News and Facts about Cuba

Cuba owes Australia almost $10m from 1980s

Cuba owes Australia almost $10m from 1980s

The Cuban government is yet to pay back almost $10 million it borrowed
from Australia more than 30 years ago.

The Hawke government issued two loans to Cuba in 1984 and 1985 to
support the sale of sugar cultivation and harvesting equipment.

Australia is still owed $9.49 million in principal, after nearly
$156,000 was paid in October last year.

No interest payments have been made, Foreign Affairs Minister Julie
Bishop said in a written response to a question from Liberal backbencher
Eric Abetz.

Under terms of the bilateral agreement of treatment, interest does
not accrue or become payable until 2021.

Source: Cuba owes Australia almost $10m from 1980s – –

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