Cuba unveils historic free-market reforms to rescue economy

Cuba is rolling back the state's role in the economy with nearly 200 free-market reforms, a historic move aimed at rescuing the communist island from a deepening economic and fuel crisis. Prime Minister Manuel Marrero detailed the 176 measures in a speech to the National Assembly, which are designed to attract investment in sectors like banking, tourism, and agriculture.

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It represents a significant shift in the country’s economic development model.

These significant changes occur as the United States exerts strong pressure, including an oil blockade. The reforms are considered the most profound economic program since the 1959 revolution, representing a major shift in the country's economic development model, according to a Cuban economist. The measures, endorsed by the Communist Party, are set for a vote in the National Assembly.

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urgent changes

President Miguel Diaz-Canel acknowledged the need for "urgent changes" to prevent economic collapse, admitting that "obstacles that don’t come from outside, nor the blockade" exist. He cited "slowness, bureaucracy and norms that impede those who want to produce" as internal issues. Experts note that Cuba's "back is up against the wall" and they are making these changes due to US pressure. The island has faced severe power outages and shortages, with only one oil tanker docking since the start of the year.

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obstacles that don’t come from outside, nor the blockade