid-year session of the National Assembly, asserting that the communist government of Cuba would not allow Trump administration to further fuel up the nation’s financial crisis.
As a matter of fact, Cuba had been stuck on to a financial stagnation since 2014, as its neighboring ally Venezuela had to grapple with a bunch of US sanctions, which had led to declining oil output and falling revenues for the oil-dependent Venezuelan economy.
In actuality, the island country of Cuba used to import fuel and cash in exchange for medical alongside other assistance to Venezuela. In the wake of a bundle of financial sanctions on Nicolas Maduro's government, the Cuban economy, which had been among nineteen countries still following a Soviet-style socialist financial system, had been drowning alongside its financial ally Venezuela.
Nonetheless, following a series of emergency meeting on Saturday (July 13th), Cuban president Diaz-Canel had announced a set of alternative measures in order to amp up the nation’s domestic production, while he had also expected for a growth after four years of stagnation.
Referring to the financial measures, Diaz-Canel said on Saturday (July 13th), “Even in the eye of the hurricane of adversity that the enemy conceived to suffocate us, the Cuban economy can grow slightly, thanks to the fact that we have the potential to resist and continue advancing in our development”.