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Cuba replaces finance minister amid cash crunch

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Cuba replaces finance minister amid cash crunch

In his first cabinet reshuffle since taking power in 2018, Cuban President Miguel Diaz-Canel replaced Finance Minister Lina Pedraza and Transport Minister Adel Yzquierdo with their respective vice ministers, Reuters reported.

Meisi Bolaños, who has reportedly been serving as the country's vice minister of finance since April 2007, will now lead that ministry. Eduardo Rodriguez will succeed Yzquierdo as transport minister.

Cuban state media reported that Yzquierdo and Pedraza have been "freed from their roles," adding that they will be assigned "other responsibilities."

The cabinet changes come amid a cash shortage for the government, according to Reuters. Previous media reports said Cuba has started defaulting on loans from at least two state-run banks in Brazil.

Diaz-Canel took over Cuba's presidency from Raul Castro last year in a National Assembly vote that was almost unanimous. Pedraza and Yzquierdo were originally appointed by Castro but were reconfirmed in their roles by Diaz-Canel.