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Mexico to waive 70 percent of Cubaâ€™s $487mn debt

02 November 2013 22:40 (UTC +04:00)

Baku-APA. Mexican Finance Minister Luis Videgaray says his country plans to write off 70 percent of a debt worth $487 million that Cuba has owed it over the last decade, APA reports quoting Press TV.

"Seventy percent of the debt is to be waived," Videgaray said in an interview with the Spanish-language MVS radio network on Friday.

He added that a formal announcement would be made later.

The minister further noted that the remaining 30 percent would be repaid over the coming decade to bolster the "close" economic ties between the two countries.

Videgaray stated that it was important to settle the debt issue so that "things would flow well" between Mexico and Cuba.

Relations between Mexico City and Havana have been traditionally strong, but they strained between 2000 and 2012 during the rule of Mexico’s conservative National Action Party.