Cuba owes Australia almost $10m from 1980s

Australia is still owed $9.49 million from Cuba after the Hawke government issued two loans in the mid-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 debt treatment, interest does not accrue or become payable until 2021.


Share

1 min read

Published

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world