Economy of Cuba

Cuba's cash-strapped government has announced that fuel prices will soar by more than 500 percent beginning Feb. 1, part of a series of economic measures aimed at reducing the deficit.

Cuba yesterday marked 60 years under a U.S. economic blockade that has deeply affected the communist nation's fortunes and shows no signs of being lifted.

Decreed by U.S. president John F. Kennedy on February 3, 1962, the embargo on all bilateral trade came into effect four days later.

Cuba said on Nov. 6 the country had attracted $1.7 billion worth of foreign investment over the past year despite a tighter U.S. trade embargo and worsening cash crunch, although it did not reach its goal of $2 billion to $2.5 billion annually.

Cuban President Raul Castro said Dec. 21 he was ready to discuss any topic with Washington after the historic bilateral rapprochement, but warned not to expect political change.