Cuba inks deal to repay $2.6 billion in arrears to group of creditors

By Mark Reccek

Bethlehem, Pa., Dec.14 – The Republic of Cuba and the group of creditors of Cuba reached a deal on Dec. 12 in which the country will pay $2.6 billion in arrears due to the group over an 18-month period, according to a press release.

The release said the deal offers a sustainable solution to the issue of arrears due by Cuba covering a total debt of $1.1 billion, including late interest as of Oct. 31.

“Realization of payments under a formal commitment of the Republic of Cuba to fully clear its arrears is a necessary and important step for the normalization of financial relationships between the group of creditors of Cuba and the Republic of Cuba," the release said.

The group of creditors of Cuba includes Australia, Austria, Belgium, Canada, Denmark, Finland, France, Italy, Japan, the Netherlands, Spain, Sweden, Switzerland and the United Kingdom.

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