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🇩🇴 Dominican Republic /Economy & Trade

Cuba lays the groundwork for a market economy

From Diario Libre · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources Approved/passed
  • Cuba has begun putting 176 economic and social reforms into effect through new regulations covering private companies, hiring, overseas investment, land use, trade and tourism.
  • Vice Prime Minister Óscar Pérez-Oliva said the measures could affect the economy in the short term, although external pressure makes their full impact difficult to calculate.
  • Officials and economist Omar Everleny described the reform process as serious and real, according to the report.

Cuba is turning 176 economic and social reforms into formal rules, opening space for larger private companies, direct hiring and investment by Cubans living abroad.

Could have an impact on the economy in the short term.

· Óscar Pérez-OlivaThe Cuban vice prime minister and foreign trade minister assessed the possible near-term effect of the new rules.

The new regulations also provide for indefinite usufruct of land and greater openness in trade and tourism. Together, the measures begin to translate the reform package into an operating framework for businesses and other economic activity.

Vice Prime Minister and Foreign Trade Minister Óscar Pérez-Oliva said the rules “could have an impact on the economy in the short term.” He cautioned, however, that their actual reach cannot yet be calculated because of what he called the external pressure that cannot be ignored.

This is a serious process.

· Carlos Luis Jorge MéndezThe deputy minister described the reform effort in an interview shared by the foreign trade ministry.

Deputy Minister Carlos Luis Jorge Méndez said in an interview shared by the Ministry of Foreign Trade and Investment on X that the reforms reflect a process that “is serious” and that “this is a real process.” Economist Omar Everleny also described the changes in an interview with EFE as part of a broad process, although the supplied text ends before his full assessment.

This is a real process.

· Carlos Luis Jorge MéndezThe deputy minister emphasized that the reforms were being implemented as a genuine process.
About this summary

Originally published by Diario Libre in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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