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LatinNews Daily - 31 October 2022

In brief: Cuba approves more MSMEs

*Cuba’s economy & planning ministry (MEP) has approved 109 new requests to create micro, small and medium-size enterprises (MSMEs). In line with new legislation which took effect in September 2021, permitting MSMEs to incorporate for the first time since 1968, this brings the total number of MSMEs and non-agricultural cooperatives in the country to 5,656 (including 67 state MSMEs and 59 non-agricultural cooperatives). The government says this has created 96,543 new jobs. The legislation was in line with efforts by the government to shore up the domestic economy, which grew just 0.5% in 2021 after contracting 11% in 2020 due to the coronavirus (Covid-19) pandemic and US economic sanctions.

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