Cuba pushes through sweeping free-market reforms in biggest economic shift since the revolution
The package expands private enterprise, banking and foreign investment as officials warn implementation will be slow and depend on easing U.S. sanctions.
- On Friday, Cuban lawmakers approved a package of 176 market-oriented reforms, marking the most sweeping economic overhaul since the Cuban revolution by opening the island's economy to private and foreign capital.
- These changes aim to decentralize a state-run economy left gasping by a tightened U.S. embargo, which has deepened a five-year crisis marked by blackouts lasting up to 20 hours daily.
- New measures authorize private banking, foreign investment, and free hiring of personnel, while permitting fast-food chains to establish on the island and dismantling the state monopoly on foreign trade.
- Cubans reacted with skepticism on the streets. "First, let's see whether these measures are actually implemented," said Havana resident Olian Valdes, noting the gap between salaries and prices remains unchanged.
- Success depends on rapid implementation and lifting U.S. sanctions, according to Paolo Spadoni, associate professor at Augusta University, who warned the government faces a short window to obtain results.
46 Articles
46 Articles
Cuba's economic reforms are superficial smokescreens, says a spokesperson for the US Department of State.
Washington slams Cuba reforms as ‘superficial’
Cuban lawmakers approved the biggest overhaul of the island’s economic model to rescue it from a severe crisis aggravated by a US oil blockade. (EPA Images pic) WASHINGTON: The US state department on Friday slammed Cuban economic reforms announced the previous day as “superficial smoke signals.” “These gradual ‘economic reforms’ are modest, long overdue and ultimately superficial smoke signals from the Cuban regime,” a state department spokesper…
According to the U.S. Department of State, the reform package adopted by the Havana Parliament is "modest, long overdue and a superficial smoke sign" of the Cuban leadership. Experts speak of a "radical change", but remain skeptical.
Private companies, foreign investment, commercial banking: Cuba’s stunning economic U-turn
HAVANA, June 20 — Cuban lawmakers on Thursday adopted nearly 200 free-market reforms in a desperate bid to end a severe crisis and secure the end of a crippling US fuel blockade.The 176 measures represent the biggest shake-up of the island’s economic model since it began embracing communism six decades ago.AFP looks at some of the standout measures:Private enterpriseSmall businesses of up to 100 people known as Mipymes were authorised in 2021 an…
Associated Press News
Cuba pushes through sweeping free-market reforms in biggest economic shift since the revolution
Observers are calling Cuba’s new free-market reforms the most sweeping economic overhaul on the island’s communist economy since the Cuban revolution while the grandson of former President Raúl Castro says in an interview that Cuba must seek to move its economy forward.
Cuba pushes through sweeping free-market reforms
Observers are calling Cuba’s new free-market reforms the most sweeping economic overhaul on the island’s communist economy since the Cuban revolution while the grandson of former President Raúl Castro says in an interview that Cuba must seek to move it...
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