‘There is no money’: cash-strapped Cuba is forced to cut vital imports

http://www.theguardian.com/world/2015/oct/16/cuba-cash-shortage-imports-oil-commodities

Low commodity prices, drought and Venezuela’s economic crisis have led to a cash shortage for the country, which imports more than 60% of its food

‘There is no money’: cash-strapped Cuba is forced to cut vital imports
Reuters
Friday 16 October 2015 13.11 EDT

Low commodity prices, a drought at home and Venezuela’s economic crisis have created a cash shortage for Cuba’s communist government, restricting its ability to trade just as it could be taking advantage of an economic opening with the United States.

State companies have cut imports and are seeking longer payment terms from suppliers, diplomats and foreign business people say.

The cash crunch, combined with Cuba’s hesitancy to embrace a recent softening of the US economic embargo, demonstrate some of the complications US companies face in Cuba even though Washington is chipping away at the sanctions.

The Caribbean island’s cash flow has been cut by low prices for nickel, one of its leading exports, as well as for oil.