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Latin American Economy & Business - February 2017 (ISSN 1741-7430)

Cuba: Fiscal acceleration ahead of 2018 transition

This year’s budget document makes for particularly interesting reading, with last year’s spending increases stepped up further. Even factoring in an expected increase in fiscal revenue, the budget deficit is projected to reach eye-watering levels. With the government relying on state-owned banks to purchase new sovereign debt, financing is unlikely to be difficult in 2017, but with a limited pool of resources in the domestic banking system, such a strategy is not feasible in the long term.

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