Cuba approves free-market reforms to stave off economic collapse

Cuban lawmakers have adopted nearly 200 historic free-market reforms, a significant move aimed at rescuing the Communist island from a severe economic crisis exacerbated by U.S. pressure. The measures represent a rollback of the state's role in the economy and seek to attract investment across sectors like banking, tourism, and agriculture.

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the most profound

Prime Minister Manuel Marrero unveiled the 176 measures, which will allow foreign investors to operate without mandatory joint ventures with the state. Large private enterprises will also be authorized, and both Cuban and foreign investors can acquire stakes in state companies. These changes are described as the "most profound" since the 1959 revolution by Daniel Torralbas, a London-based Cuban economist.

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urgent changes

The reforms come amid intense U.S. pressure, including an oil blockade imposed in January. While Havana traditionally blames its economic woes on the U.S. trade embargo, President Miguel Diaz-Canel acknowledged internal issues, citing "slowness, bureaucracy and norms that impede those who want to produce" and "decisions that we have put off."

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obstacles that don't come from outside, nor the blockade.

Despite the economic hardship, including frequent power outages and shortages of essential goods, Diaz-Canel insisted the reforms are not a result of U.S. pressure but a move to "preserve" socialism. The reforms were adopted unanimously, with lawmakers ending the session with the revolutionary slogan, "Socialism or death!"

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slowness, bureaucracy and norms that impede those who want to produce