Meisi Bolaños, Cuban Minister of Finance and Prices. Photo: File.

Havana, Dec 7 (RHC) On Wednesday, Meisi Bolaños, Cuban Minister of Finance and Prices said that a law on expropriations to be approved by Cuba's parliament increases people's guarantees and rights.

She explained that the draft Law of Expropriation for reasons of public interest and social interest complies with the provisions of Article 58 of the Constitution that regulates the expropriation of property and states that this is authorized only in response to reasons of public or social interest with due compensation.

Speaking on the TV and Radio program "Mesa Redonda", the Minister emphasized the legislation guarantees the right to property and the use and enjoyment of the ownership of the property by the people and provides that it must establish the bases to determine the usefulness and necessity of such expropriation.

The text orders and regulates the bases on which an expropriation can be carried out, which is not only a prerogative of the Cuban State but exists in the constitutions and laws of most countries, she warned. In the case of Cuba, it dates back to the 19th century and has been present in successive constitutions, Bolaños pointed out.

She specified that the bill does not leave room for arbitrary decisions to proceed with an expropriation, it establishes which entities are empowered to declare public or social utility and therefore strengthens the guarantees and protection of the property right.

On the other hand, contrary to what some disinformation campaigns point out, this legislation guarantees not only the property of individuals but also foreign investments in the country and provides for a wider scope of compensation.

Regarding the latter, Bolaños said that the legislation even recognizes that the compensation must be based on the real value of the property at the time the expropriation is declared, which provides greater protection to the owners.

She also considered it very important that among the guarantees offered by the legislative text is that the owner may even object to the declaration of public utility or social interest and it may also be reversed if within a term of three years the expropriated property is not used for the purpose for which it was declared of social interest.

The legislative text may be consulted by the public on the web pages of the National Assembly of People's Power and the Ministry of Finance and Prices, the Minister informed (Source: Prensa Latina).