Cuba Approves 80 Economic Reforms, President Says

Cuban President Miguel Díaz-Canel announced on Friday that 80 of the 176 economic reform measures presented in June have been approved for implementation. This package represents the most significant liberalization on the island in decades.

Díaz-Canel stated that priority has been given to measures designed to "unleash productive forces." He also confirmed the approval of reforms concerning the business system, the non-state sector, and the relationships between state and non-state entities. Additionally, municipalities and companies will receive greater autonomy.

The president indicated that over a hundred transformations will be ready for implementation next week. The National Assembly is scheduled to discuss the reform package during its session starting July 29. The reforms, rapidly approved in just one week, encompass various areas, including the entry of new actors and modalities in tourism, promotion of foreign investment, and expansion of the private sector's role.

Authorities have advanced that these changes will permit real estate development in tourist zones and establish possibilities for real estate businesses in Havana and related areas. They also plan to allow greater private capital participation in finance, potentially including a private bank under the supervision of the Central Bank. The Cuban government asserts these measures are a response to the island's ongoing crisis and denies any connection to U.S. pressure for political or economic changes.