Cuba thrice delayed repayment of Russian credit

Cuba thrice delayed repayment of Russian credit
03.07.2009, 01.37

MOSCOW, July 3 (Itar-Tass) -- The Russian Audit Chamber said Cuba had
three times delayed repayments of the Russian state credit provided in
September 2006, however Moscow imposed no fines for overdue debts.

"Since the signing of the agreement (on granting a state credit against
Russian goods and services) the Cuban side has three times violated the
payment terms. However, the credit provision has not been suspended and
no fines were imposed as for June 1, 2009," the press service of the
Audit Chamber said in a statement on Thursday.

Various violations have been exposed in selection of suppliers, as
contracts have been signed with companies that had no sufficient
production and sales capabilities. Besides, authorized Russian bodies
did not control the implementation of the contracts and insufficiently
cooperated with Cuban counterparts, it said.

"The exposed violations became the reason for the delay in 2007-2008 in
the implementation of the agreement between the governments of the
Russian Federation and the Republic of Cuba on the provision to the
government of the Republic of Cuba of a state credit to finance
deliveries of Russian goods, works and services," the Audit Chamber said.

ITAR-TASS (3 July 2009)
http://www.itar-tass.com/eng/level2.html?NewsID=14112171&PageNum=0