Miguel Diaz-Canel, first secretary of the Central Committee of the Party and president of the country, highlighted the functioning of micro, small and medium-sized state enterprises (MSMEs).
Accompanied by Manuel Marrero Cruz, Cuban PM, and Salvador Valdes Mesa, vice president of the country, the president highlighted on Wednesday the flexibility of these forms of management, which adapt faster and are able to find solutions in a quick and efficient way, reported the Presidency on its website.
The head of state stressed the importance of solving the country’s current problems through the state, for which a strong business system is necessary, and therefore advocated for greater efficiency.
Johana Odriozola Guitart, deputy minister of economy and planning, explained that in exchanges with organizations related to state-owned MSMEs, solutions were agreed upon regarding banking mechanisms for the extraction of foreign currency from their own accounts; the possibility of opening branches of the companies
abroad; the power to approve activities secondary to their corporate purpose; the reduction of the amount of statistical information currently required from them; as well as the design of an internal control system that is adapted to the characteristics of these new entities.
The principle that we follow in the regulatory package is that state-owned MSMEs should be subject to the rules of private companies, but when the rules of the state-owned company are more beneficial, then they should be subject to those rules, she stressed.
The state-owned MSMEs were approved as of 2021, and there are currently 168 compared to 9,000 private ones.
Source: ACN
Edited By ilia Charon
