In order to place an experienced economist on the top of the financial sector at this crucial moment, the Cuban government has sacked the Economy minister, Marino Murillo. Cuba and its nearest communist ally, Venezuela, are undergoing a huge economic crisis since the beginning of this year. Venezuela has already taken some rough steps to overcome the electricity and food shortage. On the wake of this crisis, the Cuban supremo, Raul Castro, warned that the citizens must be prepared to face this financial pressure. Though he is removed from the key position, Mr Murillo will be responsible for formulating economic reforms. Declining oil price is still posing as a huge problem for both the socialist nations which depend mostly on the oil market.
Experts say that the unexpected decision to sack the minister proves the country is desperately working towards a formula to overcome the financial constraints. A veteran Cuban communist leader, Ricardo Cabrisas Ruiz, will assume the prestigious position. The additional responsibility of guiding the country through these unfriendly waves will be bestowed on him. Recently, the Cuban government had diluted some resections imposed on the agricultural sector and small and medium business sector, enabling it to accommodate private players. It seems that Cuba is all set to embrace a new economic order. The decision to open up its market for foreign investment has marked a will-stated beginning towards it. However, the veteran leaders and hard-line communist personalities had already expressed disagreement over the new policies introduced by the Raul regime.
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