A delegation of the Paris Club, which includes 14 countries that hold Cuba’s sovereign debt, yesterday proposed to the government in Havana a new timetable to meet the obligations it undertook in 2015.

According to the Cuban News Agency, William Ross, co-president of the Paris Club, “suggested that a new timetable be set,” based on Cuba’s ability to repay the debts, and “to work together to find a solution” to the late payments.

An agreement between Cuba and the Paris Club in 2015 canceled 8.5 of the $11.1 billion in debt, and the rest was turned into investment programs or rescheduled until 2033.

But financial difficulties it faced prevented Cuba from repaying debts on time in 2019 and prompted it in 2020 to request a moratorium until 2022.

In June 2021, the Cuban government and the Paris Club agreed to new deadlines.

The country’s Minister of Foreign Trade, Ricardo Cambrisas, estimated yesterday Wednesday that the fact that Cuba has again joined the black list of countries that support “terrorism” drawn up by the State Department in 2021 prevents the island’s access to funding sources, against the backdrop of price increases at an international level.

Cuba’s group of creditor states includes Australia, Austria, Belgium, Canada, Denmark, Finland, France, Italy, Japan, the Netherlands, Spain, Sweden, Switzerland and Britain .

Cuba also owes debts to private creditors of the London Club. Among them is hedge fund CRF I Ltd, which has sued a British court over a $78m default.

In February 2022, Russia’s lower house, the State Duma, approved a $2.3 billion debt restructuring plan for Cuba.