Cuba's Parliament Approves Sweeping Economic Reforms to Liberalize Economy

Cuba's unicameral parliament, the National Assembly of People's Power, has approved a significant package of economic reforms designed to liberalize and decentralize the island's economy, which is currently facing its worst crisis in decades. The crisis is attributed to both internal factors and external pressures.

Prime Minister Manuel Marrero announced that a working group will be established to manage the legal implications of these reforms. He emphasized that the "strategic impact measures" are not rigid and do not represent an abandonment of socialism but are considered essential for its preservation. The reforms aim to introduce "new actors" in tourism, boost foreign direct investment, particularly from non-resident Cubans, and expand the role of the private sector.

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Reality imposes urgent and necessary changes. And when the people's lives become so hard, the first duty of the PCC of Cuba and the Revolutionary Government is not to better explain the crisis; but, to change what needs to be changed to get out of it.

Further measures include establishing procedures for bankruptcy, liquidation, and restructuring of companies. State-owned enterprises may be converted into corporations. The government will define its equity stake in various economic sectors, maintaining majority control in strategic areas. The reforms also target the agricultural, foreign trade, and real estate sectors, granting greater autonomy to state companies and municipalities.

Additionally, the reforms propose allowing increased private capital participation in financial activities, potentially including the creation of private banks under the supervision of the Central Bank. President Miguel Díaz-Canel had previously announced these measures, acknowledging that similar ideas were proposed years ago but not implemented, which he termed an "error." He stressed the urgency for concrete solutions rather than further delays or meetings, stating that the government's primary duty is to change what is necessary to overcome the crisis.

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Cuba needs no more delays, it needs solutions. It is not about creating more offices or multiplying meetings, but about achieving concrete results.