Díaz-Canel: Cuba Will Advance with Economic Reforms

Cuban President Miguel Díaz-Canel expressed confidence that the island will succeed by implementing 176 economic and social reforms recently approved by his government. He emphasized the importance of increasing the production of food, goods, and services during a meeting with private entrepreneurs.

"Cuba will move forward with the implementation of economic and social transformations, involving everyone, always with an orientation towards the well-being of the people and the development of the country," Díaz-Canel stated, according to a report from the Presidency's social media. These reforms are designed to liberalize and decentralize Cuba's economy, which has been struggling with a severe polycrisis exacerbated by internal and external factors.

During the meeting, private entrepreneurs shared their experiences, highlighting persistent prejudices and obstacles within intermediate management levels, often attributed to a lack of understanding of the reforms. Díaz-Canel acknowledged these issues while also criticizing illegitimate profits, speculation, and abusive pricing. He urged entrepreneurs to focus on their societal contributions and national sovereignty.

The newly approved measures include significant changes aimed at revitalizing agriculture, foreign trade, and the real estate sector. They also focus on decentralizing decision-making, granting greater autonomy to state-owned enterprises, allowing private capital participation in financial activities, and devolving more responsibilities to municipalities. For the private sector, these reforms permit individuals to own multiple businesses, open foreign bank accounts, and engage in additional activities beyond their primary scope.