This paper succinctly breaks down the Cuban financial landscape and outlines realistic actions both the US and Cuba can take to update the Cuban economy. This begins with Cuba joining international financial institutions, such as the International Monetary Fund and the Inter-American Development Bank. As many countries have in the past, Cuba would benefit from the unique tools international financial organizations have to offer to assist re-integrating previously isolated nations back into the global economy.
Olivier Blanchard, Senior Fellow at the Peterson Institute and Former Chief Economist of the IMF
The Atlantic Council’s paper provides a critical roadmap to create a viable financial sector in Cuba. The first stop on the road to reform is a partnership with a respected institution that can provide Cuba the tools of change. The Inter-American Development Bank (IDB) – Latin America’s international financial institution – can be that key partner. Klein and Vidal clearly demonstrate why Cuba should seek assistance from this institution and why President Obama should consider allowing Cuba’s membership in the bank. Private sector jobs and higher income for Cuban families depend on real economic reform on the island.
Carlos Gutiérrez, Chair, Albright Stonebridge Group; Former US Secretary of Commerce
The Atlantic Council’s paper highlights the crucial role international financial institutions will play in Cuba’s future and how the United States can help address the five top challenges to Cuba’s financial re-integration. Getting this right has direct implications for the well-being of Cubans, as well as for international investors and partners.
Eduardo Mestre, Senior Advisor at Evercore and former Chairman of Global Advisory
Cuba is at a unique moment of opportunity for the development of its economy: access to capital is crucial, and that access will only be gained through aggressive domestic economic reform and assistance from international financial institutions. This paper lays out the steps both Cuba and the United States must take to achieve that.
The Hon. Jon M. Huntsman, Jr., Chairman, Atlantic Council