Cuba will suspend debt payments for 90 days.

Cuba has told its foreign creditors that it will suspend debt payments beginning May 5 while it seeks more favorable repayment terms and $500 million in cash to make up for a projected shortfall, the government news agency reported. In a dispatch monitored in Mexico City, the Prensa Latina agency said Cuban officials had announced the decision during a recent visit by representatives of creditor nations. Prensa Latina did not specify the amount that Cuba was due to pay during the 90 days, nor to whom.